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

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Random House LLC, 2012 - Business & Economics - 354 pages
27 Reviews
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.
  

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Review: Dark Pools: The Rise of Artificially Intelligent Trading Machines and the Looming Threat to Wall Street

User Review  - Bob - Goodreads

This was a surprisingly riveting book about trading exchanges and how machine algorithms are used. I really enjoyed it. Read full review

Review: Dark Pools: The Rise of Artificially Intelligent Trading Machines and the Looming Threat to Wall Street

User Review  - Jon - Goodreads

After his success in “The Quants” Patterson continues down the rabbit hole of mathematical and sciency economics and finance with his book “Dark Pools”. Patterson describes the rise of electronic ... Read full review

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Contents

DQHT It FTFICHIHE U FTFICHIHE
3
TRADING MACHINES
13
CONTENTS
47
24
55
lqI DUMB MONEY
178
CRAZY NUMBERS
209
TRIUMPH OF THE FOFICHIFIE
233
THE PLATFORM
246
E03 PANIC TICKS
260
DFIRT IUI FUTURE OF THE IDQCHIFIE
281
E32 THE BIG DATA
297
EII ADVANCED CHESS
311
Acknowledgments
337
Copyright

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About the author (2012)

SCOTT PATTERSON is a staff reporter at the Wall Street Journal, covering government regulation from the nation's capital.

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