journalists were always pushing boundaries, part of the bookmarks always under love. we are the ones grappling the extra mile. there are other media goes, we go there and we give them a time to tell their story. ah, you want to all just bear with me the whole robin in doha reminder of our top stories, palestinians in garza, beginning to pick up the pieces up to their homes and neighborhoods were destroyed during 11 days of israeli bombardment. now these, all the scenes of the franchise. com and the gaza strip. 24 hours after, as he saw, came into effect between israel and mass along with allied palestinian groups. israeli attacks of thousands of people in garza homeless and put even more pressure on the already struggling critical infrastructure. the she's at triggered the

violence remain unresolved. even onside said this report from garza the as tell me family was at home when the walls of their living room came crashing down. the father had actually been watching reports of these really air strikes on television when the house was hit. no means daughter's apartment, which was only built last month, has also been completely destroyed. not a lot of the gardening convict with 3 families living in this home. my daughter came along with the kids too. suddenly the power went off and we heard violent bombardment. it was our 1st time to hear such a sound. the rebel suddenly started to fall on us and the kids were screaming. they will flying around. the family left their home with little more than the clothes they were wearing at the time and were taken 1st to hospital before being transferred to the united nation school. the casa mustard. and then when the raids were extensive, we went down because my kids were afraid of the upper floor got to the ground floor

. my sons home, it was not destroyed. yes. but then the rates got worse and we ran to my brother in those homes right next. wow. and we ran from one home to another. it was all frightening. my brother in law totally destroyed too. it was the 2nd day of eat. my kids didn't even get to where the new clothes the toby's were among the 1st to return to their home. after they use really air strikes. the co may have ended for now. but many goblins have now to deal with the damage and destruction coast. thousands of homes are gone and the habitants displaced, they need food, shelter, and medical help. there are many scenes of destruction in because this trip, but only one. i, bel, thousands of ballasting families separating of almost 2 weeks of boardman. c, u. l 0. gaza tension remains hello. across the occupied west bank. the red question

says almost a 100 palestinians have been injured during the latest confrontations with israeli forces on friday. now that have been skirmishes between palestinian protested and israel forces near the illegal settlement of that. close to my la us president says a 2 state solution is the only way to solve the conflict. joe biden said they wouldn't be peace unless regional lead is acknowledged. israel's right to exist as an independent jewish state. we still need a 2 state solution. it is the only answer, the only answer. and what i am convinced of is that we can now move as i had did him before, whereas i was able to negotiate wash and before the fire was the goshen. that i made it clear that i spoke with president the boss. we were going to make sure that we are going to provide for security in the west bank. and recently we renew the security commitment, as well as economic commitment to the people on the west bank. i also indicated to

the israel is that i thought it was very important that they stopped in jerusalem, this inner communal fighting. that is why extremes on both sides, it has to in until the region says unequivocally they acknowledge the right of israel to exist as an independent jewish state. there will be no peace policy in solidarity us up to cost the us and for the 2nd time this week, thousands of people have march through downtown chicago. now some participants celebrated the seaside between israel and thomas. another said the march is to continue calls for justice and freedom in palestine. of course we continue. those stories on our website to college is there a dot com is updated throughout the day. i'll be back with more news in half now. next on on there. it's money, bolts to stay with us. ah

. in the february 2018 at 3 pm little time. don't. jones, plummets is a stock exchange has been hit by lightning. it loses more than $1500.00 points in a matter of minutes. never before in the history of the index of american stalks law so much in a single day. a new york is not alone. the collapse spreads like one fine to frankfurt, sidney, tokyo, panicky wraps. nobody knows what has caused this disaster. there is no discernible real world economy reason. there are no new economic predictions, no unemployment statistics. the only explanation that is offered sounds strange. apparently the trading computers were too fast.

the news? was it possible that a fringe development of automated stock trading? yes or no me could celebration of computer systems, could almost cause a worldwide financial crisis in berlin. get how chick campaigns for more transparency in the financial sector than when they can come to figure out which of chevy, if there's no need to see someone's shadley sh by him and he has to live with me. they couldn't and talk to 100 that doesn't he got the other trusted up to a 1000. when the veterans assign is dealing zine, he doesn't need to resign at the festival. privately, essentially high frequency trading significantly reduces the time that

a stock is held before being sold. sometimes it's just milliseconds or even microseconds. high frequency trading is the opposite of long term investment, which is what stock markets were actually designed for. access to stocks also became a lot faster. the quality of the investment was no longer the deciding motivation for buying or selling. all that mattered was who could react the fastest. high frequency trading is performed exclusively by computers, not people. these computer systems are completely autonomous. essentially, they are warring box money, bought high frequency traders, place that computers as close as possible to stock exchange computer systems. a process known as co location proximity and high speed connections are a deciding factor. for example, a pension fund wants to buy 600000 shares at a price of $9.50. their order goes out to various stock exchanges. when the order arrives at the 1st stock exchange,

a high frequency trading system detected and immediately places its own orders for the same shares with all the other exchanges faster than the pension fund can. thanks to its high speed systems, the high frequency trader is able to buy up all the shares at a price of $9.50, then sell them to the pension fund for $9.51, the high frequency trader, his own $6000.00 within a few milliseconds and with no attached risk the i frequency traders do not have to be act kits permanently. their advantage is most effective when crises, disasters, or political decisions cost strong price fluctuations. essentially high frequency traders benefit from crises and are constantly waiting

for the next one to occur. in the beginning, the intention was to use greater predictability and foster infrastructure to increase the stability of financial market. in fact, the opposite has occurred. automation has made them more vulnerable. after all, there is no electronic system that cannot be hacked. the me, i had a retreating engine, was running in frankfurt remotely, but it was being controlled from london. what happened in this particular case is that internet related outage caused us to lose control over the engine. that was in frankfort. and i remember for

a couple hours trying to validate that the engine itself, liz, demobilized, ah, turned on my engine was actually live. ah, i had actually designed a feature that said if you break connection with the mother ship, stop trading. that feature had a parameter. it was off. i had this engine that was basically trading. it could last the last $30000000.00, right. it lost a few $100000.00, but it was, it was a terrifying experience. heim bo, tech is a trader and commerce software developer in stanford, connecticut. i'm bo dag,

played an important role in the development of automated stock trading. his idea of using computer algorithms to process information as efficiently as possible is one of the foundations of modern stock trading. a 2nd prerequisite for success is a high speed data connection. the french businessman steph antique knows all about fast data transfer. his company's mckay brothers and quincy data are based in paris and california and operate the fastest data connection between new york and chicago. the homes of america's most important stock exchanges. o, this antique and heim, both players in global battle for the best computer software and the fastest data networks. this contest began

a long time ago in the casinos of las vegas. at the end of the 1960 s a new generation of scientists recognizes that it is possible to use computers to increase its luck at the tables. pioneers like edward soul, and blair ho, develop algorithms that allow them to count cards when playing black. jack and to make predictions. doing pharma takes a different approach. in the 1900 seventy's, the physicist makes relate his field of expertise. pharma and his team begin to play they soon discover that it's possible to predict the cost of the bull nose it's current position and speed. and then we embarked on building

a computer that would allow us to do this. now this was 1976 when we got started. so you have to realize at that point, there were no personal computers or anything like that in pennsylvania is i live in the mountains, if antiques company is working on making the 1st this data connection between new york and chicago even faster. no. who some constituted more dinners in phoebe said phoebe our own toilet data center premier to allow he just kinda had you monday actually left thomas you could the don't the senior how do you solve? were you just k? no to say it was, sheila repeated the maneuver analogy to get more it should be pretty, just can i push it to you for the absolute most cafe to the on the shana was willing show. so the get the snell poker depreciate go risk new jersey. she'll middle,

do i want you to know her songs? i've always wanted to fail, like most, as you see people come law school yan course for me. no. and do i sorry to stone, the tone that he was told that he was doing a course. i don't know that he was talking to a passenger leaking more i'd use you into an algorithm is a rule for answering questions. algorithms provide the foundation for farmers bed. so the casino oh i in a computer is required to process algorithms quickly. and the time however, these are large, expensive, and slow are. these begins to change in the mid 19 seventy's,

the 6502 microprocessor, just the same micro processor. the guys from apple used to build the computer. doing thomas team designs a computer around the same process. the initial version of it was under the there was a pack of double a battery's under the other on pit switches in the shoes wires running up and down and antenna around the shoulders. the antenna would transmit the signal to a 2nd person who would then place the best from the moment the crew. k spends the ball until the ball until that that's get close. there is typically about 10 seconds the past 10 to 15 seconds on. so we had to be able to take the data for the rotor and of all and get the prediction 4 to 6 seconds ahead of when that that's got closed so that the better had enough time

to reach over in place. so we had to have the prediction coming pretty fast the computer we had render a slow by modern standards. but because it was, you know, carefully coded machine code. we were able to get the answer out in a matter of a fraction. the 2nd doing from a computer became the stuff of legends. it wasn't just any computer. it was the computer built into clothing. while steve job's and steve wozniak, were creating the original desktop computer. join comma was building one in a shoe. farmer himself becomes an icon for people working in the field of computer base predictions. pharma and his team eventually decided the winnings at the roulette wheel do not justify the risks they are taking. ah,

they returned to more serious scientific fields. pharma finds himself at los alamos, where he investigates methods of predicting the weather, among other things. then the world changes more, at least the world of money. and let's go to the financial counter bill or at least find out what's happening on wall street. one word to describe what's happening and that is a telephone duster on average, is almost 200 pointed down by 191. all right, now 300. 45000000. sure. hold on 13. data jones industrial average right now. down 271.53 point. putting that down below the 2000. now right now and 1975.20 during the 1987 stock

market crash investors attempt to dump their shares in a panic. brokers eventually begin to ignore the frantically ringing telephones. the authorities decide that more trading should be left to computers, as people simply are not reliable enough. the new york stock exchange remains america's largest, but chicago becomes the center of new financial technology and the whole trading company is one of the pioneers in the field of big data and market prediction ah, in the early 1990 s. the company is considered a measuring stick by many traders. news like doing whole trading companies found a blair had a recently put his mathematical skills to the test in las vegas, where he counted cards of the blank check tables in the 1970 s. he is one of the

1st to recognise the potential of automated financial trading in 1985. he found his own company in chicago, the center of us derivative trading. ah, ah, ah, i'm bo dex joins holes team in september of 997. quantitative analysts are also in high demand in europe. the best emerged from the universities in paris. mathematicians a welcome addition to the market. as all physicists like steph antique allie poor kid, she was free to, to leave long valley on bush. did he show? he g. c. medieval measure of the family shows off cancer. been p l. a butcher

shop got more on bush and if he can, i don't really know the initial z appease a decrease to secure the met him metal penal shayla v don's, you know, a d is this is the, if you can, you know, keep his dpr, make sugar does occupy again today. he said, don't he did the 3 are likely to buffet month. yep. and the question the go. so you're going to zepplin. he must show the booth. so me see, come am. i'm on the shore, kayla bentley. perry bow a plan for bone care from the dc. but he inactivity too much of a time. you know, sam sitting down that if he's here for food but they keep me g. susie mountie and her sheep process he

r t d. like if you did a meeting that was me panel while we were doing the real project, our friend rob char came over and said, i just found out about this amazing thing of chaos. so we went up to the lab and we looked at the simulation on the analog computer and we were just made because you could see, even though there were deterministic equations with making this random looking set of patterns on the screen. and so we got completely fascinated by that and we, we created algorithms for finding identifying patterns in nature that are described by chaotic dynamics. me the doin. com, devote himself to studying happy baton. predictions to be made. one of these areas

of study is meteorology, pharma and his team in los alamos, are able to expand the timeframe for precise hurricane predictions from 2 days to 5 . this gives the emergency services valuable time to evacuate people in danger, moon. every time i would talk about this, somebody would say, well, have your place of the stock market. and so i kind of hard saying no, i. meanwhile, i heard about the efficient market hypothesis which says that stock markets are inherently unpredictable. it was a very popular theory at the time, and i didn't believe that. so normally i once again left, he left his job at university of illinois. and i left my job at salah most, and we gathered with some other younger scientists business guy and started

a company to use computers to protect the stock market. this was a 991 and we called ourselves production coming me. ah, i don't have those if he does that one. yeah. i think most me they'll be like, oh, they're homeless. have found this out, you know, the fund is and they say taylor, chris, she wants to still continue to move. jack, you know, these are also a you feel you can also going to be able to tell you the loan. i'm going to bone you the long on the, on the perry stock exchange is not the only empty shell. even wall street is little more than a movie set these days. this interaction data center is

located in an anonymous building on the outskirts of vienna, austria. the company has 13 such co location centers throughout europe. more than 100 internet service providers, 5 internet exchanges and important client services have computer stations here. as does vienna stock exchange. the exact location is kept secret and there is no official confirmation of the present stock exchange computers. we have some data in thanks and this is the station sample man and him on the internet. so he's a community of interest to be using then. okay. awesome. awesome. so this has been some standard name and meet on that one off the market share. if they can,

so kind of time is of the essence as many as we need to get already logged in said this big millisecond, industrial distribution shapes daily for gaming you seen. so this last time comes face of it. for this reason, the vienna stock exchange is most important serve hoover, which deals are made, isn't located in vienna at all. it is in frankfort in the race to buy or sell. it's important to be as close as possible to the main server of the main stock exchange proximity his time and time his money mm. in the 1990 s u. s. trading is divided between the new york stock exchange on wall street with its traditional trading floor and its traditional companies such as ibm and general motors on the electronic stock exchange. nasdaq,

me, markets, actually one electronic 1st and many of us who are part of that transition from florida electronic markets. we kind of were groomed in the european markets 1st and then we came back to the states. matter of fact, your x is quite interesting to me looking back because it was the 1st exchange were where i found, you know, basically a cheap to explain oh, i got a lot of credit and you got a big promotion for finding a cheat on your ex exchange to get prices faster than we should. and years later, when i hit the front page of the wall street journal for my whistle blowing against direct edge, former colleague from hong contacting me by email and said,

hey, what you turned on a direct edge is very similar to what we were doing and your and i've been whistler for a year, and i had not really acknowledged that i was guilty of the same type of thing that i had turned in. you know, i just had an equated the to and it made me realize how difficult it is for people to really see what they're doing in our industry. when we found that prediction, i mean, we didn't know anything about financial markets. our method was to look for patterns in the data and when we found those patterns, then we would design a training system that would make that's based on the patterns we learn. some lessons from left. one lesson was that you've got

a big stock market also to make a good model. you don't have to pretty brain well, if you're right 55 percent of the time. if you make enough depths, then you can make pretty good profit. and unlike roulette, where if you start, when they can just throw you out or friend to break your kneecaps, the stock market, they don't kick you out for winning. so we actually took us about 5 years before we really found something that genuinely worked in a consistent way. once we did that, it worked very well. and so production company traded subsequently for about 25 years. we ended up selling it to us in $2600000000.00. me talked to al jazeera, we can, the army were attacking ringer,

and now they're attacking everyone in me. and my do you regret was like, gosh, we listen. absolutely. nigeria with a woman present, it would be great. we meet with global news makers and talk about the stories that matter on sera, growing up in march and unforgiving circumstances. children learn to pay dangerous gain. those things that have worn down by frustration and broken promises. young men living under the constant threats of imprisonment took me to the chief and blindfolded me the time for them to regain control of their lives is when the boys return. prison lives inside and out. on al jazeera, ah, be the hero, the world needs right now. i must. ah, ah,

unprompted and uninterrupted discussions from a london broadcast santana on. ah you want y'all just bear with me sir robin in doha reminder of our top stories, thousands of palestinians and guards are returning to what's left of their homes after 11 days of israeli bombardment. now these are the scenes of the fragile. com in the strip 24 hours after the fall came into effect between israel and thomas along with allied palestinian groups. nice railey attacks have left thousands of people in garza homeless and have put even more pressure on the already struggling critical infrastructure. the issues that triggered the violence remain unsolved.

meanwhile, tension has remained high across the occupied west bank. almost 100 palestinians were injured in skirmishes with israeli forces me on a legal settlement. close to my la. the president has spoken about the thing sign. he says he's committed to a 2 state solution. true by said they wouldn't be peace unless regional leaders acknowledged israel's right to exist as an independent jewish state before. we still need a 2 state solution. it is the only answer, only answer. and what i'm convinced of is that we can now move as i head did, even before whereas i was able to negotiate wash. and before the cease fire was to go shade that i made it clear that i spoke with president the boss. we were going to make sure that we are going to provide for security in the west bank. and recently we renew the security commitment, as well as economic commitment to the people on the west bank. i also indicated to

the israel is that i thought it was very important that they stopped in jerusalem. this inner communal fighting. that is why extremes on both sides, it has to end until the region says unequivocally they acknowledge the right of israel to exist as an independent jewish state. there will be no peace policy and solidarity health swept across the us in new york protests were held against the american sale of weapons to israel and thousands of people for the 2nd time this week of march downtown chicago, that some participants celebrated the ceasefire between israel and mass and other said the marches to continue call for justice and freedom in palestine. those are the headlines course. you can follow those stories on our website to town. dot com more news in half an hour we returned to the money box here and i was 0. the

ah, ah,

speed is not only essential when operating stock exchange investors and traders also have to react quickly. those who are 1st to recognise price differences between stock exchanges can use this advantage to make a lot of money. at the turn of the millennium, the large banks realize that they are falling behind the competition. in 1999, goldman sachs buying the whole trading company for half a $1000000000.00 hall was supposed to be become like the backbone of goldman and really didn't it. it really was a very, very different culture goldman and at hall and many of the my people i related to and didn't feel at home dissatisfied with the investment banks, business practices, a number of former whole trading company employees leave goldman sachs in 2003

bowed at joins u. b. s, which is planning to open a new trading floor in stamford. he is tasked with creating the infrastructure from the ground up. i remember the 1st time i heard about high frequency traders the there's an elevator with the person who's very, very senior in the business now. and he was complaining about how they would interfere with the trading profits of the desk he was running. but that they didn't make that much money and i was, that was so, so interesting is that the strategy class made a huge amount of volume, but not much money at all. and we were like, why would people do that? you know, why would you do all that work and make such a small profit? many was surprised by the rise of high frequency trading. the financial journalist jennifer niel, kept

a close eye on developments from the very beginning. i'm going to lift the media space if you're going to get to see her took a ball highly. so it should be in the municipal office on facebook side more if it gets cool, hopefully you can use it more for me. i'll be there. she said, i don't know when it's on the money, but if you know, while the explosion of high frequency trading in the early 2 thousands continues,

time, bo day is developing new trading strategies for his employer, u. b. s. he calls it science game. he's algorithm follows the simple logic because large orders are given preferential treatment by the stock market. the money bought dynamically increases in order to remain at the forefront and push out the competitors. however, there is a catch. he has to ensure that the artificially inflated order never actually takes place. if you put huge orders out there of that size and the whole trade, you will go pretty much instantaneously. belly up. ok, i won't go into details, but it happened. it's a game and chicken in a way we had to write algorithms that said, if you traded 30000 contracts, you don't want to trade those 30000 contracts. so try to dump them immediately on

another exchange where some other market makers still getting 30000. so we, we created all the, this algorithm in this kind of, or in terms of getting the largest, what we called participation rate. it turned into this horrible game of chicken and hot potato, where you quoted more than you will then you really should. and there in any responsible manner. and then if you actually got hit, which happened you needed to dump it on other people before before they realized that not potato was coming, it was as stupid as you can get. it was, it was just stupid. so the algorithm that i designed was powerful enough that everybody else had to match it. and that actually brought down the market system, the market data system of the us option market to the brink of like collapse

basically so cool for me. i was like, i just like, literally just love this. i could see how many months it took for another firm to realize what i was doing and try to interest the same algorithm. and it took 3 years for 7 firms to figure it out. i'm bo deck size game turns him into a financial rockstar. however, he knows that he can't play the game forever. it is time to strike out on his own. i walked out with the team and i set up trading machines. it was 2007 and it was designed to be you know, a ferrari, but an independent for a to me, you know, for me it was really a dream is to be independent of didn't realize it was going to turn into an odyssey

. boat leaves u b. s. at a time when the stock market in the usa and europe are changing dramatically. part of this is due to the high frequency treatise, the large investment funds around good by the fact that the small, flexible high speed traders are constantly snapping at the heels. the banks begin to set up internal exchanges, which allow trades to take place in secrecy. more than 40 of the so called dark pools are established as alternatives to the 13 regular stock exchanges in the usa alone. the movement of investors into the dark pools forces the stock market to cater to the high frequency traders. and they soon make up the majority of trade. some estimates put the number as high as 70 percent before long. the banks themselves cannot resist the temptation of the high

frequency money and open up the dark pool to high frequency trading. speed is all important. no, let's see, i call she'd let do let me know when you shall g r o v o d. me was going or should lead, does it now we re before the premises, we launched basically into it. we traded through it. we scaled out all over our rooms and membership. some major changes pretty much hit when i called full footprint, and we went to a half percent us market share pretty much overnight and things were going very well until may 2009. when things mysteriously stops working.

we would basically measure that the trades that we intended to do were in fact profitable. and that where the trans with the machine should be doing over the period of 2009 i started seeing changes. ah, the sub training did. she's quite a bit over the period of time in what happened was i kind of bought into them when i think of now as a miss where people say that that exchange is toxic in and you know, without, you know, there's just kind of a blanket term you know, i'm getting screwed on the exchange. that's but in toxic me. so what i, what was happening is i would keep redirecting our trading towards the changes that

were less toxic. and then there were none. so the last exchange to go toxic was, was direct edge in may of 2009. i was out of the office and for a week and i came back and there was this dramatic change that was so severe that it basically took the business from modestly profitable to flat. in order to confront the problem, time bo deck immediately buys faster connections and price feet. he optimized his codes, but the problems increase. he watches power, leslie, of the blood drains, out of his company, facing bankruptcy. i'm bo deck encounters a direct edge salesman at a party. i

. he just told me he outlined 3 major abuses he'd. i got interested and i remember take out a napkin where we found the pen or something, but i wish i had this napkin. so i'm, you know, i'm like, when this is, do you mean it works like this? and he explained to me these very, very sophisticated abuses. and he said to me that they built all the stuff to attract high frequency traders, but they hadn't done an good enough job. so now they were going to make new high frequency traders. and i was invited in the clubbed become a new abuser. it was 20 minutes of work to fix these problems, but i've been chasing for half a year. and this guy could have just told me half a year ago. and the, if he had told me much earlier, i probably probably wouldn't have crossed my mind how wrong it was. but i was so

angry. you know, it's very clear to me that you either use the sheets or you were a victim. it was designed, there was no middle ground. you don't, you cannot be innocent. once, bo deck discovers the reason for his company's failure. he embarks on a last ditch attempt to save it. however, he is too late. trading machines into bankruptcy during the turbulence of 2010, and 2011. for the 1st time time boat is forced to confront the realities of high frequency trading. do you think the high frequency trading industry wants to say? well, we're using, you know, undocumented special order types and an obscure exemption and regulation and m m s to get to the top of the q. no, they're going to tell you they're faster than you. and that was, you know, that's the false flag let's say, or don't know, the right term is better, you know,

the red herring speed is a red herring for that for, for a lot of, of tricks that my industry has developed to get ahead of other people the activities of the high frequency traders remain hidden from view for a long time in 2010, something happens that suddenly lifts the veil at 2 32 pm on the 6th of may, 2010. the u. s. financial timing, company waddell and reed places, a huge buying order for forward contracts. valued $4100000000.00 using an automated execution algorithm. it is a huge order and extremely promising for high frequency traders. the money bought immediately begin to buy and sell at lightning speeds and without letting up share prices immediately begin to collapse. approximately 3500000 shares are affected and

more than 200 companies lose their entire share value in the matter of minutes. nobody knows what is happening. 13 minutes later, the chicago mercantile exchange is forced to stop trading. so much liquidity has been suck time to the market, but it's in danger of total collapse. after a break in trading of 5 seconds, the market comes down again. the cause of the events of may 2010. he's never fully resolved. the largest flash crashed to date happens on the 5th of february, 2018. its impact is felt around the globe and license deployed in this country. i skipped, i could not even flash crash whistleblower. the boss committed it one day i had to borrow money from the need for the boss from that, because that would, it was money per year and slash crash advice if you are

doing farmers journey from the casinos to los alamos and on to wall street eventually takes him to oxford, where he now studies stability in complex systems like the financial markets. ah, i think part of what happens in flash crashes though we haven't gotten to the bottom flash crashes as well as we should. there are algorithms running and they're just reflexively doing something and they go on right? right on doing it, even though it would be better to stop because that's what their program to do and they don't have time to think about it anymore than running a training system that literally cares about microseconds. that means you have to write code that's extremely spare. your signal hits your machine, your machine can at most point a few lines of code and then it has to make

a trade. you have to do everything super quick. you can think about it pretty much . when i say you, i mean the machine can't think about it very much, i do think we have to worry that as markets go faster and faster where opening up the possibility for an instability. as a result of the collective interaction of high frequency traders with other parts of the market. and we're doing that for no, no useful purpose. and the one thing if we were taking these risks because it came as something that was valuable doesn't give us anything valuable. just makes a few people rich. and they get rich in a crazy way. they get rich by, you know, co locating servers next to the stock exchange and writing algorithms that trade on the instantaneous glitches of the other orders hitting the market. critics of high frequency trading, who spend years in brussels,

trying to achieve key you wide regulation. the privatization of markets encouraged by the use 2004 method, one directive results in stock exchanges having to look for new clients. a similar regulations did in the usa. as a result, high frequency trading gains and increasing foothold in europe's markets. regulations pertaining to high frequency trading that were passed by the e u parliament or overturn the last possible moment by the finance ministers in the comes to the european union. 15 as a form of nonsmoker vinegar, tomatoes and field sweaters and even done in constitute and to show what i don't think would you look again, be done with that? he's a bike, a title had to be back. we'll decide patman to my told him to. so if and she doesn't, so it's what doesn't clients and he's a think with the on the finance, not really with you. and i know i know you went to that scene. got i had cars on

the stuff on 101 of your view devices. he asked them if it would come the count the you parliament agrees on a holding period of no point 5 seconds and a cancellation fee designed to restrict high speed trading. that is done about the sexual consider cliquish. i thought the meet the truck and how can, how do i get in touch with wasn't it wasn't the non spencer not to london. looks on bush police fun as into the finance, but it just died not happens when i got liberties union with him. if it comes in nice to name, well not really hamlet deed for the sofa like that hundreds. be acting like this is for the law. the hi. this is mind. hold off, don't implement the,

isn't i in front of them so that will fit in to give them to meet the truck and the interest in the lobby is $100.00 smith had financed marked the legal and plan a plan on thinking that we could spend titan click on the letter from a given that we can spend on this. i think it's all that as often as you can see it on the satellite. so that i as a kind of dealing part of your time, if it's locked in 2012 the same year that the you start working on the method to directive home bow deck becomes a whistleblower in the usa. he has met with powerful opposition and the bankruptcy of his company affects him deeply. to me it's

not about, you know, be possession right. and the status symbols to me 1st rejected. but then i realize at some point that you literally get paid in that you get more opportunity. you get bigger bonuses if you want a boat, right? they tune your compensation, what they expect your demands are. that's how the business works. it's very, very difficult to play the wall street game and be modest. you are not rewarded for modesty. and i will say after a long period in the business, it did start to corrupt me. and the whistling was, was an amazing experience with and i think i've been corrupted by the business. and i will tell you one of the 1st time as i realized that i was, was when i had to mow my own line. i live in an area where people don't know their

own lives. so if you go and i know you're online, it's noticed. and i will say that setting back was liberating, but it took a lot longer than i thought. it's disturbing how much those symbols of status and wealth become essential to people feeling self worth me most of the retaliation was done through the industry quietly and. and you know, it was kind of a strange mix in that the people who were

least supportive where the, where the victims is completely confusing. i thought that what i did was providing information that would balance things and kinda repair the industry or the victims were basically embarrassed. what investment bank wants to admit has been routing orders that have been abused for like 5 years by exchanges. high frequency traders what pension fund wants to admit that. right, so i didn't get the love for her from that side of the fence but was very strange is i got a lot of attention from the high frequency traders, especially a high frequency training executives who kept trying to reach me back.

i will say that the process made me respect the bad guys way more than the rest of the industry because they were actually right about the risks they were right about the regulatory response. they pushed things to a level where they could manage it and they didn't go beyond it. there was one president of a large, high frequency trading firm that had multiple percent market share, 4 percent market share. and he told me, says, even if you tell everybody what we're doing, the buy site is so lazy, they won't read anything, they won't understand anything. they just won't do the work. you can just put it all out in a map and nothing will change. and i said to him, so we'll see about that. so year later, i'm at a conference where i debated him and after the conference i said,

you're totally right. but anyway, worst over everyone's head, i was like there is, i think over 500 pages in the federal registrar of changes and documentation on features of exchange. its its entire purpose was the level playing field. and i think the only people who really read it were library and the traders look pretty much because you know, some boys do homeless small the lawn. thought i machine even more so me la casita, go machine, a book, computer net good on book presented. good on the mission of the regular history. so when i got into this business, i thought the whole point was to replace the old boys club to get rid of it. and what i learned after 20 years is what we ended up doing. so we automated the old

boys club. it's alive driving. it's in the goes. ah, news, news, news, news, news. hello, once again we got more very wet weather into the deep south of the u. s. storms continue to bang away here, just around the se in side of texas into louisiana. you can follow that cloud of rain about a cloud and rain up towards the midwest pushing into central parts of canada.

cooler. where does talking behind this weather system. we'll see cold enough the some snow over the rockies as we go one through the next house. i noticed some snow with a northern flank of this weather system just rolling out to manitoba, pushing across into one terror. 10 degrees celsius there. in when he peg. well, down all the sort of values that we saw earlier on in this week where we're getting close to 30, we're up above 30, over towards the eastern side of the us. not too far off. there are 2 at around $27.00 celsius, more showers, continuing down towards the deep south. most showers linger on as we go on through sunday. noticed that snow just around the mountain states, montana, idaho will continue more disturbed weather coming through here. and there's a lot of the storms that we have around the southern parts of texas, louisiana, extend across the gulf of mexico. we'll see more wet weather coming in. just around the, accompanying sheila into central america. where to whether they're too into, to make into hispaniola and she was there for the eastern islands. ah,

for decades, criminals made millions tracking drugs through thailand, 11 east explorers where the country has now become the 1st in se asia legalize medical marijuana. on al jazeera, the palestinians returned to what's left of the homes as a ceasefire between israel and hamas holes. in garza. we still need a 2 state solution. it is the only answer to the 2 state solution is the only way to peace in the middle east. as he pledges to organize help to rebuild garza ah, hello.