Download Dark Pools: The Rise of the Machine Traders and the Rigging by Scott Patterson PDF
By Scott Patterson
A news-breaking account of the worldwide inventory market's subterranean battles, darkish swimming pools portrays the increase of the "bots"- artificially clever structures that execute trades in milliseconds and use the canopy of darkness to out-maneuver the people who have created them.
In the start used to be Josh Levine, an idealistic programming genius who dreamed of wresting keep an eye on of the marketplace from the massive exchanges that, many times, gave the enormous associations a bonus over the little man. Levine created a automatic buying and selling hub named Island the place small investors swapped shares, and over the years his invention morphed right into a international digital inventory industry that despatched trillions in capital via an enormous jungle of fiber-optic cables.
By then, the industry that Levine had sought to mend had grew to become the wrong way up, birthing secretive exchanges referred to as darkish swimming pools and a brand new species of buying and selling machines which can imagine, and that appeared, ominously, to be slipping the keep an eye on in their human masters.
Dark swimming pools is the attention-grabbing tale of the way worldwide markets were hijacked by way of buying and selling robots--many so self-directed that people cannot expect what they will do subsequent.
Read or Download Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market PDF
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Additional info for Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market
They had descended on the Fontainebleau for the annual Credit Suisse Equity Trading Forum to rub elbows, play golf, swap rumors, and bask in the faded glory of the hotel where stars such as Frank Sinatra, Elvis Presley, and Marlene Dietrich had once sipped cocktails and lounged in private poolside cabanas. Smartly clad in a light blue cotton shirt and charcoal-gray suit, sans tie, a soft pink Credit Suisse logo illuminated on the wall behind him, Mathisson was pumped. He loved the Miami Beach conference.
Bodek was more of a gunslinger, pushing the edge of the envelope to maximize returns. But he still wasn’t satisfied. He often thought back to his rebellious days as a drummer in a thrash band, and the idealism he and his hacker pals had adopted in the early nineties, when a new vision about using technology to break apart the power structures of society had become a rallying cry. The mantra became information wants to be free—and brilliant programmers would do everything they could to make it happen.
And the algorithms were changing, too. They were no longer the dumb single-cell virus-like creatures operating on simple orders. (Has Microsoft’s average price risen 1 percent? ) They were learning how to adapt in the new pools, morphing into more advanced predators. Many were geared up with advanced AI systems that could quickly detect hidden market signals using the high-bandwidth data feeds and react in a flash, learning and changing their behavior along the way. Known as “order-awareness algos,” they harvested data during the execution of a trade and shifted gears in milliseconds.