By Scott Patterson
A news-breaking account of the worldwide inventory market's subterranean battles, Dark Pools portrays the increase of the "bots"- artificially clever platforms that execute trades in milliseconds and use the canopy of darkness to out-maneuver the people who have created them.
In the start was once Josh Levine, an idealistic programming genius who dreamed of wresting keep an eye on of the industry from the large exchanges that, repeatedly, gave the large associations a bonus over the little man. Levine created a automated buying and selling hub named Island the place small investors swapped shares, and through 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 marketplace that Levine had sought to mend had grew to become the other way up, birthing secretive exchanges referred to as darkish swimming pools and a brand new species of buying and selling machines that may imagine, and that appeared, ominously, to be slipping the keep watch over in their human masters.
Dark swimming pools is the interesting tale of the way worldwide markets were hijacked via buying and selling robots--many so self-directed that people cannot expect what they are going to do subsequent.
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Extra info for Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market
With no order for the hunter-seeker radars to detect, it was easier to operate in stealth mode. But the hunter-seekers adapted to the new stealth techniques and watched for them, anticipating every move—even the seemingly random ones. Every trade left a signal, a trail of bread crumbs. The hunter-seekers were experts at sniffing them out. The mindless algos had evolved into dangerous beasts of prey. They were getting smart. They had names such as Shark, Guerilla, Stealth, Thor, Sniper. It was digital warfare taking place inside massive computers.
Today we’re going to fucking kill it, OK! ” Everyone turned to his set of screens and started working. Right as the market opened, Trading Machines got whacked. For months it had been the same. Death by a thousand cuts. Sheer torture. As the nicks and cuts mounted, TW watched in frustration, obsessively clicking a pen, sighing, letting out brief bursts of anger, muttering curses under his breath. Suddenly, the Machine froze. Trading stopped. TW pounded his fist on the desk. ” he shouted, glaring sharply at Bodek.
A freakish stock market crash on May 6, 2010—the so-called Flash Crash—had revealed that the computer-driven market was far more dangerous than anyone had realized. Regulators were angry, fund managers furious. Something had gone dramatically wrong. Senators were banging down Mathisson’s door wanting to know what the hell was going on. A harsh light was shining on an industry that had grown in the shadows. Mathisson was ready to confront the attack. He hit a button on the remote for his PowerPoint presentation.