Tower Research
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History[]
| Industry | financial services |
|---|---|
| Founded | 1998 |
| Founder | Mark Gorton John Martello |
| Headquarters | |
Number of employees | 1000+ global staff (2020) |
| Website | www |
Tower Research Capital LLC is a high-frequency trading and financial services fund started by Mark Gorton and John Martello in 1998.
In addition to Tower, Mark has launched a diverse constellation of companies and green advocacy organizations including LimeWire and OpenPlans. Prior to founding Tower, Mark worked as a fixed income proprietary trader at Credit Suisse First Boston. He began his career as an engineer at Martin Marietta, specializing in digital signal processing and speech recognition. Mark graduated from Yale University with a B.S. in electrical engineering and earned an M.S. in electrical engineering from Stanford University and an M.B.A. from Harvard Business School.
About Tower[]
Tower Research Capital is one of the oldest automated trading firms.[1] Tower's internal trading teams are independent from one another, enjoying autonomy while accessing shared technology resources such as hardware, software, and connectivity as well as resources such as business management, legal, compliance, and risk management.
At the heart of operations is the core engineering team, which owns the architecture, implementation and optimization of the trading platform itself. This includes developing systems and tools to access market data, perform trend analysis, run trading simulations, order entry and management, real-time trade support, risk management and post-trade services.
Working together, Tower builds technology and deploys diverse automated and quantitative strategies across a broad range of asset classes in global markets around the clock.
In 2014 Tower Research's wholly-owned subsidiary LaTour Capital, which sometimes accounted for 9% of U.S. stock trading, was fined a record $16 million for violating the net capital rule. LaTour deliberately mis-estimated its exposure to risk and traded despite not holding enough capital.[2] In 2019 Tower Research was fined $67.4 million for manipulating the markets in E-mini financial futures contracts by spoofing. Tower traders placed thousands of orders for futures contracts that it never intended to execute.[3]
Tower is staffed by employees proficient in diverse backgrounds such as mathematics, computer programming, physics, law, economics, engineering, finance, and more. As of 2020, Tower has around 1000 employees in its global staff.
Albert An serves as the CEO of the firm from 2019.[1]
Locations[]
Tower is headquartered in New York, with additional offices in Chicago, South Charleston, Montreal, London, Amsterdam, Gurgaon, GIFT City, Singapore, Hong Kong, and Shanghai.
References[]
- ^ a b Abelson, Max; Leising, Matthew (August 1, 2019). "Mark Gorton Steps Down as CEO of HFT Firm Tower Research Capital". Bloomberg.com. Retrieved 2021-05-20.
- ^ Patterson, Scott (September 17, 2014). "High-Frequency Trading Firm Latour to Pay $16 Million SEC Penalty". The Wall Street Journal.
- ^ "Tower Research Capital LLC Agrees to Pay $67 Million in Connection With Commodities Fraud Scheme" (Press release). U.S. Dept. of Justice. November 11, 2019. Retrieved 2021-05-20.
External links[]
- Financial services companies of the United States