how quants made billions using this cheese strategy (and how the CME stopped them)

In this video I go over how quant devs and quant traders used a cheese strategy to make billions off the CME (Chicago Mercantile Exchange) and ensure they can react to events before they actually happened. This strategy is discussed in detail in a public patent buried in the deep crevices of the internet. I break down the technical details in a way that even the average goldfish could undersatnd.

All this information is synthesized from this publicly available patent: https://patents.google.com/patent/US2...

CME Patch Details: https://www.cmegroup.com/confluence/d....

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00:00 Intro
00:35 what is a cheese strategy?
02:05 osi model
03:25 tcp properties
05:35 how devs weaponized in trading
13:20 how the cme patched it
15:40 outro