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Dark Pools: The rise of A.I. trading machines and the looming threat to Wall Street von [Patterson, Scott]
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Dark Pools: The rise of A.I. trading machines and the looming threat to Wall Street Kindle Edition

5.0 von 5 Sternen 2 Kundenrezensionen

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Produktbeschreibungen

Pressestimmen

"Far more comprehensive and persuasive [than even Michael Lewis' Flashboys]."
--James Stewart, New York Times Book Review 

"An excellent history of the early electronic traders" - Michael Lewis

“Scott Patterson’s Dark Pools is about the most important financial issue no one talks about—how high-frequency traders have rigged the market.”
--Mark Cuban

“Remarkable…even long-time participants in electronic markets will learn a lot from this book.”
--Forbes
 
“Richly reported…an invaluable piece of timely journalism that should be read by regulators and anyone with a cent in the stock market...You will never look at the opening bell in the same way.”
--Financial Times

“An engaging narrative…DARK POOLS is easily the most entertaining and accessible book to cover the new world of stock trading.”
--Fortune
 
“An education in how markets work, packaged in a thriller worthy of Michael Crichton…. Dark Pools is one of those rare books that is a great summer beach read and a useful trading manual.”
--Minyanville.com
 
“Very enjoyable….a good story of how innovators destroy the old guard.”
--BusinessInsider.com
 
Dark Pools relays an epic tangle of hacktivists, old-school floor exchanges and traders – all wrestling to game the machines…The stories engage from chapter to chapter, bringing the reader from the outside in.”
--Seeking Alpha

An entertaining account of the key battles in the “algo wars” and the colorful math geeks who fight them—some of whom are now fighting to rein in the monsters they created. Dark Pools is an alarming account.”
--Canadian Business

Dark Pools is a must read for all serious investors.  Patterson’s methodically researched book exposes the core problems in today’s securities market…His findings should serve as a blueprint for the SEC.”
--Blair Hull, founder of Hull Trading and Ketchum Trading 




From the Hardcover edition.

Werbetext

A chilling look at the rise of artificial intelligence in the financial markets

Produktinformation

  • Format: Kindle Edition
  • Dateigröße: 1795 KB
  • Seitenzahl der Print-Ausgabe: 370 Seiten
  • Verlag: Cornerstone Digital (17. Juli 2012)
  • Verkauf durch: Amazon Media EU S.à r.l.
  • Sprache: Englisch
  • ASIN: B008LW1ZVC
  • Text-to-Speech (Vorlesemodus): Aktiviert
  • X-Ray:
  • Word Wise: Aktiviert
  • Screenreader: Unterstützt
  • Verbesserter Schriftsatz: Aktiviert
  • Durchschnittliche Kundenbewertung: 5.0 von 5 Sternen 2 Kundenrezensionen
  • Amazon Bestseller-Rang: #87.432 Bezahlt in Kindle-Shop (Siehe Top 100 Bezahlt in Kindle-Shop)

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Kundenrezensionen

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Format: Kindle Edition Verifizierter Kauf
If is hard to find an information about such a topic as an automated trading .
People who know how it works keep silence .

This book give you a good overview of the development of the modern American stock market and basic strategies and tricks that made High frequency trading companies so successful

I would recommend it to all people who could get some knowledge about automated trading. If not a How To guide that help you to build your own HFT company rather it will give you some ideas to think about.

Author has mentioned that Getco one of the leading HFT company is using KODU language that was design by Microsoft to create games on their XBox consoles
I tried to figure it out how it could be use in the automated trading and did not find any prove of it in Internet
If you know' please give me hint: )
Kommentar Eine Person fand diese Informationen hilfreich. War diese Rezension für Sie hilfreich? Ja Nein Feedback senden...
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Missbrauch melden
Format: Gebundene Ausgabe Verifizierter Kauf
In "Dark Pools" geht es nur am Rande um Dark Pools im engeren Sinn. Patterson benutzt den Begriff statt dessen als Sinnbild für die elektronischen Börsen als ganzes, die aufgrund der Komplexität und schieren Masse von Daten - inklusive versteckten und gecancelten Orders und dem ständigen Kampf immer neuer Algorithmen untereinander - nicht mehr durchschaubar oder kontrollierbar seien.

Ähnlich wie schon in "The Quants" trägt Patterson im Stile des Boulevardjournalismus erstmal dick auf: Aus Lautsprechern tönt HipHop oder Metal während "ultra-competitive", "testosterone-fueled", "elite of the elite", superreiche junge Computergenies mit "dazzlingly complex algorithms" und "high-octane trading robots" die Märkte auf Kosten von "mom and pop investors" manipulieren.

Der Kern des Buches besteht jedoch vor allem aus der faszinierenden und spannend erzählten Geschichte der Computerisierung des US-Börsenhandels, angefangen mit den SOES-Bandits nach 1987, wobei die Entstehung des Island ECNs in den 1990ern, und dessen idealistischer Schöpfer, der öffentlichkeitsscheue Programmierer Josh Levine, im Mittelpunkt stehen. Das wurde (so) noch nie erzählt, und dafür verdient das Buch, trotz einiger schwächen 5 Sterne.

Am Ende werden dann noch bekanntere Themen, wie etwa der Flash-Crash vom 6. Mai 2010 oder langfristiger orientierte automatisierte Handelssysteme besprochen.
Kommentar 5 Personen fanden diese Informationen hilfreich. War diese Rezension für Sie hilfreich? Ja Nein Feedback senden...
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Die hilfreichsten Kundenrezensionen auf Amazon.com (beta) (Kann Kundenrezensionen aus dem "Early Reviewer Rewards"-Programm beinhalten)

Amazon.com: 4.5 von 5 Sternen 219 Rezensionen
16 von 17 Kunden fanden die folgende Rezension hilfreich
4.0 von 5 Sternen must read 12. Februar 2016
Von J. Pal - Veröffentlicht auf Amazon.com
Format: Taschenbuch Verifizierter Kauf
My background...I have been heavily trading the stock markets for the last two years. I'm also an AI expert.

This book is a 'must read'. Not only does it give a great summary on how the stock market became computerized (as other reviewers mention), but it really helped me understand how the modern market came to be.

My goal in reading the book was to up my trading game, and while the book gives few trading ideas, it does a great job explaining how 'big money' and the HFTs game (cheat? trade?) the market. Understanding this alone really helps me understand price action at a whole new level.

I did have to remove one star though for the authors lack of understanding of computer algorithms and how they work. He uses "AI" as a catch-all phrase for any computer algorithm, even if it was a crude program that simply trades a stock spread.
3 von 3 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Read after Flash Boys 22. Juni 2014
Von Dan Leithauser - Veröffentlicht auf Amazon.com
Format: Kindle Edition Verifizierter Kauf
I read Michael Lewis's Flash Boys first. Flash Boys was one of the few non-fiction books that read like a fictional techno action story. Which is probably part of the reason it has received so much attention. Flash Boys left me wanting more...more details about how high frequency trading came about, the people who made it happen, and the motivations behind it all. That is exactly what Dark Pools delivers. The who, what, and why of HFT.

The "who" are highly intelligent people, technologists, programmers, physicists, statisticians... and less of the greed driven financiers that you might expect.... although there are plenty mixed in, The "what" is algorithms, computer programs, proximity to trading centers, and information churning through these programs discerning market moves in pico-seconds. The why -- especially at the beginning is less about making money and more about young technologists wanting to snub the establishment of Wall Street, open up markets for everyone, and making the whole process more efficient by essentially removing persons from the transaction.

Of course, all of this leads up to the last couple of years where the SEC is a slow moving entity imposing regulations that seem quaint compared to the speed at which the HF traders adapt and evolve. It is pitting a human against a computer in an algo war that is already rigged for the computer to triumph. Or maybe like the designer drug maker that is always one molecule ahead of the law that keeps the new drug from being illegal.

Dark Pools was a great read and an excellent book to read after Flash Boys!
2 von 2 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Excellent Assessment of what HFT has become. 26. März 2015
Von Dennis Noren - Veröffentlicht auf Amazon.com
Format: Kindle Edition Verifizierter Kauf
Although I am no expert in the stock market and the Wall Street environment, I have read quite a bit, and appreciate clear and fair assessments of what has happened and is happening. Scott Patterson seems to have provided an excellent, detailed description of how high frequency trading has developed. He mentions its positive aspects, and how it has also morphed into directions that hurt everyone except the narrow group of people who rig the system. Though there are some aspects that are difficult for the layman to follow, he has mapped out the major players and developments in a way for most everyone to understand. In particular, he describes:
- how some HFTs rig systems to get to the front of the line ahead of other traders,
- how prices get systematically manipulated, often crossing over boundaries of legality,
- how this system has produced a very risky situation for the entire securities and financial markets.

His descriptions of the mathematical and software mechanisms of HFT and adjacent transactions are not very sophisticated, but that does not take much away from a fascinating and powerful portrayal of the downward ethical spiral on Wall Street. We need to wake up as a nation (and world, as much of this is mimicked in countries other than the U.S.A.), and change the system towards a fairer and more stable structure.
4 von 4 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen An excellent book on the evolution of the electronic trading networks and high frequency trading 29. Juni 2013
Von Ian K. - Veröffentlicht auf Amazon.com
Format: Kindle Edition Verifizierter Kauf
High frequency trading has been in the financial press a fair amount in the last few years. There was the May 6, 2010 "flash crash" and the demise of Knight Capital as a result of a software error (were Knight lost $440 million in 40 minutes). Scott Patterson's excellent book Dark Pools provides a very engaging background on the evolution of the computer trading networks and the risk of HFT.

Even for someone with a background in finance, Dark Pools is a fascinating account. Scott Patterson manages to paint interesting portraits of the early pioneers of computer network trading (the so called SOES bandits) and the evolution of the trading networks. There's a very interesting portrait of Josh Levine, who wrote the software for the Island trading network. I have a book of essays by Haim Bodek on HFT. However, I didn't know his history in HFT until I read about it in Dark Pools.

I was also impressed that Patterson got people at Renaissance Technology to talk to him at all, although he doesn't have a much better picture of how Renaissance trades than anyone else.

The only fault that I can find with Dark Pools is that Scott Patterson does not understand software. He has an annoying habit of referring to any complex trading software as Artificial Intelligence (AI) software. Back in the 1960s AI got a bad reputation so very few people refer to complex decision making algorithms as AI. And in many cases the software that Patterson refers to would not be classified as under the old definition AI (although some of the learning algorithms might be).

But software is not the strong point of this book: computer trading networks are and Patterson does a good job describing these and how HFT evolved.
4.0 von 5 Sternen Race to the bottom 14. Januar 2017
Von Mark Warren - Veröffentlicht auf Amazon.com
Format: Kindle Edition Verifizierter Kauf
This is really a series of stories of several of the key players in the development of high frequency trading. It all started innocently enough trying to reduce the time and amount of paperwork it took to make a trade. In addition, it also attacked the arbitrary gaps in pricing that increased the margins of the old line Wall Street firms.
Greed took over as a way to make money through high frequency trading. Ironically, there was a race to the bottom with faster and faster trades that rely on smaller and smaller margins. The real losers are the millions of people that relied on investing for their retirements. With more than 50% of the trades being executed by the HFT, what would have been compounded growth to build a retirement nest egg is going into the fastest traders with the best game plans.
If you read Flash Boys, this is a great book to augment the picture of HST.
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