The co-op bookstore for avid readers
Book Cover for: Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market, Scott Patterson

Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market

Scott Patterson

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.

Book Details

  • Publisher: Crown Currency
  • Publish Date: Jun 25th, 2013
  • Pages: 384
  • Language: English
  • Edition: undefined - undefined
  • Dimensions: 8.00in - 5.20in - 0.84in - 0.66lb
  • EAN: 9780307887184
  • Categories: Investments & Securities - Analysis & Trading StrategiesInvestments & Securities - StocksArtificial Intelligence - General

More books to explore

Book Cover for: Nothing But Net: 10 Timeless Stock-Picking Lessons from One of Wall Street's Top Tech Analysts, Mark Mahaney
Book Cover for: 21st Century Investing: Redirecting Financial Strategies to Drive Systems Change, William Burckart
Book Cover for: Smart Money Concept: Market Structure, Supply and Demand, Order Block, Mastering The Market, Harold Keith
Book Cover for: Fibonacci Trading: Support and Resistance, Supply and Demand, Strategy You Need to Know for Profit, Harold Keith
Book Cover for: Motley Fool Million Dollar Portfolio: How to Build and Grow a Panic-Proof Investment Portfolio, David Gardner
Book Cover for: The Revolution That Wasn't: Gamestop, Reddit, and the Fleecing of Small Investors, Spencer Jakab
Book Cover for: What I Learned Losing a Million Dollars, Jim Paul
Book Cover for: What Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial Decisions, Meir Statman
Book Cover for: Regulating Wall Street: The Dodd-Frank ACT and the New Architecture of Global Finance, Viral V. Acharya
Book Cover for: Just Keep Buying: Proven Ways to Save Money and Build Your Wealth, Nick Maggiulli
Book Cover for: Flash Boys: A Wall Street Revolt, Michael Lewis
Book Cover for: Flash Boys: A Wall Street Revolt, Michael Lewis
Book Cover for: Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis, Scott Patterson
Book Cover for: Liar's Poker: Rising Through the Wreckage on Wall Street, Michael Lewis
Book Cover for: Liar's Poker, Michael Lewis

About the Author

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

More books by Scott Patterson

Book Cover for: Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis, Scott Patterson
Book Cover for: The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It, Scott Patterson
Book Cover for: It Takes a Village Idiot, Scott Patterson
Book Cover for: Learn AWS Serverless Computing, Scott Patterson
Book Cover for: Rowing Tales 2020: Stories that'll make you smile, Guin Batten
Book Cover for: Out There, Scott Patterson
Book Cover for: Outside Sales, Scott Patterson
Book Cover for: The Sasquatch Chronicles, Scott Patterson
Book Cover for: Down at Flathead, Scott Patterson
Book Cover for: Lumina, Scott Patterson
Book Cover for: Moonshine Talking, Scott Patterson
Book Cover for: Deccan, Scott Patterson

Praise for this book

"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