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In Flash Boys, he turns his gaze on high-frequency computerised trading in US stock markets".
Last year, the Johannesburg Stock Exchange closed its open-outcry pit and introduced computerised trading.
In addition market patterns had changed, with high-frequency computerised trading accounting for more than half of all activity.
Is this not the new age of disembodied, computerised trading?
Could terrorists or hackers cause financial chaos by tampering with Wall Street's computerised trading systems?
The Knight glitch was just the latest in a series of cock-ups that have been linked to computerised trading.
Similar(49)
Moves to encourage computerised share-trading are likely to meet the same fate.The cause of this resistance is the structure of the exchange.
Back then the Better Alternative Trading System BATSS) exchange was just a set of computer algorithms in the head of a man named Dave Cummings, who first computerised his own wheat-trading business and then expanded to accommodate equities.Now BATS is a big provider of market liquidity.
Financial services, where "market data" – computerised data relating to quote (pre-trade or price discovery) and trade (post-trade or price) data for the whole range of financial instruments and asset classes – is a $25bn business worldwide, and global spend on data is often quoted as a typical bank's second largest expense after payroll.
The building, whose once crowded trading floors reflected the alternating energy and lethargy of America's economy, has been reduced to a symbol of capitalism for cable-news networks and for tourists.The NYSE's nostalgic preservation of a room packed with screaming traders may have contributed to its decline; trading is now almost entirely computerised.
Some hedge funds—especially commodity trading advisers that follow rule-driven, often computerised, investment strategies will have to rewrite their programs to take the new limits into account.As is so often the case with new rules, the details are devilish.
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