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United States Haim Bodek is an electronic trading executive and algorithmic trading strategist who became a high-visibility whistleblower in the high-frequency trading industry, leading to significant regulatory action and increased scrutiny of market structures.
After college, Bodek found himself at Hull Trading Company, a prestigious firm in Chicago at the forefront of electronic algorithmic trading.
Currently, Bodek is a managing principal of Decimus Capital Markets, LLC, a tactical consulting and strategic advisory firm focused on high-frequency trading and the securities market structure.
In 2007, with a partner, he started a high-frequency trading firm called Trading Machines LLC. His firm did well at first, Mr. Bodek says.
Having worked in the industry at investment banks such as UBS and Goldman Sachs, he went on to found his own high frequency trading (HFT) firm.
Haim Bodek (born 1970 or 1971 : 25 ) is an American developer of trading software. He worked for Hull Trading Company which was acquired by Goldman Sachs in 1999.
Haim Bodek graduated from the University of Rochester in 1995 with degrees in mathematics and cognitive science. His career has focused on the high-frequency trading (HFT) industry, where he held various roles including quantitative programmer/analyst, financial engineer, and vice president. Early in his career, he worked at Hull Trading Company, a firm known for electronic algorithmic trading, which was later acquired by Goldman Sachs in 1999. By 2006, he became the joint global head of electronic volatility trading at UBS. In 2007, he co-founded Trading Machines, LLC, an independent high-frequency options trading firm.
In 2011, Haim Bodek uncovered an algorithmic anomaly within HFT exchanges, where certain undocumented order types allowed some algorithmic trading companies to gain an unfair advantage. He investigated this issue and reported his findings to the U.S. Securities and Exchange Commission (SEC). This complaint led to a multi-year investigation, culminating in a 2015 ruling where the BATS exchange group was fined a record $14 million. His work and experiences, particularly his advocacy for regulatory reform in securities markets, are extensively chronicled in Scott Patterson’s book “Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market.” Bodek also authored “The Problem of HFT: Collected Writings on High Frequency Trading & Stock Market Structure Reform,” published in January 2013.
Currently, Bodek serves as the managing principal of Decimus Capital Markets, LLC, a consulting and advisory firm specializing in high-frequency trading and market structure. He continues to advise clients on avoiding order type abuses and works on market reform initiatives. His efforts have influenced the regulatory landscape, making regulators’ expertise in electronic trading comparable to or exceeding that of top-tier bank trading desks. Bodek also works on new trading system development, piloting a system based on Erlang with a proprietary trading firm in Chicago’s options space, and assembles whistleblower teams to address market structure abuses.
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