Faculty, market structure
Kwame Adjei
Former derivatives market maker; writes the Institute’s monthly research note.
- Order books, liquidity, execution cost, backtest methodology
- 1 courses
- 2 research notes
Kwame teaches market structure and writes the monthly research note. He made markets in derivatives for most of a decade, which is where his scepticism about chart-based claims comes from: he was on the other side of a lot of them.
His unit on backtesting is the one students mention most. It is an hour of methods that make a strategy look better than it is, taught so that you recognise them in someone else’s results and in your own.
Background
- Derivatives market maker for eight years
- Built execution and cost-analysis tooling for a trading desk
- Author of the Institute’s monthly research note since 2022
Writing for the Institute
- Where the liquidity actually sits (Institute note, 2025)
- Four ways a backtest lies to you (Institute note, 2024)
Declared affiliations
None declared. Adjei holds no paid relationship with any exchange, protocol or issuer relevant to the material taught here. This is restated at the start of each course.