The highlights of the latest FIDE speed chess tournament
Garry Kasparov, the former World Chess Champion, once said: “Chess is an art, not a spectator sport”. The last major chess event of 2024 – the FIDE Chess Blitz and Rapid Championships by Freedom Holding Corp. – gives every reason to disagree. It will be long remembered by participants and spectators alike. First, for the amazing spirit and several outstanding events, including the unique Wall Street Gambit Conference, which brought together the chess and financial worlds.
At the end of 2024, the centenary year of the International Chess Federation, the United States hosted one of the most anticipated events on the chess calendar: the FIDE World Rapid Chess Championships. The tournament attracted 300 of the world’s strongest players in two of the most exciting formats of chess: Blitz and Rapid. The time pressure to make decisions in the game and the emotions involved make these forms of chess particularly exciting, attracting millions of online viewers to each event.
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This time the celebration of strategy, speed and the adrenaline of competition took place from 26 to 31 December in the heart of the financial world on Wall Street in the vibrant city of New York. “It is especially symbolic that this tournament is being held in New York City – a place that has historically united people from all over the world. This city embodies the spirit of tolerance, fair competition and achievement,” said Timur Turlov, CEO of the NASDAQ-listed financial company Freedom Holding Corp., which has been supporting chess events since 2022. “Regardless of gender, age or nationality, everyone can succeed here and realize their potential. Just like on the chessboard,” Timur Turlov added.
The FIDE Chess Blitz and Rapid Championships – 2024, which continue to excite chess fans around the world even after its conclusion, offered a series of unexpected results and even a few ambiguities, which were complemented by an amazing fusion of the chess and financial worlds at the first Wall Street Gambit conference. The latest, organized in partnership with Freedom Holding Corp., took place on 29th December and explored the links between chess and finance.
The winners
The latest Rapid tournament culminated in the coronation of a new chess king and queen. The 2024 FIDE World Rapid Chess Championship was won by 18-year-old Russian player Volodar Murzin, making him the second youngest player to win the title after Nodirbek Abdusattorov in 2021.
In the women’s competition, India’s top-ranked female chess player Koneru Humpy triumphed, securing her second World Rapid Championship title (after her victory in Moscow in 2019).
The men’s blitz tournament was more dramatic. Defending champion Magnus Carlsen of Norway shared the title with Ian Nepomniachtchi of Russia, with neither player receiving a silver medal. The result was the first shared victory in the tournament’s history and was criticised by some other players due to the controversial changes made to the rules during the final round.
In the women’s competition, the all-Chinese women’s Blitz final was won by the reigning women’s classical chess world champion, Ju Wenjun. Her victory was the first Blitz title for a Chinese woman.
The dress code drama
During the Blitz tournament on 28th December the two future co-winners were observed not adhering to the FIDE regulations regarding the dress code for the World Rapid and Blitz Chess Championships.
Specifically, Magnus Carlsen was seen wearing jeans, and Ian Nepomniachtchi was seen wearing sports shoes.
Unlike the Russian participant who later complied with the rules, changed into approved clothing, and continued to play, Carlsen refused to improve his outfit. As a result, he was not paired for round nine and left the tournament, making some strong statements.
However, the very next day his cooperation with FIDE was renewed and Magnus Carlsen returned to the game as the Federation adjusted the dress code “to ensure the best possible experience for players and fans alike”. This move has been well received by the public, which is quite large around the world. According to the United Nations, some 70% of the adult population (US, UK, Germany, Russia, India) have played chess at some point in their lives, and 605 million adults play chess regularly
Where chess meets business
The Wall Street Gambit Conference was an integral part of the Chess Blitz and Rapid Championships. It served as a unique platform bridging the worlds of finance and chess, demonstrating their interconnectedness throughout history and the timeless importance of strategic thinking.
In a roundtable discussion FIDE CEO Emil Sutovsky emphasized the importance of efficiency in both fields. “While many think that chess is about thinking and calculating a lot, often it is about optimizing and finding the most efficient approach in a given time.” He also highlighted the role of pattern recognition in distinguishing good players from the elite in chess. In the world of finance, this skill translates into identifying nuanced market trends and making informed decisions.
According to another speaker, Boaz Weinstein, hedge fund manager and founder of Saba Capital Management, the very pattern analysis skills he learned in chess helped him uncover the irregular trading patterns that led to the exposure of the “London Whale” at J.P. Morgan in 2012. The case made headlines around the world.
“Chess is a great club, which gives a lot of inspiration and receives a lot of respect from our clients and counterparties, and it is an honor to be a member of it and a part of the organizing community, concluded Timur Turlov.
At the end of the Wall Street Gambit Conference, participants had the unique opportunity to play blitz games with none other than world number one Magnus Carlsen, former World Champion Vishy Anand, and U.S. Champion Fabiano Caruana.
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