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.
This book deals with the topic of dark trading, or non-displayed, off-exchange trading execution. It discusses the development, importance and practice of dark equity trading in an environment dominated by high frequency, program, block and algorithmic trading, and considers its future prospects in a world of mobile capital and changing regulation.
In books like Embryogenesis and Embryos, Galaxies, and Sentient Beings, author Richard Grossinger brought together the subjects of biological embryology and the esoteric process of human consciousness becoming embodied ("The embryo is the universe writing itself on its own body"). In Dark Pool of Light, his latest creation, Grossinger weaves neuroscience-based behaviorism and the phenomenology of "being" and reality together with psychological and psychospiritual views of "that single thing which is most difficult to understand or vindicate: our own existence." In 2008 Grossinger began studying with noted psychic teacher John Friedlander, who helped him refine his vision of cerebral and somatic awareness to still-subtler levels. "Dark Pool of Light began unnamed in the journals of my psychic work with John Friedlander," says Grossinger, "not so much a record of actual practices as insights from them and extensions out of them." An expansive inquiry into the nature of consciousness, the series examines the tension between the scientific and philosophical, and psychic views of the same phenomena, and includes "field notes" and experiential exercises that invite the reader to make their own explorations. Dark Pool of Light is divided into three volumes, which the author calls "movements"; the allusion to music is apt, for the book unfolds in a truly symphonic manner. In Volume 1, Grossinger begins with the scientific and philosophical, analytical views of reality, exploring the science, parascience, philosophy, and psychology of consciousness. Covering topics as diverse as current discoveries in neuroscience and the philosophy of the ancient Greeks, the book gives a broad overview of the bodies of knowledge concerning the nature of reality and consciousness.
In books like Embyogenesis and Embryos, Galaxies, and Sentient Beings, author Richard Grossinger brought together the subjects of biological embryology and the esoteric process of human consciousness becoming embodied ("The embryo is the universe writing itself on its own body"). In Dark Pool of Light, his latest creation, Grossinger weaves neuroscience-based behaviorism and the phenomenology of "being" and reality together with psychological and psychospiritual views of "that single thing which is most difficult to understand or vindicate: our own existence." In 2008 Grossinger began studying with noted psychic teacher John Friedlander, who helped him refine his vision of cerebral and somatic awareness to still subtler levels. "Dark Pool of Light began unnamed in the journals of my psychic work with John Friedlander," says Grossinger, "not so much a record of actual practices as insights from them and extensions out of them." An expansive inquiry into the nature of consciousness, the series examines the tension between the scientific and philosophical, and psychic views of the same phenomena, and includes "field notes" and experiential exercises that invite the reader to make their own explorations. Dark Pool of Light is divided into three volumes: in Volume 1, Grossinger begins with the scientific and philosophical, analytical views of reality, exploring the science, parascience, philosophy, and psychology of consciousness. Covering topics as diverse as current discoveries in neuroscience and the philosophy of the ancient Greeks, the book gives a broad overview of the bodies of knowledge concerning the nature of reality and consciousness. Volume Two discusses the similarities and differences between European esoteric traditions and Buddhism in their approaches to the subjects, and gives a detailed description of the psychic training Grossinger undertook that informs much of his worldview. This expansive inquiry into the nature of consciousness ends with this third volume in the series, The Crisis and Future of Consciousness. Grossinger addresses the perennial question of evil and shares the author's hopes and fears for the future of humanity. While wisdom gleaned from such seemingly disparate sources as science, philosophy, religion, and spirituality might appear "very, very different things," Grossinger nevertheless finds their meeting place in subjective, lived experience.
In books like Embryogenesis and Embryos, Galaxies, and Sentient Beings, author Richard Grossinger brought together the subjects of biological embryology and the esoteric process of human consciousness becoming embodied ("The embryo is the universe writing itself on its own body"). In Dark Pool of Light, his latest creation, Grossinger weaves neuroscience-based behaviorism and the phenomenology of "being" and reality together with psychological and psychospiritual views of "that single thing which is most difficult to understand or vindicate: our own existence." In 2008 Grossinger began studying with noted psychic teacher John Friedlander, who helped him refine his vision of cerebral and somatic awareness to still-subtler levels. "Dark Pool of Light began unnamed in the journals of my psychic work with John Friedlander," says Grossinger, "not so much a record of actual practices as insights from them and extensions out of them." An expansive inquiry into the nature of consciousness, the series examines the tension between the scientific and philosophical, and psychic views of the same phenomena, and includes "field notes" and experiential exercises that invite the reader to make their own explorations. Dark Pool of Light is divided into three volumes, which the author calls "movements"; the allusion to music is apt, for the book unfolds in a truly symphonic manner. In Volume 1, Grossinger begins with the scientific and philosophical, analytical views of reality, exploring the science, parascience, philosophy, and psychology of consciousness. Covering topics as diverse as current discoveries in neuroscience and the philosophy of the ancient Greeks, the book gives a broad overview of the bodies of knowledge concerning the nature of reality and consciousness.
You will find in this book exclusive interviews of renowned specialists about market microstructure and high-frequency trading strategies on lit markets and Dark Pools. This book was developed following extensive research to democratize as many aspects as possible on US and European market microstructure, high-frequency trading strategies and Dark Pools. Today, financial markets have become extremely complex. Market automation and new regulations have encouraged the emergence of new market players: high-frequency traders. These new players hold intraday positions. They deploy their specific orders and arbitrage strategies across multiple markets at close to the speed of light to get the best prices and to trade ahead of other market participants. Dark Pools, whose operations are also difficult to understand for most professionals, have been created, adding complexity to financial markets. Dark Pools seems a little bit scary. However, we will see that Dark Pools are advantageous in terms of price compared to regulated markets. “Fantastic job explaining some tough to understand topics.” – Joe Saluzzi, Partner and co-founder of Themis Trading and co-author of the book Broken Markets. William’s message: “High-frequency trading is a small world that is difficult to access. I have spent a large part of this last year writing this book, taking into account the interviews I have been able to carry out in order to democratize as many aspects as possible. Many thanks to Joe Saluzzi, Alexandre Laumonier, Dave Lauer, Benoît Lallemand, Jean-Philippe Bouchaud and Donald MacKenzie. This book will help you to better understand the winning strategies of high-frequency trading firms.”
The financial industry's leading independent research firm's forward-looking assessment into high frequency trading Once regarded as a United States-focused trend, today, high frequency trading is gaining momentum around the world. Yet, while high frequency trading continues to be one of the hottest trends in the markets, due to the highly proprietary nature of the computer transactions, financial firms and institutions have made very little available in terms of information or "how-to" techniques. That's all changed with The High Frequency Game Changer: How Automated Trading Strategies Have Revolutionized the Markets. In the book, Zubulake and Lee present an overview of how high frequency trading is changing the face of the market. The book Explains how we got here and what it means to traders and investors Details how to build a high frequency trading firm, including the relevant tools, strategies, and trading talent Defines key components common to HFT such as algorithms, low latency trading infrastructure, collocation etc. The High Frequency Game Changer takes a highly controversial and extremely complicated subject and makes it accessible to anyone with an interest or stake in financial markets.
The first part of this book discusses institutions and mechanisms of algorithmic trading, market microstructure, high-frequency data and stylized facts, time and event aggregation, order book dynamics, trading strategies and algorithms, transaction costs, market impact and execution strategies, risk analysis, and management. The second part covers market impact models, network models, multi-asset trading, machine learning techniques, and nonlinear filtering. The third part discusses electronic market making, liquidity, systemic risk, recent developments and debates on the subject.
Risk management solutions for today's high-speed investing environment Real-Time Risk is the first book to show regular, institutional, and quantitative investors how to navigate intraday threats and stay on-course. The FinTech revolution has brought massive changes to the way investing is done. Trading happens in microsecond time frames, and while risks are emerging faster and in greater volume than ever before, traditional risk management approaches are too slow to be relevant. This book describes market microstructure and modern risks, and presents a new way of thinking about risk management in today's high-speed world. Accessible, straightforward explanations shed light on little-understood topics, and expert guidance helps investors protect themselves from new threats. The discussion dissects FinTech innovation to highlight the ongoing disruption, and to establish a toolkit of approaches for analyzing flash crashes, aggressive high frequency trading, and other specific aspects of the market. Today's investors face an environment in which computers and infrastructure merge, regulations allow dozens of exchanges to coexist, and globalized business facilitates round-the-clock deals. This book shows you how to navigate today's investing environment safely and profitably, with the latest in risk-management thinking. Discover risk management that works within micro-second trading Understand the nature and impact of real-time risk, and how to protect yourself Learn why flash crashes happen, and how to mitigate damage in advance Examine the FinTech disruption to established business models and practices When technology collided with investing, the boom created stratospheric amounts of data that allows us to plumb untapped depths and discover solutions that were unimaginable 20 years ago. Real-Time Risk describes these solutions, and provides practical guidance for today's savvy investor.
