Dark Pools: The Rise of A.I. Trading Machines and the Looming Threat to Wall Street

Dark Pools: The Rise of A.I. Trading Machines and the Looming Threat to Wall Street

Paperback

By (author) Scott Patterson

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  • Publisher: RANDOM HOUSE BUSINESS BOOKS
  • Format: Paperback | 368 pages
  • Dimensions: 153mm x 234mm x 27mm | 485g
  • Publication date: 5 July 2012
  • Publication City/Country: London
  • ISBN 10: 1847940978
  • ISBN 13: 9781847940971
  • Sales rank: 199,614

Product description

In "Dark Pools", "Wall Street Journal" reporter Scott Patterson tells the story of the group of whizzkids who applied their computer programming genius to the invention of 'robot versions of Warren Buffett'. As they did so, they created a radically new trading system in which machines trade anonymously with other machines, making and losing fortunes in the blink of an eye. This state-of-the-art technology has transformed the financial markets, but it has also raised some disturbing questions. If computers are trading with each other, does that mean that people have lost control? How can this system be monitored, let alone regulated? And if it all comes crashing down, whose fault will it be? Pacy, fascinating and revealing, "Dark Pools" takes the lid off the new-look financial markets, and comes to some chilling conclusions.

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Author information

Scott Patterson worked for several years as a financial reporter at the Wall Street Journal. He lives in New York. His previous book The Quants (Random House Business, 2009) was a New York Times and Wall Street Journal bestseller.

Review quote

"As an exposition of Wall Street nerdcraft, Dark Pools truly delivers ... Patterson's tales of ingenuity and cunning read like a spy novel." -- Jon Ihle Sunday Business Post "Gruelling and terrifying, Patterson questions the future of the human inquisitve mind." European CEO

Back cover copy

dark pools noun private, lightly regulated exchanges where artificially intelligent trading machines trade vast sums of money behind closed doors flash crash noun a sudden and dramatic plunge in share prices followed by a recovery within minutes global financial stability noun an increasingly threatened concept In Dark Pools, Wall Street Journal reporter Scott Patterson tells the story of the group of whizzkids who applied their computer programming genius to the invention of ‘robot versions of Warren Buffett’. As they did so, they created a radically new trading system in which machines trade anonymously with other machines, making and losing fortunes in the blink of an eye. This state-of-the-art technology has transformed the financial markets, but it has also raised some disturbing questions. If computers are trading with each other, does that mean that people have lost control? How can this system be monitored, let alone regulated? And if it all comes crashing down, whose fault will it be? Pacy, fascinating and revealing, Dark Pools takes the lid off the new-look financial markets, and comes to some chilling conclusions.