https://www.youngju.dev/blog 천천히 올바르게. AI Researcher & DevOps Engineer Youngju's tech blog. GPU/CUDA, LLM, MLOps, Kubernetes AI workloads, distributed training, and data engineering. ko fjvbn2003@gmail.com (Youngju Kim) fjvbn2003@gmail.com (Youngju Kim) Mon, 25 May 2026 00:00:00 GMT https://www.youngju.dev/blog/culture/2026-05-25-hft-firms-citadel-two-sigma-jane-street-optiver-jump-virtu-imc-tower-2026-deep-dive.en https://www.youngju.dev/blog/culture/2026-05-25-hft-firms-citadel-two-sigma-jane-street-optiver-jump-virtu-imc-tower-2026-deep-dive.en Once a target of public criticism after the 2010 Flash Crash, HFT now intermediates more than 50% of US equity volume, 60% of US options, and 70% of European ETFs in 2026. Citadel Securities alone reported `$23B` revenue in 2024, effectively eclipsing Goldman Sachs market-making. Jane Street is the #1 US ETF market maker; Optiver and IMC are the twin pillars of options market-making; Jump, Virtu, Tower, Hudson River, Flow Traders and DRW split the market by asset class. This piece covers market microstructure (LOB, tick size, queue priority), latency arbitrage, statistical arbitrage, ETF arbitrage, FPGA acceleration (Solarflare, AMD/Xilinx), Chicago–Aurora microwave wireless, C++ template metaprogramming, kdb+/q, Jane Street OCaml ETP, real-time VaR, Reg NMS / MiFID II SI / KRX algorithmic-trading pre-registration, plus the desks at NH Investment & Securities, Mirae Asset, Kiwoom, Nomura, MUFG, SBI and Daiwa. Mon, 25 May 2026 00:00:00 GMT fjvbn2003@gmail.com (Youngju Kim) hfthigh-frequency-tradingcitadel-securitiestwo-sigmajane-streetoptiverjump-tradingvirtu-financialimctower-researchkdb-qfpga-tradingocamlmarket-microstructurereg-nmsmifid-iikrx-algo https://www.youngju.dev/blog/culture/2026-05-25-hft-firms-citadel-two-sigma-jane-street-optiver-jump-virtu-imc-tower-2026-deep-dive.ja https://www.youngju.dev/blog/culture/2026-05-25-hft-firms-citadel-two-sigma-jane-street-optiver-jump-virtu-imc-tower-2026-deep-dive.ja HFT(高頻度取引)は2010年のフラッシュクラッシュ以降一時は世論の批判の的だったが、2026年現在では米国株式取引高の50%超、米国オプションの60%超、欧州ETFの70%超を取り次ぐ存在になった。Citadel Securitiesは2024年単体で `$23B` の売上を計上し、事実上ゴールドマン・サックスのマーケットメイク部門を凌駕。Jane Streetは米国ETFマーケットメイク1位、OptiverとIMCはオプションMMの両輪、Jump/Virtu/Tower/Hudson River/Flow Traders/DRWはアセットクラス別に市場を分けている。本稿ではマーケットマイクロストラクチャ(LOB、ティックサイズ、キュー優先)、レイテンシーアービトラージ、統計的アービトラージ、ETFアービトラージ、FPGA加速(Solarflare、AMD/Xilinx)、シカゴ–オーロラ間マイクロ波無線、C++テンプレートメタプログラミング、kdb+/q、Jane StreetのOCaml ETP、リアルタイムVaR、Reg NMS / MiFID II SI / KRXアルゴリズム取引事前登録、さらにNH投資証券・未来アセット・キウム・野村・三菱UFJ・SBI・大和の事例まで一気通貫で扱う。 Mon, 25 May 2026 00:00:00 GMT fjvbn2003@gmail.com (Youngju Kim) hfthigh-frequency-tradingcitadel-securitiestwo-sigmajane-streetoptiverjump-tradingvirtu-financialimctower-researchkdb-qfpga-tradingocamlmarket-microstructurereg-nmsmifid-iikrx-algo https://www.youngju.dev/blog/culture/2026-05-25-hft-firms-citadel-two-sigma-jane-street-optiver-jump-virtu-imc-tower-2026-deep-dive https://www.youngju.dev/blog/culture/2026-05-25-hft-firms-citadel-two-sigma-jane-street-optiver-jump-virtu-imc-tower-2026-deep-dive HFT(고빈도매매)는 2010년 Flash Crash 이후 한때 사회적 비난의 대상이었지만, 2026년 현재 미국 주식 거래량의 50% 이상, 미국 옵션의 60% 이상, 유럽 ETF의 70% 이상을 매개한다. Citadel Securities는 2024년 단일 회사로 `$23B` 매출을 기록하며 골드만삭스 시장조성 부문을 사실상 추월했고, Jane Street는 미국 ETF 시장조성 1위, Optiver와 IMC는 옵션 마켓메이킹의 양대 축, Jump/Virtu/Tower/Hudson River/Flow Traders/DRW는 자산군별로 시장을 나눠 갖고 있다. 이 글은 마켓 마이크로스트럭처(LOB, tick size, queue priority), latency arbitrage, statistical arbitrage, ETF 차익, FPGA 가속(Solarflare, AMD/Xilinx), 시카고-오로라 마이크로웨이브 무선, C++ 템플릿 메타프로그래밍, kdb+/q, Jane Street의 OCaml ETP, 실시간 VaR, Reg NMS / MiFID II SI / KRX 알고리즘 매매 사전등록, 그리고 NH투자증권 / 미래에셋 / 키움 / 野村 / 三菱 UFJ / SBI / 大和 사례까지 한 번에 다룬다. Mon, 25 May 2026 00:00:00 GMT fjvbn2003@gmail.com (Youngju Kim) hfthigh-frequency-tradingcitadel-securitiestwo-sigmajane-streetoptiverjump-tradingvirtu-financialimctower-researchkdb-qfpga-tradingocamlmarket-microstructurereg-nmsmifid-iikrx-algo