■ The use of extremely sophisticated and high-speed computer programs for generating, routing, and executing orders.
■ The use of individual data feeds from exchanges as well as co-located servers 5 in order to minimize network and other types of latencies.
■ Maintaining very short timeframes for establishing and liquidating positions, resulting in the frequent turnover of many small positions in one or more financial instruments.
■ Submitting a number of orders that are cancelled soon after submission.
■ Maintaining very few, if any, overnight positions.