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Clement D.

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Post-Shutdown Analysis: Implications for Finance, Economy, and SEO

by Clement D.

The Longest US Government Shutdown Comes to an End

In a move that will provide relief to financial markets and government agencies, President Donald Trump has signed legislation ending the longest government shutdown in US history. This development will be the focus of several key video reports that will be featured in this article, providing in-depth analysis and insights from leading finance and economic experts.

The first video, “Trump Signs Bill Ending Longest US Shutdown | Insight with Haslinda Amin 11/13/2025,” offers a comprehensive look at the implications of this decision, highlighting the challenges that still lie ahead in fully restarting federal operations. The second video, “Trump Signs Bill Ending Shutdown; Oil Drops On Glut Fears | Horizons Middle East & Africa 11/13/2025,” examines the impact of the shutdown’s conclusion on the oil market, which has been grappling with oversupply concerns.

Additionally, the article will explore the broader economic and political consequences of the shutdown’s resolution in the video “The Shutdown’s Over. So What Happens Next? #trump #politics.” Finally, the report “US Govt Shutdown Ends & Ukraine President Zelenskiy Exclusive Interview | Daybreak Europe 11/13/2025” will provide a global perspective, examining the shutdown’s impact on international affairs and the ongoing situation in Ukraine.

These video reports will offer graduate students in finance a structured and didactic overview of the day’s events, equipping them with a deeper understanding of the complex interplay between political decisions and their impact on financial markets.

🎥 Trump Signs Bill Ending Longest US Shutdown | Insight with Haslinda Amin 11/13/2025 (Bloomberg)

The video examines the implications of President Trump signing a bill to end the longest government shutdown in U.S. history. It features interviews with financial experts, such as Bianco Research’s Jim Bianco, who discuss the impact of the shutdown and the steps needed to restart the government. The video also covers breaking news, including Trump’s call for the termination of the filibuster rule in the Senate and the White House’s instructions for federal workers to return to work. Additionally, the video provides insights into the broader economic and geopolitical landscape, such as the outlook for oil prices and the tensions between India and Pakistan.

🎥 Trump Signs Bill Ending Shutdown; Oil Drops On Glut Fears | Horizons Middle East & Africa 11/13/2025 (Bloomberg)

In a concise and professional tone, market strategists this morning highlight the latest developments on the economic and political front. President Donald Trump has signed legislation to end the longest government shutdown in U.S. history, though fully restarting federal operations may still take several days. Meanwhile, oil prices have dropped further on concerns over a supply glut, with Brent crude falling towards $62 per barrel. Across the African continent, South Africa’s finance minister has adopted a 3% inflation target, lending political backing to the central bank. Guests on today’s show include experts from Bank of Singapore, Crystol Energy, and Deutsche Bank, who will provide in-depth analysis on these key trends shaping the Middle East and Africa region.

🎥 The Shutdown’s Over. So What Happens Next? #trump #politics (Bloomberg)

The government shutdown in the United States has finally come to an end, but the road to normalcy may not be as smooth as one might hope. The video delves into the potential aftermath of this political standoff, exploring the broader economic and industry-wide implications. As the country grapples with the aftermath of the longest government shutdown in its history, it becomes crucial to understand the ripple effects that may linger, ultimately shaping the path forward for businesses and consumers alike.

🎥 US Govt Shutdown Ends & Ukraine President Zelenskiy Exclusive Interview | Daybreak Europe 11/13/2025 (Bloomberg)

In a strategic memo to decision-makers, the key points from the video “US Govt Shutdown Ends & Ukraine President Zelenskiy Exclusive Interview | Daybreak Europe 11/13/2025” can be summarized as follows:

The record-breaking 43-day US government shutdown has officially concluded with President Trump signing legislation to reopen federal agencies. The shutdown had severe consequences, halting food aid to millions, cancelling thousands of flights, and forcing federal workers to go unpaid. In an exclusive interview, Ukrainian President Volodymyr Zelenskiy emphasized the critical need for fresh European funding using frozen Russian assets to sustain his country’s war effort against Russia. Zelenskiy also expressed concerns over Putin’s increased air incursions, which have unsettled Europe. Additionally, the video discussed the UK economy’s sluggish growth and the ongoing debates in the US Congress over Trump-Epstein ties. Overall, the video provided a comprehensive update on key geopolitical and economic developments impacting decision-makers.

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News

Navigating the Luxury Rebound: Insights for Savvy Finance Professionals

by Clement D.

The Luxury Rebound in China Heralds a Shifting Landscape for Global Brands

As the world’s second-largest economy, China’s consumer trends hold immense sway over the global finance landscape. In this insightful finance article, we will explore the resurgence of luxury retail in China, exemplified by LVMH’s strategic expansion plans, and delve into the broader implications for international brands navigating this dynamic market.

To support our analysis, we will later present a video highlighting LVMH’s plans to open major stores in Beijing, offering a glimpse into the luxury conglomerate’s confidence in the Chinese consumer market. Additionally, we will examine the potential impact of the recent U.S. government shutdown and Switzerland’s tariff deal on the global financial landscape, as well as the key forces driving the current U.S. labor market slowdown and the ongoing debate around the AI boom versus the dot-com bubble.

Finally, we will discuss the BBC’s recent apology to former U.S. President Donald Trump over the misleading edits of his remarks, underscoring the importance of accuracy and transparency in the media’s coverage of critical financial and political events.

🎥 China Luxury Rebound: LVMH Is Set to Open Major Stores in Beijing (Bloomberg)

According to the information provided, LVMH, a major luxury conglomerate, is set to open several new stores in Beijing, China in December. The expansion into the world’s second-largest economy comes as high-end brands are seeing early signs of a sales rebound. Specifically, four LVMH labels – Louis Vuitton, Dior, Tiffany, and Loro Piana – are slated to open multi-story stores in the Chinese capital after years of development, as reported by people familiar with the matter. This move reflects the luxury sector’s anticipation of a recovery in the Chinese market, which is crucial for the growth of global premium brands.

🎥 US Government Shutdown Nears End & Switzerland Close to Tariff Deal | Daybreak Europe 11/11/2025 (Bloomberg)

The record-setting 41-day US government shutdown may soon come to an end, as the Senate has passed a temporary funding measure backed by a group of eight centrist Democrats. Additionally, Bloomberg understands that Switzerland is close to securing a 15% tariff on its exports to the US, which would be a relief after the country was hit with a punishing 39% levy in August. Meanwhile, LVMH, the world’s biggest luxury group, is set to open major stores in China next month and is in talks for more retail outlets there in the next couple of years, signaling the continued growth of the Chinese luxury market.

🎥 November Markets in Focus: Labor Market Slowdown, AI Boom vs Dot Com Bubble, Market Opportunities (New York Stock Exchange)

The labor market slowdown has emerged as a pressing concern, driven by a confluence of factors including the Federal Reserve’s rate hikes, the reversal of post-pandemic hiring patterns, and the accelerated adoption of artificial intelligence (AI) technologies. While AI has often been singled out as the culprit, it is merely one component of a broader economic transformation. Notably, the current AI boom differs significantly from the dot-com era, as younger investors continue to view market pullbacks as opportunities to expand their portfolios. As decision-makers navigate these dynamic market conditions, it is crucial to consider the nuanced interplay of these forces and the potential implications for strategic planning and investment decisions.

🎥 BBC Apologizes to Trump for Misleading Edits of His Remarks (Bloomberg)

The BBC has found itself embroiled in a high-profile scandal after it aired misleading edited footage of former U.S. President Donald Trump’s remarks from January 6, 2021. The national broadcaster has acknowledged its mistake, with Chairman Samir Shah admitting that the edited clip wrongly gave “the impression of a direct call for violent action.” This controversy has now escalated, with Trump threatening to sue the BBC for a staggering $1 billion in damages. The fallout from this incident has opened up broader questions about the BBC’s future, with the network’s leadership announcing their resignation amidst the turmoil. The case highlights the importance of accurate and unbiased reporting, particularly on sensitive political matters, and the potential consequences of failing to uphold journalistic standards.

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News

Supreme Court Skepticism on Trump Tariffs: Implications for SEO

by Clement D.

Tariff uncertainty remains a persistent risk factor for global markets, as highlighted by the Supreme Court’s skepticism towards the legality of President Trump’s use of broad powers to impose his signature tariffs. In the videos presented, we explore the potential implications of this legal challenge, as well as the ongoing tensions between the US and Nigeria, and the resilient consumer demand in China’s retail sector.

🎥 Trump Tariffs Face Supreme Court Skepticism | Daybreak Europe 11/06/2025 (Bloomberg)

The U.S. Supreme Court appears poised to impose significant limits on President Trump’s sweeping global tariff agenda, injecting uncertainty into the economic landscape. Despite the tech sector’s weakness, Asian stocks have rebounded, with traders closely monitoring the Bank of England’s rate decision. Meanwhile, German bank Commerzbank has raised its outlook for full-year lending income, though its third-quarter results fell short of analysts’ estimates due to a higher tax rate. The presentation features insights from industry leaders, including Claudia Cordioli of Zurich Insurance, Jarek Kutylowski of DeepL, and Bettina Orlopp of Commerzbank, providing a comprehensive view of the evolving financial and economic trends.

🎥 “Guns-a-Blazing”: Trump Issues Fresh Nigeria Threat (Bloomberg)

In a recently released video, former President Donald Trump issued a stern warning to Nigeria, threatening to stop all US aid and resort to “guns a-blazing” if the country fails to curb the killing of Christians. The video, reported on by Bloomberg’s Joumanna Bercetche, underscores the former president’s continued focus on international religious freedom and his willingness to take a hardline stance on issues he deems critical. The concise and unambiguous message from Trump highlights the potential for further diplomatic tension between the US and Nigeria, as the former leader doubles down on his commitment to protecting Christian communities worldwide.

🎥 Tariff Uncertainty Reigns Amid Supreme Court Skepticism (Bloomberg)

The Supreme Court’s skepticism towards President Donald Trump’s broad powers to impose tariffs raises significant regulatory, macroeconomic, and systemic implications. The court’s questioning during the hearing suggests a potential challenge to the administration’s unilateral trade policies, which could have far-reaching consequences for the global economy, international trade agreements, and the balance of power between the executive and legislative branches.

🎥 Lululemon China Head Discusses Consumption Outlook (Bloomberg)

The China head of Lululemon, San Yan Ng, sees more opportunities ahead in China’s second and third-tier cities. Speaking on the sidelines of the China International Import Expo, Ng discusses the athletic apparel brand’s consistent growth in the Chinese market, despite challenges faced by other foreign companies. She highlights the significance of tapping into the consumption potential of lower-tier cities, which presents a promising avenue for Lululemon’s continued expansion and success in the Chinese market.

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News

Driving Finance News: Market Updates, Deals, and Emerging Trends

by Clement D.

“Has the age of finance reached its twilight? As the world grapples with the reverberating effects of the global pandemic, the financial landscape appears to be undergoing a profound transformation. In our upcoming articles, we will delve into the intricacies of this evolving landscape, drawing insights from the latest market trends and expert analysis.

In the first video, “Stock Rally Stalls, Trump Backs Cuomo Against Mamdani | Daybreak Europe 11/04/2025,” we explore the shifting dynamics in the global markets, where the once-soaring stock rally has encountered a stall. Additionally, we examine the unexpected political alliances that have emerged, shaping the financial discourse.

Next, we turn our attention to the urgent issue of climate change in “Exploring Alaska, looking for what could be causing global warming #shorts.” This video sheds light on the scientific community’s race to unravel the complex mechanisms behind the thawing of the Arctic permafrost, and the potential implications for the global economy.

Furthermore, in “Dealmakers ink $80B in a day amid M&A frenzy | Insight with Haslinda Amin 11/4/2025,” we delve into the remarkable surge in mergers and acquisitions (M&A) activity, as dealmakers navigate the shifting tides of the post-pandemic world.

Finally, we explore the rising momentum in “Why Sports Franchising in Africa Is Gaining Momentum,” a story that highlights the burgeoning opportunities in the continent’s sports and entertainment industries, attracting the attention of savvy investors.

Through these diverse narratives, we aim to provide our readers with a comprehensive understanding of the transformative forces shaping the world of finance. Join us as we navigate this uncharted territory, uncovering the insights and trends that will define the future of the financial landscape.”

🎥 Stock Rally Stalls, Trump Backs Cuomo Against Mamdani | Daybreak Europe 11/04/2025 (Bloomberg)

In this morning’s edition of Bloomberg Daybreak Europe, investors face a stalling global stock rally as concerns over rich valuations grow louder. Palantir’s earnings and warnings of a potential correction from Wall Street executives have heightened these concerns. Oil earnings are also in focus, with Saudi giant Aramco exceeding forecasts as higher output outweighs weaker prices. Meanwhile, President Trump has endorsed Andrew Cuomo, threatening to withhold federal funding if Zohran Mamdani wins the election for New York City Mayor. Today’s program features insights from Benedict Lowe, Equity Derivatives Strategist at BNP Paribas Markets 360, Torbjörn Törnqvist, CEO of Gunvor Group, and Erica Anderson, Chief Revenue Officer at Notion, as they discuss the latest developments impacting global markets and the economy.

🎥 Exploring Alaska, looking for what could be causing global warming #shorts (Bloomberg)

The video offers a compelling exploration of the pressing environmental challenges unfolding in the remote reaches of Alaska, shedding light on the potential role of the region’s thawing permafrost in exacerbating global warming. As scientists rush to study this phenomenon, the footage provides a vivid glimpse into the cutting-edge research and the race to understand the complex interplay between the changing landscape and the broader climate trends. The expedition’s findings hold significant implications for our understanding of the cascading effects of permafrost thaw, underscoring the urgency of addressing this pressing environmental issue on a global scale.

🎥 Dealmakers ink $80B in a day amid M&A frenzy | Insight with Haslinda Amin 11/4/2025 (Bloomberg)

The video segment presents an in-depth analysis of the recent surge in mergers and acquisitions (M&A) activity, with dealmakers inking over $80 billion worth of transactions in a single day. David Solomon, the CEO of Goldman Sachs, offers insights into the robust pipeline of large deals, citing a “tremendous” backlog. Additionally, the video features commentary from other industry leaders, including GQG’s Brian Kersmanc on the Indian markets and M&G Asset Management’s CEO Joseph Pinto discussing investment strategies. The program also covers the Reserve Bank of Australia’s decision to hold its key interest rate, as well as exclusive interviews with Morgan Stanley CEO Ted Pick on the firm’s Asia strategy and Goldman Sachs’ David Solomon on the U.S.-China trade truce.

🎥 Why Sports Franchising in Africa Is Gaining Momentum (Bloomberg)

The video highlights the potential risks and opportunities associated with the growing sports franchising industry in Africa. As a risk analyst, one would note the vulnerabilities, such as the need for infrastructure development and regulatory frameworks, as well as the resilience factors, including the continent’s vast untapped market and the increasing interest from investors. The presenter, Ibrahim Sagna, executive chairman of Silverbacks Holdings, emphasizes the enormous potential of the African sports and entertainment industries, suggesting that the region presents a compelling investment opportunity for those willing to navigate the unique challenges and capitalize on the emerging trends.

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how to become a quantitative developer
InterviewJobs

How To Become a Quantitative Developer?

by Clement D.

When I started my journey in quantitative development, I didn’t have a clear roadmap: just curiosity and a love for both code and markets. I was a Python machine learning engineer for years before realizing that the intersection of finance, mathematics, and software engineering was where my mind truly thrived. Over time, I transitioned from real-time ML systems to building pricing models, working with risk engines, and optimizing massive data pipelines: the kind of problems that sit at the heart of quantitative finance. So, how to become a quantitative developer?

If you’re reading this, you might be standing at a similar crossroads. Maybe you’re a developer who’s intrigued by trading systems and quantitative models. Maybe you’re a mathematician who wants to turn theory into production code. Or maybe, like me, you simply want to understand how raw market data transforms into the numbers driving billion-dollar decisions.

Becoming a quantitative developer is about learning how to think like both a scientist and an engineer, balancing mathematical rigor with system design and performance awareness. In this article, I’ll break down what it takes to enter the field, what quantitative skills truly matter, and how to build the kind of mindset that thrives in quant environments from investment banks to hedge funds and prop shops.

1. The Classic Path: Study Computer Science and Finance

The traditional route into quantitative development starts with a strong foundation in computer science, mathematics, and finance. Many professionals follow this academic path through degrees in computer science or applied mathematics, often complemented by a master’s in financial engineering or quantitative finance from institutions such as Imperial College London, ETH Zürich, Carnegie Mellon University, or Université Paris-Saclay. How to become a quantitative developer? Generally speaking, when you’re playing that path, try to shoot a university in that group:

Mathematics matter, so choose your major carefully. I’m biased because it’s what I studied but without it: you will plateau. Why? Watch this:

Take Max, for example — a computer science graduate from ETH who later completed a Master’s in Financial Engineering at Imperial. During his studies, he learned to build valuation models in Python, write C++ for high-performance simulations, and understand the pricing mechanics of derivatives and bonds. By the time he graduated, he could not only optimize a sorting algorithm but also explain what a convexity adjustment meant in a swap curve — and that combination is gold in the quant world.

2. The Pirate Path: Get Any Job and Move Towards Quantitative Finance

But you can do it differently. Not like Max.

Maybe you didn’t go to Imperial or ETH. Maybe your degree wasn’t in quantitative finance — or you didn’t even study finance at all. That’s fine. The truth is, a lot of successful quantitative developers didn’t follow the “textbook” path. They hacked their way into it: from software engineering, data science, or even DevOps.

I call this the Pirate Path.

You start by getting any strong engineering job: one that forces you to write production-grade code, ship systems, and solve real-world latency or data problems. You learn to build, debug, and scale things that matter. Then, little by little, you sail toward finance: you read about markets, build small analytics projects on the side, or start automating something related to trading data.

You will need to learn little by little about every domain linked to quant engineering and it’s best if you it in each job you move to:

This requires to move job strategically to collect skillsets like mushrooms in Mario. Build the map and check the boxes.

Little by little, apply to more and more of those companies:

3. The Self-Made Path: Produce Content About it and Get Noticed

Then there’s the third way: the one that didn’t really exist twenty years ago but is now reshaping how people break into the quant world. The Self-Made Path.

This is the route of the builder-creator hybrid. You don’t just learn, you document what you learn.

You share your experiments, your insights, and your projects with the world. Write threads, blog posts, tutorials, or publish open-source tools. The more you share, the more you attract people who think like you… and sooner or later, that visibility opens real doors.

That’s how I ended up connecting with many in the quant and fintech world: by writing and publishing regularly. Whether it was explaining pricing models, exploring real-time ML systems, or diving into C++ performance topics, I was simply trying to make sense of my own work in public. But what started as writing for myself ended up building credibility, network, and opportunity: the things that often matter more than a title or diploma.

The Self-Made Path rewards curiosity, consistency, and clarity. If you can explain complex financial or technical concepts in a way that others understand, you’re already thinking like a quant developer because that’s exactly what we do: take something abstract and make it precise, testable, and real.

So if you’re just getting started, don’t wait for permission. Start writing. Record videos. Open-source your tools. People will notice. And when they do, the line between student and quant developer starts to blur very quickly.

Conclusion

So, how to become a quantitative developer? There isn’t just one way to become a quantitative developer, there are many. Max took the classic route through top universities, guided by structure and theory. The Pirate took detours, learning from production fires, late-night debugging, and messy real-world systems. The Self-Made builder created his own spotlight by sharing what he learned in public.

Each path has its price and its reward.
The Classic Path gives you clarity.
The Pirate Path gives you grit.
The Self-Made Path gives you reach.

What matters most isn’t where you start, but how far you’re willing to keep learning once you’re in motion.
Finance evolves fast. So do programming languages, architectures, and datasets.
The best quantitative developers stay curious, adaptable, and humble, engineers of both code and understanding.

Whether you’re optimizing a pricing engine in C++, experimenting with yield curve fitting, or explaining your latest discovery on a blog, you’re doing the same thing: turning complexity into clarity.

So pick your path. Build. Break things. Learn.
And remember: in this world, curiosity compounds faster than capital.

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Trading Order Book
Data Structures

What’s a Trading Order Book?

by Clement D.

You’ve probably heard traders talk about the order book before: it’s one of the most fundamental tools in modern markets. It’s a very important tool for traders, analysts or quants. A trading order book is a real-time record of all buy and sell orders for a financial asset, like a stock, bond, or cryptocurrency, organized by price level. How does it work and why does it matter?

Trading Order Book Explained

What’s a Trading Order Book?

An order book is a real-time, organized list of buy and sell orders for a financial asset, arranged by price level and volume. It reflects market depth: the amount of demand and supply available at each price.

In essence:

  • Buy orders (bids): traders wanting to purchase, listed from highest to lowest price.
  • Sell orders (asks): traders wanting to sell, listed from lowest to highest price.
Trading Order Book: Definition

Each entry includes a price and a quantity. When a buy and sell order meet at the same price, a trade executes, removing both from the book.

The best bid is the highest price someone will pay.
The best ask is the lowest price someone will sell for.
The spread is the difference between the two — a key measure of liquidity.

Order books help traders understand supply, demand, and short-term price movements, forming the foundation for price discovery in modern markets.

How Does it Work?

This image illustrates how an order book works by showing the interaction between buyers (bids) and sellers (asks) for a currency pair.

On the right, you see two groups of participants:

  • Sellers (Supply / ASK) list the prices at which they’re willing to sell.
  • Buyers (Demand / BID) list the prices at which they’re willing to buy.

The table in the middle displays these orders:

  • The top half (orange) represents sell orders. Each row shows a price and the volume available at that price. For example, one seller wants to sell EUR 200 at $1.22, another EUR 750 at $1.24.
  • The bottom half (green) represents buy orders. For instance, a buyer wants to buy EUR 240 at $1.20, another EUR 800 at $1.18.

Between them lies the spread, the small gap between the highest bid (best buyer) and the lowest ask (best seller). In this example, the spread is $0.01 (between $1.20 and $1.21).

This spread reflects the liquidity and balance of supply and demand — tighter spreads usually mean a more liquid market. When a market order arrives, it executes at the best available price from these existing limit orders, causing the market price to update.

The Importance of the Bid-Ask Spread

The spread is the gap between the best ask (lowest price a seller accepts) and the best bid (highest price a buyer offers).
It represents the cost of immediacy: how much extra a trader pays to buy right now or how much less they get to sell immediately.

A tight spread means a liquid, competitive market with many buyers and sellers.
A wide spread suggests uncertainty, low liquidity, or higher risk.

For pricers, the spread is both a signal and a target.
They aim to quote prices that are competitive enough to attract trades but wide enough to cover risks.
Too narrow, and they might lose money to fast market moves.
Too wide, and they risk losing flow to other participants.

So, pricers constantly adjust their spreads based on volatility, order flow, inventory, and competition balancing profitability with market presence.

How To Implement a Trading Order Book in C++?

Here’s a compact blueprint for a limit-order book in C++: data layout, core ops, and gotchas. We will:

  • Maintain two sides: bids (max-first) and asks (min-first).
  • Group orders by price level; within a level, keep FIFO (price–time priority).
  • Keep a fast index from order_id → node/iterator to support O(1) cancel/replace.
  • Use integer ticks (e.g., cents, pips) — avoid floating point for prices.
using OrderId   = uint64_t;
using Qty       = int64_t;        // signed for partial fills math
using Px       = int64_t;         // price in ticks
enum Side { Buy, Sell };

struct Order {
  OrderId id;
  Side side;
  Px price;
  Qty qty;            // remaining
  uint64_t ts;        // exchange/seq time for tie-breaks
  // intrusive list pointers for O(1) erase
  Order* prev = nullptr;
  Order* next = nullptr;
};

struct Level {
  Px price;
  Order* head = nullptr;
  Order* tail = nullptr;
  inline void push_back(Order* o);
  inline void erase(Order* o);
  bool empty() const { return head == nullptr; }
};

// price → level; bids need descending, asks ascending
using BookSide = std::map<Px, Level, std::greater<Px>>;     // bids
using BookSideAsk = std::map<Px, Level, std::less<Px>>;     // asks

struct OrderBook {
  BookSide bids;
  BookSideAsk asks;
  std::unordered_map<OrderId, Order*> by_id;  // direct handle for cancel/replace

  // API
  void add_limit(OrderId id, Side side, Px px, Qty qty, uint64_t ts);
  void cancel(OrderId id);
  void replace(OrderId id, Px new_px, Qty new_qty, uint64_t ts); // cancel+add semantics
  void match_market(Side side, Qty qty);
  // helpers
  Level& level(BookSide& s, Px px);
  Level& level(BookSideAsk& s, Px px);
};

The C++ order book example keeps two ordered maps: one for bids (descending prices) and one for asks (ascending). Each price level stores a queue of orders to preserve price–time priority. Each order holds its ID, side, price (as an integer tick), quantity, and pointers to neighboring orders for quick removal. A

n additional hash map links every order ID to its memory address, allowing O(1) cancellation or modification. When a new limit order arrives, it matches existing orders on the opposite side if the prices overlap; otherwise, it’s added to the appropriate queue. Market orders consume orders starting from the best available price. The design avoids floating-point precision issues by using integers, and it minimizes heap allocations through object pooling. Operations within a price level run in constant time, while finding the best price is logarithmic. The result is a fast, deterministic system that mirrors how real exchanges match and update orders.

The Challenges for Pricers: Find the Mid

For pricers, one of the core challenges is finding the true mid-price: the fair point between supply and demand. In theory, the mid is simply the average of the best bid and best ask, but in practice it’s far more complex. The visible quotes in the order book might not reflect real interest, as large traders often hide size or layer orders strategically.

The mid can also move rapidly in volatile markets, making it difficult for pricers to keep up without overreacting to noise. Liquidity imbalances, or instance, when one side of the book is much deeper than the other, distort the apparent equilibrium. Moreover, different trading venues might show slightly different best prices, forcing pricers to aggregate data across markets.

Latency adds another layer of uncertainty: by the time data is received, the true mid might have shifted. Pricers must therefore estimate a “synthetic mid”, balancing recent trades, book depth, and volatility signals. Their goal is to quote competitively around this mid without exposing themselves to adverse selection. The challenge lies in constantly adapting: finding the mid not as a static number, but as a moving, data-driven target that defines the heartbeat of market making.

How to Develop a Pricer: Train an ML Model to Predict the Mid

Developing a pricer that uses machine learning to estimate the mid-price involves combining market microstructure knowledge with careful model design. The goal is to predict the true or future mid (the fair value where supply and demand balance) based on high-frequency order book data.

The process starts with data collection: capturing snapshots of the limit order book, trades, and quote updates with precise timestamps. Each snapshot provides features such as best bid/ask, spread, market depth, imbalance (volume difference between bid and ask sides), last trade direction, and short-term volatility. These become the inputs to the model.

Next comes labeling. A common choice is the future mid, for example the mid-price 1–5 seconds ahead. This trains the model to learn short-term price dynamics rather than just the current quote.

The model selection depends on latency and interpretability requirements. For low-latency environments, ML models like gradient-boosted trees (like XGBoost or LightGBM) work well. For richer patterns, temporal architectures such as CNNs, LSTMs, or Transformers on order book sequences capture evolving microstructure dynamics.

Once trained, the model’s predicted mid becomes the reference for quoting: bids are set slightly below and asks slightly above it, adjusted for volatility, inventory, and risk tolerance.

The main challenges lie in data quality, microsecond synchronization, feature drift, and ensuring the model generalizes under changing market regimes. Continuous retraining and real-time monitoring are essential. In essence, the ML pricer learns to “feel” the market’s equilibrium — a constantly shifting target driven by flow, depth, and momentum.

Conclusion

In conclusion, an order book is the foundation of market mechanics, recording all buy and sell intentions that together form price discovery. The spread, the gap between the best bid and ask, reflects market liquidity and trading costs — a narrow spread means efficiency, while a wide one signals risk or low activity. For pricers, managing and interpreting that spread is crucial: they must stay competitive while protecting against adverse moves. Finding the true mid between supply and demand is not trivial; it fluctuates constantly with market depth, hidden orders, and volatility. Modern pricers therefore rely on machine learning models to estimate the fair or future mid, using features like order-book imbalance, volume, and trade flow. These models learn to sense microstructure dynamics and help automate quoting decisions in real time. Building such systems is both a technical and strategic challenge, requiring clean data, synchronized feeds, fast inference, and constant retraining to stay aligned with a living, breathing market.

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News

Navigating the Evolving Finance Landscape: Insights from the AI Revolution

by Clement D.

Quantitative analysts and financial data scientists have long grappled with the challenge of effectively navigating the rapidly evolving landscape of online information. In today’s digital era, where users increasingly think in conversational terms rather than traditional keyword-based searches, the limitations of conventional website search functionalities have become increasingly apparent. This pressing issue is the focal point of our discussion, as we delve into the innovative solutions presented in the video “I Built a ChatGPT-Style AI-Powered Search” [link: https://fandf.co/48F4PIY].

Moreover, the recent developments in the ongoing US-China trade negotiations, as chronicled in the videos “Trump-Xi: US President Hails ‘Amazing’ Meeting Lowering Trade Tariffs” and “Trump and Xi Reach Trade Truce,” hold profound implications for the global financial landscape. These high-level diplomatic discussions, which have the potential to significantly impact market volatility and investment strategies, will be explored in depth throughout this article.

Complementing these timely financial narratives, we also examine the broader thematic trends shaping the industry, as outlined in the video “AI Is the Only Theme That Matters: 3-Minutes MLIV.” This incisive analysis delves into the pivotal role of artificial intelligence in driving innovation and transforming the very nature of financial decision-making.

🎥 I Built a ChatGPT-Style AI-Powered Search (ByteMonk)

As an investment strategist, I would frame this video as an opportunity to explore a cutting-edge approach to search that could deliver significant value for businesses. The video highlights the limitations of traditional keyword-based search and the growing importance of natural language understanding in addressing user intent. This aligns with the broader trend towards more conversational, AI-powered interfaces that can better interpret and respond to user needs.

While the technical implementation details may be complex, the potential business benefits of deploying a ChatGPT-style search experience are compelling. Improved search relevance and user experience can drive increased engagement, customer satisfaction, and ultimately, revenue growth. The video also showcases a practical, step-by-step approach to building such a system, which could be valuable for companies looking to modernize their search capabilities.

The risks to consider are the potential challenges in integrating this new search technology with existing systems, as well as the ongoing development and maintenance required to ensure optimal performance. However, the upside potential appears to outweigh these risks, particularly for businesses that rely heavily on their online presence and content discovery.

Overall, this video presents a compelling investment opportunity in the form of an innovative search solution that could give early adopters a competitive edge in their respective markets.

🎥 Trump-Xi: US President Hails “Amazing” Meeting Lowering Trade Tariffs | Daybreak Europe 10/29/2025 (Bloomberg)

In a highly anticipated meeting, US President Donald Trump and Chinese President Xi Jinping discussed a range of critical financial issues. The leaders hailed the “amazing” nature of their discussions, highlighting key agreements reached on trade tariffs and agricultural products. Notably, the US reduced tariffs on fentanyl to 10%, while also securing a deal on soybeans and other agricultural goods. The presidents also touched on the semiconductor sector, with Trump indicating that further talks with China on Nvidia chip access were forthcoming. The meeting’s outcomes underscore the significant financial implications of the US-China relationship, as the world’s two largest economies work to navigate complex trade dynamics. Overall, the summit represents a positive step in lowering trade tensions and fostering continued economic cooperation between the two superpowers.

🎥 Trump and Xi Reach Trade Truce (Bloomberg)

The highly-anticipated summit between Donald Trump and Xi Jinping concluded after around an hour and a half on Thursday, with the two leaders hoping to quell an expansive trade fight that has shaken global markets. The key financial themes highlighted in the video include the significance of the talks in resolving the ongoing trade tensions between the U.S. and China, and the potential impact of a trade truce on the global economy and financial markets.

🎥 AI Is the Only Theme That Matters: 3-Minutes MLIV (Bloomberg)

The video titled “AI Is the Only Theme That Matters: 3-Minutes MLIV” provides a concise overview of the key market themes discussed by analysts Guy Johnson, Kriti Gupta, and Mark Cudmore on “Bloomberg: The Opening Trade.” Reflecting on the content, the presentation highlights the significant impact of artificial intelligence (AI) on investor sentiment, with the performance of tech giants like Meta and Microsoft serving as a barometer for the broader AI landscape. Additionally, the video touches on the ongoing tensions between the United States and China, as well as the anticipated Federal Reserve’s December rate cut, underscoring the interconnectedness of global economic and industry trends that investors must navigate.

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Mastering Finance: Insights from JPMorgan CEO and Trump-Japan Talks

by Clement D.

The world of finance has long been shaped by the decisions and insights of its most influential leaders. In the aftermath of the global financial crisis, one such figure, JPMorgan CEO Jamie Dimon, has continued to shape the industry’s discourse on the merits of in-office work. As we explore the evolving landscape of remote work and its impact on the professional development of junior bankers, it is crucial to situate this conversation within the broader historical context of the financial sector.

Later in this article, we will delve into Dimon’s perspective, as shared in a recent interview, on the importance of in-person collaboration and the challenges posed by a fully remote work environment. Additionally, we will examine the geopolitical implications of international cooperation, as exemplified by the recent meeting between former U.S. President Donald Trump and Japan’s Prime Minister Fumio Kishida. Furthermore, we will showcase innovative technological solutions, such as Aiven’s diskless technology, that have the potential to revolutionize the performance of mission-critical systems like Apache Kafka. Finally, we will hear from a distinguished global leader, former Australian Prime Minister Malcolm Turnbull, on the role of artificial intelligence in shaping the future of our societies.

By exploring these diverse topics, we aim to provide our readers with a comprehensive understanding of the current state of the finance industry and its evolving dynamics, both on a practical and a strategic level.

🎥 Jamie Dimon Says Junior Bankers Learn More in the Office Than WFH (Bloomberg)

In a market strategist’s morning call, JPMorgan’s CEO Jamie Dimon continues to advocate for a return to office, citing the challenges junior bankers face in learning effectively from home. During a panel discussion at the Future Investment Initiative in Saudi Arabia, Dimon noted, “I’m not making fun of Zoom, but younger people are being left behind,” underscoring the firm’s observation that junior employees struggle to acquire knowledge and skills when working remotely. As the finance industry navigates the evolving landscape of work arrangements, Dimon’s perspective provides a forward-looking insight into the potential implications for talent development and the long-term success of financial institutions.

🎥 Trump Meets Takaichi, Vows Closer Japan Ties (Bloomberg)

The video depicts a meeting between former U.S. President Donald Trump and newly appointed Japanese Prime Minister Fumio Kishida. Trump expresses the United States’ commitment to supporting Japan, stating that the U.S. will be available for “anything you want, any favors you need, anything I can do to help Japan.” The formal and neutral tone of the abstract highlights the key points of the interaction between the two leaders, emphasizing the vows of closer ties between the two nations.

🎥 Aiven’s Diskless Tech Supercharges Kafka Like Never Before! (ByteMonk)

Aiven’s innovative diskless technology promises to revolutionize Kafka performance, providing unparalleled speed, efficiency, and reliability. By eliminating the storage bottleneck, this cutting-edge solution can significantly boost Kafka’s capabilities, enabling data processing and stream processing at unprecedented levels. The video explores the potential of integrating Aiven’s diskless technology with Kafka, highlighting the benefits and possibilities for the future of event streaming. With its analytical approach, the presentation offers valuable insights into the evolving landscape of data management and the role of Kafka as an industry-standard solution.

🎥 Former Australian Leader Malcolm Turnbull Joins Global AI Board at Rohirrim (Bloomberg)

In a market-savvy tone, we highlight the latest developments in the AI landscape. Former Australian Prime Minister Malcolm Turnbull has joined the prestigious International Advisory Board of Rohirrim, a leading AI company. Alongside Rohirrim’s CEO Stephen Aberle, Turnbull shares his insights on the future of artificial intelligence and how the company aims to revolutionize Australia’s acquisition and procurement processes through AI-driven solutions. This strategic move underscores the growing prominence of AI in shaping global business and policy decisions.

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US Sanctions Russian Oil, Tesla Profit Misses: Top Finance News

by Clement D.

The day’s price action in the crude oil market reflects the growing geopolitical tensions stemming from the US sanctions on Russia’s largest oil producers. This development is of particular interest to quantitative finance researchers and practitioners, as it highlights the complex interplay between macroeconomic factors, regulatory changes, and their impact on commodity prices.

Later in the article, we will explore the implications of these sanctions through the lens of the video “US Sanctions Russian Oil; Rubio Heads To Israel | Horizons Middle East & Africa 10/23/2025,” which delves into the broader regional dynamics. Additionally, we will discuss the potential trajectory of gold prices, as outlined in the forecast presented in the video “Gold Price to Reach $4,600 Next Year: Lombard Odier Forecast.” Furthermore, the article will examine the ripple effects of these events on the broader market, as evidenced in the video “US Sanctions Russian Oil Producers & Tesla Profit Tumbles | Daybreak Europe 10/23/2025.” Finally, we will explore the regulatory landscape and its implications for the technology sector, as discussed in the video “US Mulls Broad Software Curbs on China | The China Show 10/23/2025.”

🎥 US Sanctions Russian Oil; Rubio Heads To Israel | Horizons Middle East & Africa 10/23/2025 (Bloomberg)

The United States has announced sanctions on Russia’s largest oil producers, Rosneft and Lukoil, as the geopolitical tensions continue to impact global energy markets. Meanwhile, Tesla’s quarterly profit missed estimates despite a record surge in third-quarter sales. In other news, US Secretary of State Marco Rubio is set to arrive in Israel, while Chinese firms are courting African startups and innovation hubs with open-source AI models. Experts from Farro Capital, GSMA, Morocco’s Ministry of Trade and Industry, and Qhala CEO provide insights on the evolving landscape in the Middle East, Africa, and beyond.

🎥 Gold Price to Reach $4,600 Next Year: Lombard Odier Forecast (Bloomberg)

The discussion on the gold market presented by Lombard Odier EMEA CIO Nannette Hechler-Fayd’Herbe on Bloomberg Television suggests that the precious metal has emerged as the “ultimate diversifier” with important “structural purposes.” The analysis indicates that Lombard Odier forecasts gold prices may reach $4,600 in 2026.

🎥 US Sanctions Russian Oil Producers & Tesla Profit Tumbles | Daybreak Europe 10/23/2025 (Bloomberg)

In the aftermath of the geopolitical tensions between the United States and Russia, the American government has taken a decisive step in targeting the largest Russian oil producers, including Rosneft and Lukoil. This move represents a significant shift in the Trump administration’s policy, which previously maintained a more accommodating stance towards the Kremlin. The sanctions imposed on these energy giants reflect the long-standing strategic and economic rivalries between the two superpowers, as the global oil market continues to be a crucial battleground. Simultaneously, the electric vehicle pioneer Tesla has faced a dip in its profitability, with rising costs undermining a record quarter of vehicle sales. This development underscores the challenges the company faces in maintaining its dominance amidst intense competition and a rapidly evolving automotive landscape. Furthermore, the European software giant SAP’s cloud revenue falling short of estimates signals the broader economic headwinds that are weighing on the technology sector, as trade disputes and a weakening global economy continue to shape the business landscape.

🎥 US Mulls Broad Software Curbs on China | The China Show 10/23/2025 (Bloomberg)

The video segment examines the potential US government’s consideration of broad software curbs on China. This is a significant development with far-reaching implications for the technology sector and global trade dynamics. The analysis delves into the rationale and potential impact of such policy measures, drawing insights from expert commentary and market reactions. Alongside this central focus, the presentation also covers other timely topics, including US sanctions on Russian oil firms, Goldman Sachs’ assessment of China’s market outlook, and the Bank of Korea’s monitoring of foreign exchange and household debt. The multifaceted discussion provides a comprehensive overview of the key economic and geopolitical issues shaping the current landscape, offering graduate finance students a conceptually rich understanding of the complex interplay between policy, markets, and global dynamics.

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Navigating Financial Trends: Insights for SEO-Driven News

by Clement D.

Striking Statistic: $2.3 billion – the potential damages that French bank BNP Paribas could face after a court ruling linked the lender to human rights abuses in Sudan, sending its shares plummeting.

As the world’s financial markets closely monitor the fallout, a series of news events are unfolding that could have significant implications for investors. In our coverage today, we’ll explore the latest developments, including President Trump’s vow to “eradicate” Hamas if the militant group does not honor the ceasefire with Israel, as well as the potential market impact of Friday’s key CPI data. Stay tuned for these stories and more in the coming segments.

🎥 Trump Vows to ‘Eradicate’ Hamas as Gaza Truce Resumes (Bloomberg)

The video highlights the potential vulnerabilities and exposures in the fragile Middle East truce, as President Donald Trump vows to “eradicate” Hamas if the militant group does not continue to honor the ceasefire with Israel. The resilience of the truce is also a key factor, as it is now back in effect after a weekend of heavy fighting in the Gaza Strip. The risk analyst would note the potential for escalation and the ongoing tensions in the region, as well as the need for continued dialogue and diplomacy to maintain the ceasefire.

🎥 BNP Paribas Could Face Billions in Damages After Sudan Verdict (Bloomberg)

The court ruling linked the French bank BNP Paribas to human rights abuses in Sudan, leading to a plunge in the company’s share price and speculation that it will have to pay billions of dollars to settle related cases. The video report by Bloomberg’s Tom Metcalf analyzes the market implications of this development, which could result in significant financial damages for the bank.

🎥 USTs to Rally on Shutdown Until Friday’s CPI: 3-Minute MLIV (Bloomberg)

The 3-minute MLIV video analysis provides a concise outlook on the U.S. Treasury market, highlighting the potential for yields to rally until Friday’s critical CPI report. Key points include the 10-year yield nearing 4%, the impact of the impending government shutdown, and the likelihood of delayed inflationary pressures. This strategic memo aims to equip decision-makers with a focused assessment of the current market dynamics and their potential implications for investment strategies.

🎥 Trump Warns Hamas; Japan Elects Takaichi | Horizons Middle East & Africa 10/21/2025 (Bloomberg)

In a policy briefing, the video highlights several key implications for regulators, macroeconomic trends, and the broader financial system. President Trump’s remarks suggest potential progress on a US-China trade deal, with potential ramifications for global trade and investment flows. Additionally, his warning to Hamas over the Gaza ceasefire raises concerns about regional geopolitical tensions and their impact on economic stability. Finally, the election of Sanae Takaichi as Japan’s first female prime minister could signal policy shifts and their systemic effects, particularly in the Asia-Pacific region. Overall, the video offers insights into evolving dynamics that financial policymakers and analysts will need to monitor closely.

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