img Leseprobe Leseprobe

Trading at the Speed of Light

How Ultrafast Algorithms Are Transforming Financial Markets

Donald MacKenzie

ca. 28,99
Amazon iTunes Hugendubel Bü kobo Osiander Google Books Barnes&Noble Legimi
* Affiliatelinks/Werbelinks
Hinweis: Affiliatelinks/Werbelinks
Links auf sind sogenannte Affiliate-Links. Wenn du auf so einen Affiliate-Link klickst und über diesen Link einkaufst, bekommt von dem betreffenden Online-Shop oder Anbieter eine Provision. Für dich verändert sich der Preis nicht.

Princeton University Press img Link Publisher

Sozialwissenschaften, Recht, Wirtschaft / Wirtschaft


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In today’s financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions.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.

Weitere Titel zum gleichen Preis
Cover Bias Interrupted
Joan C. Williams
Cover Perspectivas del Comercio Internacional de América Latina y el Caribe 2020
Economic Commission for Latin America and the Caribbean
Cover Social Preferences
Michalis Drouvelis
Cover The Long Game
Dorie Clark
Cover World Public Sector Report 2021
Department of Economic and Social Affairs
Cover World Public Sector Report 2021
Department of Economic and Social Affairs
Cover International Trade Outlook for Latin America and the Caribbean 2020
Economic Commission for Latin America and the Caribbean
Cover Innovation in the Public Sector
Economic Commission for Europe
Cover Rent ut sagt
Carina Boman Helgesson
Cover Better Capitalism
Aaron E. Hedges
Cover The Spirit of Green
William D. Nordhaus
Cover Natural Resource Nexuses in the ECE Region
Economic Commission for Europe



Rebate (marketing), Commodity Futures Trading Commission, Reuters, Finance, Computer, Primary dealer, Behalf, Dark Pool, Prediction, Bid price, Instinet, Financial services, Stockbroker, Expense, SOES Bandits, Financial instrument, Economics, Government bond, Technology, Customer, Economic and Social Research Council, Social science, Open outcry, New York Stock Exchange, Futures exchange, Server (computing), Data center, European Research Council, Futures contract, The Wall Street Journal, Stock exchange, Intermarket sweep order, S&P 500 Index, Broker-dealer, NASDAQ-100, Financial asset, Price Change, Computation, Eurodollar, Trading room, Market structure, Security (finance), Politician, Market data, Writing style, Insider, Intermediary, Order book, Public company, Economic Life, Disadvantage, Auction, Stock trader, Economist, Order book (trading), Chicago Mercantile Exchange, Foreign exchange market, Commodity, Sociology, High-frequency trading, Manual Trader, Illustration, Political economy, Institutional investor, Trader (finance), Trading strategy, Field-programmable gate array, Bidding, Calculation, Market participant, Share price, Supply and demand, Intercontinental Exchange, Occupy Wall Street, Proprietary trading, Requirement, Brokerage firm, Payment, Materiality (auditing), Employment, Anonymity, Online advertising, Profit (economics), Currency, Investor, Microwave transmission, Globex, Debt, Market liquidity, Leverage (finance), Market maker, NASDAQ, Competition, Legislation, Chicago Board Options Exchange, Arbitrage, Algorithmic trading, Stock market, Electronic trading, Academic writing