A news-breaking account of the global stock market's subterranean battles, Dark Pools portrays the rise of the "bots"artificially intelligent systems that execute trades in milliseconds and use the cover of darkness to out-maneuver the humans who've created them.
In the beginning was Josh Levine, an idealistic programming genius who dreamed of wresting control of the market from the big exchanges that, again and again, gave the giant institutions an advantage over the little guy. Levine created a computerized trading hub named Island where small traders swapped stocks, and over time his invention morphed into a global electronic stock market that sent trillions in capital through a vast jungle of fiber-optic cables.
By then, the market that Levine had sought to fix had turned upside down, birthing secretive exchanges called dark pools and a new species of trading machines that could think, and that seemed, ominously, to be slipping the control of their human masters.
Dark Pools is the fascinating story of how global markets have been hijacked by trading robotsmany so self-directed that humans can't predict what they'll do next.
|Publisher:||The Crown Publishing Group|
|Product dimensions:||5.40(w) x 7.84(h) x 0.82(d)|
About the Author
SCOTT PATTERSON is a staff reporter at the Wall Street Journal, covering financial regulation from the nation's capital.
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Excerpted from "Dark Pools"
Copyright © 2013 Scott Patterson.
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Table of Contents
Prologue: Light Pool 1
Part I Machines v Machines
1 Trading Machines 13
2 The Size Game 24
3 Algo Wars 40
4 0+ 47
Part II Birth of the Machine
5 Bandits 67
6 The Watcher 84
7 Monster Key 93
8 The Island 108
9 The Green Machine 125
10 Archipelago 137
11 Everyone Cares 146
12 Palace Coup 161
13 Bad Pennies 170
14 Dumb Money 178
15 Trade Bots 188
16 Crazy Numbers 209
17 "I Do Not Want To Be A Famous Person" 224
Part III Triumph of the Machine
18 The Beast 233
19 The Platform 246
20 Panic Ticks 260
21 Very Dangerous 272
Part IV Future of the Machine
22 A Rigged Game 281
23 The Big Data 297
24 Advanced Chess 311
25 Star 322
Most Helpful Customer Reviews
06/26/2014, Friday-9:28 am Readers, if you read this book you will find that it is complex and needfully so. This subject describes the death of the floor exchange and the human elements of it. Electronics trading with other electronics trading at speeds in microseconds? It may make the market crash of October, 1987 seem very mild. It will work until something "goes wrong"! Then...God Help Us! A must-read for those who want to know about this market! russ
The second half of this book was a great explanation of how the US equity trading marketplace came to be the beast it is today. The first half is a bit light.
I u want se.x go to bugs res7
Lol I am too! Its Hunger Games based.
Well, theyre kinda like a species and they live alot like we do, just in secret islands in the sky. They have a really awesome fighting force.
This book is truly an "eye opener!" I had very lirtle idea that such a high speed "rollercoaster" was in motion underlying our economy! If you're interested in the forces that drive our economy this is a great book to read.
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