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1 Markets I: The Ecosystem and Exchange-Traded Marketsالأسواق عبر الإنترنت 2 Markets II: Rates, FX and Creditالأسواق عبر الإنترنت 3 Markets III: Commodities, Energy and Cryptoالأسواق عبر الإنترنت 4 Quantitative Methodsالأساليب عبر الإنترنت 5 Derivatives and Volatilityالمشتقات عبر الإنترنت 6 Rates, Credit, XVA and Riskالفائدة والائتمان والمخاطر عبر الإنترنت 7 Research Craft: Predictors, Backtests, Measurement, Portfoliosالبحث عبر الإنترنت 8 Strategies I: Equities and Futuresالاستراتيجيات عبر الإنترنت 9 Strategies II: Volatility, Relative Value, Macro and the Bank Desksالاستراتيجيات عبر الإنترنت 10 Microstructure and Executionالتنفيذ عبر الإنترنت 11 Market Making and High-Frequency Tradingصناعة السوق عبر الإنترنت 12 Machine Learning for Marketsتعلم الآلة عبر الإنترنت 13 Low-Latency Softwareالتكنولوجيا عبر الإنترنت 14 Networks, Hardware and Trading Infrastructureالتكنولوجيا عبر الإنترنت 15 Research, Data and Risk Platformsالتكنولوجيا عبر الإنترنت 16 The Desk and the Firmالشركة عبر الإنترنت 17 The Industry: Firms, Roles and Careersالمسارات المهنية عبر الإنترنت 18 The Interview Bookالمسارات المهنية عبر الإنترنت
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Quantitative Finance · المسرد

ما معنى Technology treadmill؟

Definition 2.8 The Desk and the Firm · الفصل 2 — The Proprietary Market-Making Firm

The technology treadmill is the condition of a trading firm whose revenue depends on its technology relative to its competitors’: because they keep investing, it must keep spending at their rate to hold its capture constant, and spending less lowers its capture even if its own systems do not change.

The treadmill: competitors’ technology grows 15% a year and the firm’s depreciates 20%. Spending 35% of its stock holds parity; spending 25% lets relative technology, and capture with it, decay. Model: fm_partner.treadmill.
Figure 2.4. The treadmill: competitors’ technology grows 15% a year and the firm’s depreciates 20%. Spending 35% of its stock holds parity; spending 25% lets relative technology, and capture with it, decay. Model: fm_partner.treadmill.
Profit of the two firms of in a market that does not grow (retention 20%). The lean firm earns more only in the first year; both reach zero, in years 18 and 20. Model: fm_partner.treadmill.
Figure 2.5. Profit of the two firms of Figure 2.4 in a market that does not grow (retention 20%). The lean firm earns more only in the first year; both reach zero, in years 18 and 20. Model: fm_partner.treadmill.
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