Download Dark Pools: High-Speed Traders, A.I. Bandits, and the by Scott Patterson PDF

By Scott Patterson

A news-breaking account of the worldwide inventory market's subterranean battles, darkish swimming pools portrays the increase of the "bots"- artificially clever structures that execute trades in milliseconds and use the canopy of darkness to out-maneuver the people who've created them.

In the start was once Josh Levine, an idealistic programming genius who dreamed of wresting regulate of the marketplace from the massive exchanges that, many times, gave the enormous associations a bonus over the little man. Levine created a automatic buying and selling hub named Island the place small investors swapped shares, and through the years his invention morphed right into a worldwide digital inventory industry that despatched trillions in capital via an enormous jungle of fiber-optic cables.  

By then, the marketplace that Levine had sought to mend had grew to become the wrong way up, birthing secretive exchanges referred to as darkish swimming pools and a brand new species of buying and selling machines that can imagine, and that appeared, ominously, to be slipping the keep an eye on in their human masters.

Dark swimming pools is the interesting tale of the way international markets were hijacked via buying and selling robots--many so self-directed that people can't are expecting what they'll do subsequent.

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Additional info for Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System

Sample text

Using the approach, we are able to run simulations consisting of tens of thousands of points robustly and efficiently. , graphics, scientific computing), we must compute with continuously moving objects. For these objects, kinetic data structures [BGH99] is a framework for computing their properties as they move. A Kinetic Data Structure (KDS) consists of a data structure that represents the property of interest being computed, and a proof of that property. The proof is a set of certificates or comparisons that validate the property in such a way that as long as the outcomes of the certificates remain the same, the combinatorial property being computed does not change.

The static algorithm runs by a factor of 6 slower when it uses exact arithmetic compared to using floating-point arithmetic. These experiments indicate that the overheads of initializing the kinetic simulations is moderately high: more than an order of magnitude over the static algorithm with exact arithmetic and almost two orders of magnitude over the the static algorithm with floating-point arithmetic.

Expanding the first gives for r = log mj / log mj−1 that FFT-Comm(mj , x, j) = (mj /(mj−1 pj ))[mj−1 gj−1 + FFT-Comm(mj−1 , 1, j − 1)] . + (mj /(mj−1 pj ))[mj−1 gj−1 + FFT-Comm(mj−1 , 1, j − 1)] + FFT-Comm(mj , x(mj−1 )r , j), = r(mj /(mj−1 pj ))[mj−1 gj−1 + FFT-Comm(mj−1 , 1, j − 1)] = (log mj / log mj−1 )gj−1 mj /pj +(mj log mj /(pj mj−1 log mj−1 )) FFT-Comm(mj−1 , 1, j − 1)] Now assuming by induction that FFT-Comm(mj−1 , 1, j − 1) ≤ i=1··j−2 (log mj−1 / log mi )gi mj−1 /Qi,j−1 and substituting in the above using Qi,j−1 pj = Qi,j gives (log mj / log mj−1 )gj−1 mj /pj + (mj log mj /(pj mj−1 log mj−1 )) i=1··j−2 (log mj−1 / log mi )gi mj−1 /Qi,j−1 =(log mj / log mj−1 )gj−1 mj /pj +(mj log mj i=1··j−2 (1/ log mi )gi /Qi,j = mj log mj i=1··j−1 (1/ log mi )gi /Qi,j .

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