HRT Just Trained an LLM on Market Microstructure Data. Here’s What That Means — and What It Still Doesn’t Solve.
At the recent ICML 2025 conference, Mark Khoury from Hudson River Trading (HRT) described the firm’s development of foundation-style transformer models trained on decades of market microstructure data. The result is a trillion-token-scale dataset spanning equities, futures, and crypto. Matt Robinson from AI Street, provided some great coverage of the presentation. It’s a huge step…
