Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System

A news-breaking account of the worldwide inventory market's subterranean battles, Dark 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 was once Josh Levine, an idealistic programming genius who dreamed of wresting regulate of the marketplace from the large exchanges that, time and again, 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 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 other 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 Pools is the interesting tale of the way international markets were hijacked by way of buying and selling robots - many so self-directed that people cannot are expecting what they're going to do next.

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TW pounded his fist at the table. “What the fuck is occurring, Haim! ” he shouted, obtrusive sharply at Bodek. This had occurred earlier than. Bodek began to scramble, calling up the code he’d labored on in a single day. “Must be a bug,” he muttered, frantically typing. “Goddammit! ” Groans echoed round the buying and selling room. Bodek combed throughout the code and speedy chanced on the matter. A part hour later, buying and selling Machines was once up and working again—only to maintain taking losses, time and again, like clockwork. buying and selling Machines’ nightmare all started within the spring of 2009. Bodek have been on a visit to Hawaii for a relative’s marriage ceremony. For a quick second, he’d had time to sit back and examine all he’d entire long ago decade, when you consider that becoming a member of Hull. He had all of it. funds. a gorgeous spouse, a classically educated musician with the psychological chops to compare Bodek himself. a gorgeous condo at the seashore in Stamford. 3 appealing teenagers. most crucial: He had his freedom. while he back to buying and selling Machines’ workplace in early June, he immediately grew fearful. The firm’s earnings have been shedding sharply. Bodek began combing during the nuts and bolts of the laptop, attempting to find the matter. He couldn’t locate it. due to the fact that then, buying and selling Machines have been getting hammered, each day, bleeding away its earnings. It was once nonetheless being profitable, yet its gains were decreased by means of $15,000 a day—sometimes more—all throughout the summer season and into the autumn. Now, its profits weren’t adequate to take care of with the firm’s bills, specifically the nosebleed salaries Bodek had promised to get all that top-gun expertise and the pricy know-how his technique demanded. It was once a terminal direction. ultimately, the enterprise may run out of money. The clock used to be ticking on buying and selling Machines. via that December morning and into the afternoon, Bodek sat motionless in his chair, mesmerized through his stack of monitors. He slightly moved, apart from his hands flying on the keyboard, his bloodshot eyes darting from monitor to monitor. This wasn’t strange. Bodek nearly by no means left his chair in the course of the buying and selling day. He didn’t consume or perhaps drink water until eventually the marketplace closed at four P. M. He not often spoke. As he sat there, staring at the numbers flow by means of, he used to be peering into the depths of the industry, examining it like an Egyptologist scanning pale hieroglyphics. There’s Goldman coming in. That’s UBS. Hell, I designed that alternate myself in 2005. They’re screwing it up. Bodek’s laptop used to be screwing up, too. He observed it occur all day lengthy. He knew its indicators. Like now. His eyes widened as he observed one other wave coming in. He was once monitoring the SPDR S&P 500 exchange-traded fund widely recognized because the Spyder. The Spyder used to be some of the most seriously traded securities within the world—and one in all Bodek’s favorites. It was once soaring a few cents above $112. Like mutual cash, ETFs symbolize a basket of shares, bonds, or different resources resembling gold. They’re traded as a unit and mimic the price of the underlying resources. in contrast to mutual cash, they are often traded consistently on exchanges—like a inventory. the 1st ETF, the Spyder, was once created in 1993.

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