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Quality Money Management - Process Engineering and Best Practices for Systematic Trading and Investment (Hardcover)
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Quality Money Management - Process Engineering and Best Practices for Systematic Trading and Investment (Hardcover)
Series: Financial Market Technology
Expected to ship within 12 - 19 working days
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The financial markets industry is at the same crossroads as the
automotive industry in the late 1970s. Margins are collapsing and
customization is rapidly increasing. The automotive industry turned
to quality and its no coincidence that in the money management
industry many of the spectacular failures have been due largely to
problems in quality control. The financial industry in on the verge
of a quality revolution.
New and old firms alike are creating new investment vehicles and
new strategies that are radically changing the nature of the
industry. To compete, mutual funds, hedge fund industries, banks
and proprietary trading firms are being forced to quicklyy
research, test and implement trade selection and execution systems.
And, just as in the early stages of factory automation, quality
suffers and leads to defects. Many financial firms fall short of
quality, lacking processes and methodologies for proper development
and evaluation of trading and investment systems.
Authors Kumiega and Van Vliet present a new step-by-step
methodology for such development. Their methodology (called K-V)
has been presented in numerous journal articles and at academic and
industry conferences and is rapidly being accepted as the preferred
business process for the institutional trading and hedge fund
industries for development, presentation, and evaluation of trading
and investment systems. The K-V model for trading system
development combines new product development, project management
and software development methodologies into one robust system.
After four stages, the methodology requires repeating the entire
waterfall for continuous improvement.
The discussion quality and its applications to the front office is
presented using lessons learned by the authors after using the
methodology in the real world. As a result, it is flexible and
modifiable to fit various projects in finance in different types of
firms. Their methodology works equally well for short-term trading
systems, longer-term portfolio management or mutual fund style
investment strategies as well as more sophisticated ones employing
derivative instruments in hedge funds.
Additionally, readers will be able to quickly modify the standard
K-V methodology to meet their unique needs and to quickly build
other quantitatively drive applications for finance. At the
beginning and the end of the book the authors pose a key question:
Are you willing to change and embrace quality for the 21st century
or are willing to accept extinction?
The real gem in this book is that the concepts give the reader a
road map to avoid extinction.
* Presents a robust process engineering framework for developing
and evaluating trading and investment systems
* Best practices along the step-by-step process will mitigate
project risk, model risk, and ensure data quality.
* Includes a quality model for backtesting and managing market risk
of working systems.
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