In 2007, trade market veteran Anthony Viggiano became the Managing Partner of Foreign Exchange Trading at Graceland Capital Partners. Since that time, the company has benefitted from his knowledge and assessment of the foreign market’s constant fluctuation. We got the chance to chat with Anthony Viggiano about his experience in the field, the meaning and function of proprietary trading, and what Graceland Capital Partners brings to the foreign exchange market.
Question 1: Most Americans are familiar with the concept of trading, but what exactly is proprietary trading, and how does it work?
Anthony Viggiano: In essence, proprietary trading is when a firm, such as a bank, trades items such as stocks, commodities, bonds, or currencies with its own money instead of its customers’ money. The firm does this to earn a profit by trading for direct gain instead of gain earned on commission.
Question 2: What are the risks of proprietary trading versus traditional trading?
Anthony Viggiano: Firms often view proprietary trading as more strategic and treacherous, because they put their own assets at risk. If a deal falls through, the bank stands to lose a significant amount of its investment. However, it is a necessary gamble, because banks need to make a market in order to support the services they provide, such as stocks and bonds.
Question 3: What does Graceland Capital Partners offer in the proprietary trade market?
Anthony Viggiano: Graceland Capital Partners is a foreign exchange market that aims to provide a number of services in addition to proprietary trading. For example, we provide algorithmic trading, which involves the use of computer software to enter trade orders and decide facets of the order, such as price and quantity of the order. Our goal is to make Graceland Capital Partners a one stop shop for foreign exchange market trading. All trade professionals at Graceland Capital Partners monitor the market closely; we’re aware of changes as they occur and are able to advise based on those fluctuations.
Question 4: What duties do you perform at Graceland Capital Partners?
Anthony Viggiano: Primarily, I manage high-frequency algorithmic FX trading for a hedge fund based in New Jersey. I also develop high-frequency electronic trade strategies and manage a 15-person team comprised of traders, software engineers, and quantitative analysts who devise and execute strategies for proprietary trading in the G10 Spot Foreign Exchange market.
Question 5: How is it going for you at Graceland Capital Partners?
Anthony Viggiano: Terrific. I’ve been there for three years and love it. During my time with the company, I’ve developed an excellent track record of successful ventures and have contributed to the generation of over $3 million in profits.