Flash Boys Not So Fast
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Flash Boys Not So Fast
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Author : Peter Kovac
language : en
Publisher:
Release Date : 2014-12-10
Flash Boys Not So Fast written by Peter Kovac and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-10 with categories.
In Flash Boys, Michael Lewis alleged that the entire U.S. stock market is rigged. This is an extraordinarily serious accusation. If it is true that a conspiracy of stock exchanges, banks, regulators and high-frequency traders has rigged the market, this has profound implications for every aspect of our financial system. It's rather surprising, then, that this book alleging a vast high-frequency trading conspiracy included no high-frequency traders. Flash Boys lacks a single insider's account, and it shows. Electronic trading is extremely complicated, and if you neglect to talk to any electronic traders, you're probably going to get it wrong. Flash Boys: Not So Fast, written by a former high-frequency trading executive and regulatory compliance expert, provides the missing insider's perspective on today's stock market and answers the question of whether or not Michael Lewis is right. Not So Fast reviews the alleged scams described by Lewis and applies the same rigorous analysis that real trading strategies are subjected to, methodically walking through them step by step and explaining what is actually possible in today's markets and what is not. Extensively researched and documented, Not So Fast provides a clear, accurate picture of how today's markets operate, including what works, what doesn't work, and what changes need to be made.
Flash Boys A Wall Street Revolt
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Author : Michael Lewis
language : en
Publisher: W. W. Norton & Company
Release Date : 2014-03-31
Flash Boys A Wall Street Revolt written by Michael Lewis and has been published by W. W. Norton & Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-03-31 with Business & Economics categories.
Argues that post-crisis Wall Street continues to be controlled by large banks and explains how a small, diverse group of Wall Street men have banded together to reform the financial markets.
Dark Pools
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Author : Scott Patterson
language : en
Publisher: Crown Currency
Release Date : 2012-06-12
Dark Pools written by Scott Patterson and has been published by Crown Currency this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-12 with Business & Economics categories.
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 robots--many so self-directed that humans can't predict what they'll do next.
Broken Markets
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Author : Sal Arnuk
language : en
Publisher: FT Press
Release Date : 2012-05-22
Broken Markets written by Sal Arnuk and has been published by FT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-22 with Business & Economics categories.
The markets have evolved at breakneck speed during the past decade, and change has accelerated dramatically since 2007's disastrous regulatory "reforms." An unrelenting focus on technology, hyper-short-term trading, speed, and volume has eclipsed sanity: markets have been hijacked by high-powered interests at the expense of investors and the entire capital-raising process. A small consortium of players is making billions by skimming and scalping unaware investors -- and, in so doing, they've transformed our markets from the world's envy into a barren wasteland of terror. Since these events began, Themis Trading's Joe Saluzzi and Sal Arnuk have offered an unwavering voice of reasoned dissent. Their small brokerage has stood up against the hijackers in every venue: their daily writings are now followed by investors, regulators, the media, and "Main Street" investors worldwide. Saluzzi and Arnuk don't take prisoners! Now, in Broken Markets, they explain how all this happened, who did it, what it means, and what's coming next. You'll understand the true implications of events ranging from the crash of 1987 to the "Flash Crash" -- and discover what it all means to you and your future. Warning: you will get angry (if you aren't already). But you'll know exactly why you're angry, who you're angry at, and what needs to be done!
Trading At The Speed Of Light
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Author : Donald MacKenzie
language : en
Publisher: Princeton University Press
Release Date : 2023-01-31
Trading At The Speed Of Light written by Donald MacKenzie and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-01-31 with Business & Economics categories.
A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial markets In today’s financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading—automated high-frequency trading or HFT—began and then spread throughout the world. HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms. In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal—light in a vacuum—can travel only thirty centimeters, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges’ systems and to the location of the microwave towers that carry signals between computer datacenters. Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how exchanges sometimes engineer technical systems to favor certain types of algorithms over others. Focusing on the material, political, and economic characteristics of high-frequency trading, Trading at the Speed of Light offers a unique glimpse into its influence on global finance and where it could lead us in the future.
High Frequency Trading
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Author : Irene Aldridge
language : en
Publisher: John Wiley and Sons
Release Date : 2009-12-22
High Frequency Trading written by Irene Aldridge and has been published by John Wiley and Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-22 with Business & Economics categories.
A hands-on guide to the fast and ever-changing world of high-frequency, algorithmic trading Financial markets are undergoing rapid innovation due to the continuing proliferation of computer power and algorithms. These developments have created a new investment discipline called high-frequency trading. This book covers all aspects of high-frequency trading, from the business case and formulation of ideas through the development of trading systems to application of capital and subsequent performance evaluation. It also includes numerous quantitative trading strategies, with market microstructure, event arbitrage, and deviations arbitrage discussed in great detail. Contains the tools and techniques needed for building a high-frequency trading system Details the post-trade analysis process, including key performance benchmarks and trade quality evaluation Written by well-known industry professional Irene Aldridge Interest in high-frequency trading has exploded over the past year. This book has what you need to gain a better understanding of how it works and what it takes to apply this approach to your trading endeavors.
The Undoing Project
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Author : Michael Lewis
language : en
Publisher: Penguin UK
Release Date : 2016-12-06
The Undoing Project written by Michael Lewis and has been published by Penguin UK this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-06 with Business & Economics categories.
THE NEW INTERNATIONAL BESTSELLER FROM THE AUTHOR OF THE BIG SHORT AND FLASH BOYS 'A gripping account of how two psychologists reshaped the way we think ... What a story it is' Sunday Times 'You'll love it ... full of surprises and no small degree of tragedy' Tim Harford In 1969 two men met on a university campus. Their names were Daniel Kahneman and Amos Tversky. They were different in every way. But they were both obsessed with the human mind - and both happened to be geniuses. Together, they would change the way we see the world. 'An enchanted collaboration ... During the final pages, I was blinking back tears' The New York Times 'My favourite writer full stop. Engages both heart and brain like no other' Daily Telegraph 'Brilliant, a wonderful book, a masterclass' Spectator 'Psychology's Lennon and McCartney ... Lewis is exactly the storyteller they deserve' Observer
Flash Crash
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Author : Liam Vaughan
language : en
Publisher: William Collins
Release Date : 2021-02-04
Flash Crash written by Liam Vaughan and has been published by William Collins this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-02-04 with categories.
On May 6, 2010, financial markets around the world tumbled simultaneously and without warning. In the span of five minutes, a trillion dollars of valuation was lost. The Flash Crash, as it became known, represented the fastest drop in market history. When share values rebounded less than half an hour later, experts around the globe were left perplexed. What had they just witnessed? Navinder Singh Sarao hardly seemed like a man who would shake the world's financial markets to their core. Raised in a working-class neighbourhood in West London, Nav was a preternaturally gifted trader who played the markets like a computer game. By the age of thirty, he had left behind London's trading arcades, working instead out of his childhood home. For years the money poured in. But when lightning-fast electronic traders infiltrated markets and started eating into his profits, Nav built a system of his own to fight back. It worked-until 2015, when the FBI arrived at his door. Depending on whom you ask, Sarao was a scourge, a symbol of a financial system run horribly amok, or a folk hero-an outsider who took on the tyranny of Wall Street and the high-frequency traders. A real-life financial thriller, Flash Crash uncovers the remarkable, behind-the-scenes narrative of a mystifying market crash, a globe-spanning investigation into international fraud, and the man at the centre of them both.
Breath
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Author : Tim Winton
language : en
Publisher: Farrar, Straus and Giroux
Release Date : 2008-05-27
Breath written by Tim Winton and has been published by Farrar, Straus and Giroux this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-05-27 with Fiction categories.
Now a major motion picture, starring Simon Baker, Elizabeth Debicki, and Richard Roxburgh. Breath, by renowned Australian author Tim Winton, is a story of risk, of learning one's limits by challenging death. On the wild, lonely coast of Western Australia, two thrill-seeking teenage boys fall under the spell of a veteran big-wave surfer named Sando. Their mentor urges them into a regiment of danger and challenge, and the boys test themselves and each other on storm swells and over shark-haunted reefs. The boys give no thought to what they could lose, or to the demons that drive their mentor on into ever-greater danger. Venturing beyond all caution--in sports, relationships, and sex--each character approaches a point from which none of them will return undamaged.
The New Stock Market
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Author : Merritt B. Fox
language : en
Publisher: Columbia University Press
Release Date : 2019-01-08
The New Stock Market written by Merritt B. Fox and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-08 with Business & Economics categories.
The U.S. stock market has been transformed over the last twenty-five years. Once a market in which human beings traded at human speeds, it is now an electronic market pervaded by algorithmic trading, conducted at speeds nearing that of light. High-frequency traders participate in a large portion of all transactions, and a significant minority of all trade occurs on alternative trading systems known as “dark pools.” These developments have been widely criticized, but there is no consensus on the best regulatory response to these dramatic changes. The New Stock Market offers a comprehensive new look at how these markets work, how they fail, and how they should be regulated. Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg describe stock markets’ institutions and regulatory architecture. They draw on the informational paradigm of microstructure economics to highlight the crucial role of information asymmetries and adverse selection in explaining market behavior, while examining a wide variety of developments in market practices and participants. The result is a compelling account of the stock market’s regulatory framework, fundamental institutions, and economic dynamics, combined with an assessment of its various controversies. The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.