Shaw’s presentation on parallel processing and high-speed algorithms was proceeding normally. Suddenly, he started to expound on complex mathematical bond-arbitrage strategies. As the meeting ended, APT’s traders and researchers sat fuming in their chairs. Shaw had crossed the line. Programmers weren’t supposed to trade, or even think about trading. Back then, the line between programmer and trading strategist remained firmly in place, a boundary that steadily dissolved as trading became more and more computerized.
