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    Unavailable
    Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System
    Unavailable
    Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System
    Unavailable
    Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System
    Audiobook11 hours

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

    Written by Scott Patterson

    Narrated by Byron Wagner

    4/5

    ()

    Currently unavailable

    Currently unavailable

    About this audiobook

    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.

    LanguageEnglish
    PublisherPenguin Random House Audio
    Release dateJun 12, 2012
    ISBN9780449009987
    Unavailable
    Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System
    Author

    Scott Patterson

    Scott Patterson has been a reporter for more than two decades, mostly at The Wall Street Journal in New York City, Washington, DC, and London. His 2010 New York Times bestseller The Quants was about the rise of mathematical traders and their near destruction of the financial system. His second book, Dark Pools, which exposed how high-frequency trading had rigged the stock market, was lauded by a pantheon of financial writers. A winner of the Loeb Breaking News Award, Patterson has made frequent appearances in the media, including on CNBC, The Daily Show, and Fresh Air. He lives in Alexandria, Virginia, with his wife and son.

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    Reviews for Dark Pools

    4/5

    56 ratings7 reviews

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    • 5/5
      compelling reading, if you are interested in electronic trading, and trading in general.
    • 4/5
      Very well written, albeit with some dramatisation which never adds anything to factual books. I already knew about dark pools but I've learned a lot about the story behind their creation. The author seems to have a poor grasp of technology but I'm willing to chalk it up to oversimplification in an effort to reach a non-technical audience. It never gets preachy which is something rare in books about economy or the stock market. It tells you the story and leaves the exclamations of indignation or awe up to you.
    • 3/5
      Smart, comprehensive, and informative!
    • 4/5
      Patterson has written a fascinating and detailed history of the rise of computers and bots in the American, and now global stock markets.

      He has got potted histories of the major players in this business and shows how they wrestled power and control and most importantly money from the old guard who controlled the market before. He shows how the raise of computer generated trading has massively increased the churn of stocks, where the fastest to buy or sell is the one who makes the most money. There is a chapter on the flash crash, that took place on the 6th May 2010, where the computer started to sell and sell, causing the US stock market to drop 9% in minutes.

      Most frighteningly he looks at the new computerised way that is coming AI. These machines take data from all over the web, from financial web sites to social media and make scarily accurate guesses as to the financial performance of a particular share from this feed aggregation. Not only are they demonstrating that they can outthink humans, but they can react almost instantly.

      You don't expect a business book to read like a thriller, but this does. It does get technical at some points, but it is written well and is very readable. The implication behind out of control stock bots on the global economy does not bear thinking about.
    • 5/5
      Better than Lewis' book on Flash Trading, this book traces how the hft industry came to be and how much (or how little) they make. The usual suspects include the brokers and a few giant hedge funds, but most of the fault goes to the greedy exchanges, who let these traders colocate with them.
    • 5/5
      This is a remarkable story and one of my favorite books of the year. It details how computers came to replace people in financial trading, giving rise to entirely new forms based on algorithms, high-speed trading and artificial intelligence. It's one of the most important stories of the modern era. The book reads like Michael Lewis' The Big Short, hard to put down but dense with industry information and personal stories.The protagonist is a reclusive slacker programmer named Josh Levine (josh.com) who almost single-handed forced the industry to change with his software (Island ECN) to allow computers to trade between one another without human middle-men taking a cut. This would seem logical but the entrenched exchanges (NYSE, NASDAQ) had little interest or incentive since their flesh and blood market-maker middle-men were making so much money the old fashioned way. Levine and company eventually became so successful the big boards had no choice but to follow or die, eventually buying them out and adopting Levine's system. Incredibly he wrote most of it in C on MS-DOS using commodity PC hardware. There's much more to the story, it will appeal to anyone who trades stocks or knows something about computer networks ("the plumbing"). The book leaves open the specter of another "flash crash" like what happened in 2010 when the algos (computer trading algorithms) went haywire. The book is strongest as a history of how computers replaced humans, it's a wild and fascinating trip that is still ongoing. Artificial Intelligence is now getting good at long term trading (the next frontier after micro-second HST) - just hand the money to the computer and it does the rest, an artificial Warren Buffet to replace money managers.

      1 person found this helpful

    • 4/5
      I liked this book way more than I thought I would. Previously my opinion was that this topic was somewhat dry and boring, but the author is similar to Michael Lewis in that he weaves a compelling story around a subject that is somewhat complex and not familiar to a lot of people. Good read if you are interested in finance or the stock market.

      1 person found this helpful