Tower Research hires Millennium veteran to expand mid-frequency trading platform

Tower Research has appointed Marvin Arteaga, a former executive at Millennium, as head of its mid-frequency trading strategies, according to a report by eFinancialCareers. Arteaga, who spent 12 years at Millennium, primarily served as the head of algorithmic execution technologies. Prior to that, he worked for seven years developing algorithmic trading systems at Bank of America and held a liquidity provision technology role at Millennium.

This appointment bolsters Tower Research's quantitative investment capabilities as competition intensifies among systematic trading firms. Mid-frequency trading, which involves holding positions for periods ranging from minutes to days, requires machine learning, sophisticated data analysis, and substantial computing infrastructure.

Tower's investment in mid-frequency trading capabilities comes as other quantitative trading firms, such as Jane Street and Hudson River Trading, also diversify into longer-horizon systematic investments to avoid diminishing returns from ultra-low-latency strategies. The move follows several senior staff transfers between Tower and Millennium, including Millennium's recruitment of Tower's former chief technology officer Alexandre Fournier and Tower's former co-head of investment-grade credit trading, Wesley Chen, joining Millennium as a portfolio manager.