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Author: Walter Mattli
Publisher: Princeton University Press
ISBN: 069121686X
Category : Business & Economics
Languages : en
Pages : 264
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Book Description
"Capital markets have undergone a dramatic transformation in the past two decades. Algorithmic high-speed supercomputing has replaced traditional floor trading and human market makers, while centralized exchanges that once ensured fairness and transparency have fragmented into a dizzying array of competing exchanges and trading platforms. Darkness by Design exposes the unseen perils of market fragmentation and 'dark' markets, some of which are deliberately designed to enable the transfer of wealth from the weak to the powerful. Walter Mattli traces the fall of the traditional exchange model of the NYSE, the world's leading stock market in the twentieth century, showing how it has come to be supplanted by fragmented markets whose governance is frequently set up to allow unscrupulous operators to exploit conflicts of interest at the expense of an unsuspecting public. Market makers have few obligations, market surveillance is neglected or impossible, enforcement is ineffective, and new technologies are not necessarily used to improve oversight but to offer lucrative preferential market access to select clients in ways that are often hidden. Mattli argues that power politics is central in today's fragmented markets. He sheds critical light on how the redistribution of power and influence has created new winners and losers in capital markets and lays the groundwork for sensible reforms to combat shady trading schemes and reclaim these markets for the long-term benefit of everyone. Essential reading for anyone with money in the stock market, Darkness by Design challenges the conventional view of markets and reveals the troubling implications of unchecked market power for the health of the global economy and society as a whole"--
Author: Walter Mattli
Publisher: Princeton University Press
ISBN: 069121686X
Category : Business & Economics
Languages : en
Pages : 264
Get Book Here
Book Description
"Capital markets have undergone a dramatic transformation in the past two decades. Algorithmic high-speed supercomputing has replaced traditional floor trading and human market makers, while centralized exchanges that once ensured fairness and transparency have fragmented into a dizzying array of competing exchanges and trading platforms. Darkness by Design exposes the unseen perils of market fragmentation and 'dark' markets, some of which are deliberately designed to enable the transfer of wealth from the weak to the powerful. Walter Mattli traces the fall of the traditional exchange model of the NYSE, the world's leading stock market in the twentieth century, showing how it has come to be supplanted by fragmented markets whose governance is frequently set up to allow unscrupulous operators to exploit conflicts of interest at the expense of an unsuspecting public. Market makers have few obligations, market surveillance is neglected or impossible, enforcement is ineffective, and new technologies are not necessarily used to improve oversight but to offer lucrative preferential market access to select clients in ways that are often hidden. Mattli argues that power politics is central in today's fragmented markets. He sheds critical light on how the redistribution of power and influence has created new winners and losers in capital markets and lays the groundwork for sensible reforms to combat shady trading schemes and reclaim these markets for the long-term benefit of everyone. Essential reading for anyone with money in the stock market, Darkness by Design challenges the conventional view of markets and reveals the troubling implications of unchecked market power for the health of the global economy and society as a whole"--
Author: Scott Patterson
Publisher: Crown Currency
ISBN: 0307887197
Category : Business & Economics
Languages : en
Pages : 386
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Book Description
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.
Author: Donald MacKenzie
Publisher: Princeton University Press
ISBN: 0691217793
Category : Business & Economics
Languages : en
Pages : 304
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Book Description
A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial markets In today’s financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading—automated high-frequency trading or HFT—began and then spread throughout the world. HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms. In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal—light in a vacuum—can travel only thirty centimeters, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges’ systems and to the location of the microwave towers that carry signals between computer datacenters. Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how exchanges sometimes engineer technical systems to favor certain types of algorithms over others. Focusing on the material, political, and economic characteristics of high-frequency trading, Trading at the Speed of Light offers a unique glimpse into its influence on global finance and where it could lead us in the future.
Author: Janet Martin
Publisher: Cambridge University Press
ISBN: 9780521548113
Category : History
Languages : en
Pages : 298
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Book Description
Traces the medieval fur trade which stretched from western Europe to China.
Author: Bryan D. Palmer
Publisher: NYU Press
ISBN: 1583670270
Category : History
Languages : en
Pages : 624
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Book Description
A teacher of working-class and social history, and editor of the Canadian journal Labour/Le Travail, Palmer chronicles those who defied authority, choosing to live dangerously outside the defining cultural constraints of early insurgent--and later dominant--capitalism. They include peasants, religious heretics, witches, pirates, runaway slaves, prostitutes and pornographers, frequenters of taverns and fraternal society lodge rooms, revolutionaries, blues and jazz musicians, beats, and contemporary youth gangs. Annotation copyrighted by Book News Inc., Portland, OR
Author: Christina Dodd
Publisher: Penguin
ISBN: 1440634874
Category : Fiction
Languages : en
Pages : 280
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Book Description
Ann Smith loves her handsome, dynamic boss, Jasha Wilder, but her daring plan to seduce him goes awry when she encounters a powerful wolf who-before her horrified eyes-changes into the man she adores. She soon discovers she can't escape her destiny, for she is the woman fated to break the curse that binds his soul.
Author: Mercedes Lackey
Publisher: Macmillan
ISBN: 0765302217
Category : Fiction
Languages : en
Pages : 497
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Book Description
Mage Kellen and his Elven allies must find a way to reclaim the High Magick from the Demons to prevent the forces of Light fall victim to forces of evil.
Author: Jay Vaananen
Publisher: John Wiley & Sons
ISBN: 1118879198
Category : Business & Economics
Languages : en
Pages : 253
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Book Description
A plain English guide to high frequency trading and off-exchange trading practices In Dark Pools & High Frequency Trading For Dummies, senior private banker Jukka Vaananen has created an indispensable and friendly guide to what really goes on inside dark pools, what rewards you can reap as an investor and how wider stock markets and pricing may be affected by dark pools. Written with the classic For Dummies style that has become a hallmark of the brand, Vaananen makes this complex material easy to understand with an insider's look into the topic. The book takes a detailed look at the pros and the cons of trading in dark pools, and how this type of trading differs from more traditional routes. It also examines how dark pools are currently regulated, and how the regulatory landscape may be changing. Learn what types of dark pools exist, and how a typical transaction works Discover the rules and regulations for dark pools, and some of the downsides to trading Explore how dark pools can benefit investors and banks, and who can trade in them Recognize the ins and outs of automated and high frequency trading Because dark pools allow companies to trade stocks anonymously and away from the public exchange, they are not subject to the peaks and troughs of the stock market, and have only recently begun to take off in a big way. Written with investors and finance students in mind, Dark Pools & High Frequency Trading For Dummies is the ultimate reference guide for anyone looking to understand dark pools and dark liquidity, including the different order types and key HFT strategies.
Author: Stephen King
Publisher: DC
ISBN:
Category : Comics & Graphic Novels
Languages : en
Pages : 70
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Book Description
Featuring an introduction by Stephen King! As Batman ponders the note sent to him as a warning, all of his foes are sprung from Arkham Asylum.
Author: Mark D. Larabee
Publisher: Bloomsbury Publishing USA
ISBN: 1440851077
Category : Literary Criticism
Languages : en
Pages : 206
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Book Description
Fiction has power to portray historical truth. This book presents Joseph Conrad's Heart of Darkness to students and general readers as an insightful guide to the history of Europe and Africa in the late nineteenth and early twentieth centuries. The phrase "heart of darkness" has become a term commonly used to conjure an ominous sense of hidden or deeply rooted evil. How did these words become so evocative? The answer lies in the richness and acute insight of Heart of Darkness, Joseph Conrad's story based on his 1890 journey on the Congo River. Conrad's novella illustrates many crucial themes of European and world history through the last two centuries: civilization; exploration; colonialism and imperialism; race and conflict based on race; trade and globalization; commercial exploitation; and the impact of changing technology, especially for communication and transport. Heart of Darkness deserves to be studied today for its value as social and cultural history. In this edition, Conrad's story is shown to reveal important truths not only about Europe and Africa a century ago, but also about the historical forces that shape the world we live in now. Featuring the texts of both Heart of Darkness and Conrad's autobiographical Congo Diary along with more than 200 annotations, this book enables readers to appreciate the connections between Conrad's writing and its historical context. Introductory essays explain how Conrad was uniquely positioned to chronicle history, provide critical background information on how Europeans partitioned Africa and created the Congo Free State, and describe how the ivory and rubber trades brutalized the natives. Readers will learn how Conrad contributed to European awareness of the atrocities committed and understand how the story's literary qualities form an essential part of its historical meaning. The numerous illustrations and maps depicting the historical Congo Free State provide a visual element to the story of Heart of Darkness—a fictionalized tale that can be interpreted as history and that can help us interpret today's postcolonial, globalized world.
