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 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 massive exchanges that, repeatedly, 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 through the years his invention morphed right into a international digital inventory marketplace 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 known as darkish swimming pools and a brand new species of buying and selling machines that can imagine, and that appeared, ominously, to be slipping the keep watch over in their human masters.
Dark swimming pools is the interesting tale of ways international markets were hijacked via buying and selling robots--many so self-directed that people cannot are expecting what they will do subsequent.
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Additional info for Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market
Any kink in the strategy could cause it to bleed pennies and nickels. And that’s exactly what was happening to Trading Machines’ stock trades. Bodek flinched. Over the years, he’d developed a second sense for when the market was about to make a move. He could feel a shift coming. In a flash, the Spyder ticked down a few cents to $112. The move was so fast the human eye couldn’t see it. A person looking at a screen would see a blur, a wiggle at the edge of motion, but it would seem as if nothing had happened.
All the stress had taken a toll. While he was just thirty-eight years old, he appeared a good decade older. Bodek’s entire Wall Street career, from Hull to Goldman Sachs to his own trading desk at UBS, had been one long march from victory to victory. Whenever faced with an obstacle no one thought he could overcome, he’d pull off a miracle. Failure had never seemed possible. And yet here it was. He could see it, there, on his five screens, in the data that tallied up the firm’s dwindling profits.
Bodek, for his part, was wracked by headaches and insomnia. He began to stir out of his morning torpor as the start of the trading day neared. M. Time for the War Song. Bodek plugged his iPod into a dock and pressed the play button. Pounding electric guitar chords screeched from the dock’s speakers: the manic Viking heavy metal he loved—and everyone else in the room loathed. As a teenager, Bodek had played drums in a thrash band. Ever since, his taste in music had gone one way: loud, angry, violent.