the crypto bit going not changed and the internet on out of sarah ah hello, nick locked into the top stories hail out 0 and the full extent of israel's 11 day bombardment on cars or is coming to lights is humanitarian aid begins to enter the proceed strip united nation says $800000.00 people no longer have regular access to clean water. after half of the water pipes were damaged and it strikes some of those injured in israeli. yes. right. still haven't been told that family members died in the same tax zeros. harry force it in garza, i met one family battling personal tragedy. so tongue mercury was wounded in the 1st minutes of his conflict. his pain has barely begun. he spent 5 days in tacoma and now had 4 major operations on life changing injuries. but so con isn't yet

fully awake to how much his world has changed. his family is keeping it from him. i said, i was on the street. we were hit with a rocket, myself and my cousin. we fell down. so tom hasn't been told that the blast also kill his brother, oxford and sill tons. only child 15 months old on family members say they could see the rocket flying directly towards them. low to the ground, out here in the street is where. so tom sustained his injuries. this is the precise place where that is really munition came in and exploded. he was among a group of his extended family who are playing here, putting hay and sacks, and in an instant, 8 of them lost their lives. 7 of them children that was among the 1st is really strikes of the conflict. this was among the last the family home hit on thursday night hours before the sci fi took effect meters from that impact. so times cousin sits with his father mohammed last deny in the same attack,

but every one is most worried about. so ton of the habit, but he's emotional. he loves his son too much and his brothers, his soul is with them. we are afraid that something might happen to him. his injuries are so serious. garz's main hospital is full of personal tragedies and exhausted stuff together too many people couldn't come to the hospital during the war. normal injuries, diabetes suffers those with high blood pressure. they couldn't reach the hospital, and the ambulances couldn't reach them because of the damaged roads. medical equipment and fuel just starting to get in at the hospitals, need regular electricity and clean water infrastructure that needs rebuilding throughout the strip. the destruction of this most recent war is creating grim new landmarks to go alongside those previous war and the one before that. so much, never rebuilt, everybody is saying it's not be business as usual, you know, the definition of insanity doing the same things with the same bad results. we

don't want to go down there again, how we manage that. it comes down to political will by everybody, to recognize that we just can't continue this way. for years this has been the way in gaza. life getting steadily more difficult, more hopeless promises of change have come before and gone before. garz's people long accustomed to making what they can of things among the ruins. harry falls at algeria. northern garza, a volcanic eruption near the city of gamer and the democratic republic of congo has forced thousands of people to flee. at least 5 people were killed in a car crash during the rush. the rewinding government is opened in order to let people in, rescues in china and searching for missing athletes after 20 others died in extreme weather. 172 runners were taking part in ultramarathon race in mountains near china is by in city in northern at gain su, province rescue coordinators. a section of the 100 kilometer course was hit by

sudden hail freezing, rain, and gale force winds. the race was stopped after the athlete when missing. the poles president has dissolved parliament and has set a date for new elections amid growing anger of the government's handling of the pandemic. prime minister k p sharma, early lost a vote of confidence in parliament. and this month, 1000000 people have now died from cro virus across latin america. argentine has gone back into locked down for the 1st time since last year. it's reported more than $35000.00 new cases for 3rd day in a row schools and all non essential businesses. they're closed until the end of the month. today with headlines, more news here and out 0 right after money bought off now. ah,

the february 2018 at 3 pm. little time the down jones plumb, it says that the 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 panic erupt. 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 hot chick campaigns for more transparency in the financial sector than the one on the 1500 figuring out of chevy. it's nice to see some of the st. louis by him and he has to live with me, they couldn't and talk to hundreds. doesn't he get a chance to go to a 1000? when the veterans eating zine, he doesn't need to sign that the facebook applies to clean. 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 why the 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 box. 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 the 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 i . oh, 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 markets. 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 internet related outage caused us to lose control over the engine that was in frankfort. and i remember for a couple of hours trying to validate that the engine itself, liz, demobilized,

ah, it turned out my engine was actually live. ah, i had actually designed to feature that said if you break connection with the mother ship, stop trading. but that feature had a parameter. it was off. i had this engine that was basically trading. it could last us $30000000.00 right. it, 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. oh, this antique and heim beaudet 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 salt and blair. whoa, 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 bowl. if one knows the 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's leg,

in the mountains, if antiques company is working on making the data connection between new york and chicago even faster. no who some consider monterey sampler him over in phoebe said he bought on toilet data center for me to allow him to can had you monitor actually left for me. sure. it could be don't the senior how do you solve? were you just a no to say it was sheila repeated the maneuver and then you can check your monkey for it should be teachers can push it to or with absurd faith. to live on the shana was willing shorter to get the snell poker depreciate go risk new jersey . she'll mean do i want you to know her songs? i've been one to fail minus you see i'm to to come laska yang cause the form

you know on do i sorry to stone the tone that he was told that he was the she was no no, no. don't that he was told to look, passenger leaking more i'd use you into an algorithm, is a rule for answering questions. algorithms provide the foundation for farmers bet, said the casino. oh i a computer is required to process algorithms quickly at the time. however, these are large expenses are. these begins to change in the meet the teen seventy's, the 650 to michael processor. it just come out. same like a 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. and 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 that creepy k spends the ball until the ball until that gets close. there is typically about 10 seconds that past 10 to 15 seconds on. so we had to be able to take the data or 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. bama 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. farmer finds himself at los alamos,

where he investigates methods of predicting the weather, among other things. then the world changes, or at least the world of money. and let's go to the financial counter bill, how late to find out what's happening on wall street. one word to describe what's happening to them that is panic kills industrial energy is almost 200 pointed down by 191. all right, now, 345000000. available on world 3 data, jones industrial average right now. down 271.53 point putting the down below the 2000 right now. right now. and 1975.20 during the 1900. 87 stock market crash investors attempt to dump their shares in a panic. now 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 $990.00 s, the company is considered a measuring stick by many traders, ah, like doing whole trading companies, found a black hole. and the recently put his mathematical skills to the test in las vegas, where he counted cards at the blank check tables in the 1900 seventy's. he is one of the 1st to recognize 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 dick joins holstein 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. and the book you show was peter to cleveland with a on bush. did he show a g. c medea bedroom, the shower. i'm a shows officer. it had been p l. a poker. she got more on bush it if he can. i don't just really

in the show. scuse peter declare to secure the met him at the penal shayla. these don't, you know, of a d, this is the duck. if you can, you know, keep the shortest. if you are making sure current is active, use the computer. he's double. he did the 3 are likely to buffet month. yeah. the question love. so you're going to put, he must show the good i both so me see, come him. i'm on the show, kayla bennett perry. bow a plan for bunker from the delivery on. but he inactivity too much of a problem though. so i'm going to sit down that if he's here for food c d c panel had he, me, he shifted morgan of her sheep process. he read the like, if you did a present media that was new power, while we were doing the real project,

our friend rob char came over and said, i just found out about this amazing thing. chaos. so we went up to the lab and we looked at the simulation on the analog computer and we were just mathes 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. tom devotes himself to studying the 10 predictions to be made. one of his 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 emergency services, valuable time to evacuate people in danger, moon. every time i would talk about this, somebody would say, well, have you played 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. was a very popular theory at the time that 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 the selim us and we gathered with some other younger scientists business guy and started and company to use computers to the stock market. this was a 991 and we called ourselves production company.

mm. ah, i said those that one. yeah. i think most of the reason for my call to see these are, you know, the fund is and they said that she wants to still continue to move. you know, these are also a you feel like it goes also going to be able to tell you alone, i'm going to go into 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 be in stock exchange. the exact location is kept secret and there is no official confirmation of the presence of stock exchange computers. we have not seen thanks, and this is the nation's anthem and him and so he's a community of interest in in. okay. awesome. so this has to be up in seattle and the name and meet them on that one off the market share if they can. so kind of time is of the essence as okay. i mean, if you need to get already logged in,

said this big millisecond, industrial distribution shapes will deliver on gaming. you seen so finance this less than countries for this reason, the vienna stock exchange is most important server over 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. he's money. 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, the europe markets, actually one electronic 1st 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 we're where i found, you know, basically a cheap to exploit are going to create and you get a big promotion for finding a cheat on your exchange to get prices faster than we should have. years later when i hit the front page of the wall street journal for my whistle blowing against direct edge, former colleague from home, 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 hadn't acquainted the 2 and it made me realize how difficult it is for people to really see what they're doing in our industry. when we found a 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 well if you're right 55 percent of the time

. if you make enough that, 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 you vs in $2600000000.00. they may not the top of the trade. they might not have the biggest stadium, but they stand tightened in the face of the fascist,

for rights movement. you want to show the world that the good guys can sometimes when they are the falls behind jims and poly for nobody, the funds you make football on just deal in the 1st episode of science in a golden age. i'll be exploring the contributions made much scholars doing the medieval slamming period in the field of optics. professor jim alcholay li brings the videos of a past light point incredible, so much doesn't the real, all we've done is lock out the light from the room and then allow it to come to the school episode one of science in a golden age on al jazeera ah al jazeera, as a you ah,

all ah, i don't, no clock in there. how the top stories here are now to 0 and the united nation says 800000 people in garza no longer have regular access to clean water. after half of the water pipes were damaged in israeli asteroids. utilitarian 8 is beginning to trickle into thousands left homeless and tele eva read. demonstration has been held in support of the palestinian people. hundreds took part in the rally, organized by left wing and palestinian israeli political parties. thousands of people live all together, didn't bay ruge. the martyr squared demonstration was held in support of the palestinian people to denounce israel's attacks against me. the organizations during the conflict protested in london and call on the government to impose

sanctions on israel. organize it once more than a sci fi for palestinians, say they've been prosecuted for more than 70 years. a volcanic eruption near the city of goma, in democratic republic of congress. it's for thousands of people to flee. at least 5 were killed in a car crash. during the rush, rwandan government has opened its border to let people end up. we don't know what to do, we don't even know how to, there's no information, even on the national channel. people are panicking them and we don't know if we should stay in the house to talk. we've come from the village fling the fire from the volcanoes lava, looked into the sky and saw the red color from the volcano. we are looking for a place to shelter. the poles president has dissolved parliament and set a date for new elections amid grow younger. over the government's handling of the pandemic prime minister k p sharma, early last devoted confidence in parliament this month. summer supreme court as

overturned the head of state, the decision to suspend parliament, his decision was found on lawful paper, waive the false party leader. may not matter to be sworn in on monday as his 1st female prime minister, current prime minister has been in power for 22 years. 1000000 people have now died from corona virus, across latin america. argentina has gone back into lockdown for the 1st time since last year, as reported more than 35000 new cases for 3rd day in a row. schools and all non essential businesses are closed until the end of the month. at nighttime curfew has been put in place. headlines here and i was 01 use right. often money bought continues me speed is not only essential when operating a 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 realized that they are falling behind their competition. in 1999, goldman sachs buyers, the whole trading company for half a $1000000000.00. how was supposed to be become like the backbone of goldman and really did it. and it really was a very, very different culture goldman and then 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, bowden 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 is 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 there 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. to financial journalist jennifer niel kept a close eye on developments from the very beginning of

the book. you wanted to lift the media space if anybody on the table so more highly. so you should be in the municipal office on facebook said more on that, they'd get the whole thing to get more for me. i mean, if she said that much more know when it's a little on the money for the most. if you know, while the explosion of high frequency trading in the early 2 thousands continues, time, bo day is developing new trading strategies. pres, employer u, b. s. he calls it size 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 other it's a game and chicken in a way. we had to write algorithms that said, if you treated 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 quoting 30. 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 want in, then you really should 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 the data 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 collapse. basically it was so cool for me. i was like, it was 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 introduce the same algorithm. and it took 3 years for 7 firms to figure it out. hind bo deck size game turns him into a financial rock star. 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. 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. i didn't realize it was going to turn into an odyssey . buddha 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 traders. 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. the high frequency trading speed is all important. now she'd let me know when usual g,

r o v o d, me was going to should lead, does it now we bought it before the prices we launched, basically into it. we traded through it, we scale it out all over our rooms and membership. some major changes pretty much hit when i call 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 trends of the machine should be doing over the period of 2009 i started seeing changes. ah, the south treating did change quite a bit over the period of time and what happened was i, you know, kind of bought into them when i think of now as a mis 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 took

a toxic which was direct edge in may of 2009. i was out of the way from the office and for a week and i came back and there was just dramatic change that was so severe that it basically took the business from modestly profitable to flat. in order to confront the problem, time both immediately buys faster connections and price. feet optimize his, his codes, but the problems increase. he watches power, leslie, of the blood drains, out of his company, facing bankruptcy. i'm bo dank 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 taken a napkin where we found the pen or something but i,

i wish i had this napkins. 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 dick 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, i'm both, he's 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 an area of a red herring for that for, for

a lot 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, tiny 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 blessing 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 sucked out of 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 i think the point in this country shop about, escaped, and fish could not even flash crush whistleblower savant commodus. one day i had to borrow money from the need for the boston that because i would have money per year and slash crash advice. doing thomas journey from the casinos to los alamos, known 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 got the 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 any more than that. running a trading 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 think about it very much,

i do think we have to worry that as markets go faster and faster, we're 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 gave us something that was valuable. doesn't gives anything valuable. just makes a few people rich and they are 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 foretold in europe's market, regulations pertaining to high frequency trading that were passed by the parliament or overturn the last possible moment by the finance ministers in the comes to the european union but if it came to the phone, you want to finance vinegar, tomatoes and field sweaters, and even done enough to treat and to show what i think will you gave him the guns with that he's a by good talking to me in the back when i put on my toes into it. so if and she doesn't so it's what doesn't clients in these are think will be on the finance not the legal dealing. i know. i know you went to that scene got i had because i'm like 100. i don't want you to buy as the estimated cost would come to count the

e u. 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 cancer jointly cliquish. i thought the meet the truck will happen. how do i get in touch with wasn't it wasn't on special edition london . looks wish me know all, but he's really fun as it is and you know what? it would not happen to him. i forgot to leave you in with him if it comes in, it's nice to name. well, not really hamlet deep for this kind of 100. be at the end of this is for the law. the hi. this is mind. hold, implement these and i, i in front of them. so got it sitting to give them to meet the truck and vans. if the interest in the lobby is handled,

smith had financed marks illegal and plan a plan on the democrats thinking that we could spend trenton, click on it to let you know. did you want me to spend also does. i think it's all that as often as you can see it on the satellite as a kind of being 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, the possessions. 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 both 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 think i have been corrupted by the business. and i will tell you, one of the 1st times i realized that i was, was when i had to mow my own line, i live in an area where people don't mother lives. so if you go and i know you're online, it's noticed. and i will say that setting that 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 a 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. but 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 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, but 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 could 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. the traders look pretty much because if you know some boys do homeless small the lawn, thought i machine emotional home la casita got machine a book, computer net good on google presented good on the machine at the regular can street . so when i got into this business, i thought the whole point was to replace the old boys 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

the hello, across the middle east, we're going to dial up temperatures in saudi arabia. look at re adds 44 degrees, you know, let's look ahead at the next 3 days. see if we can keep it going. and yes, we can. the average is 39 degrees, plenty of sun in the forecast here for the next few days, take you to turkey. temperatures have come down and it's stumble and anchor. we had a front sweep through just the other day on cra within the low thirty's. now you're in the low twenty's on take you to central africa because this is a bit unusual r tropic zone. we're not seen the widespread rains that we usually see. i think the biggest threat for some heavy downpours will be, as we head towards south sudan and also sections of the democratic republic of congo. go a bit further south to the western cape and things are looking good for cape town,

22 degrees. ok, let's go for a closer look and see what we find out a cloud to be found. port elizabeth, 23 degrees. we do have some showers running through central parts of mozambique, coastal areas of madagascar. and now back to cape town. here's what we can expect to see over the next 3 days. plenty of sunshine. it looks like our next run at rain won't come until tuesday, and even then it's just a 40 percent chance of showers. 90 degrees will be the high for you on tuesday. the growing up in carson, unforgiving circumstances, children learn to play dangerous game. the thing is to have worn down by frustration and broken promises. young men living under the constant threat of imprisonment. they took me to the chief and blindfolded me the time for them to regain control of their lives is when the boys returned. prison live inside and out

. on al jazeera, no rain for months. our cause, once lush vegetable garden has turned to dust, she says it's as if the land has given up on her, but she has not given up on the land. in this land you could grow not just to biscuits, but carrots, potatoes, onion, cauliflower, if only we had water during the rainy season. it's another story. the land springs to life. the state pays. i know others to plant trees as part of the great greenwald project. an initiative to stop desert indication from east to west africa because of the rising temperatures and the lack of rainfall, most of the trees planted are either dying or already dead. and while polluting countries have recently pledged billions of dollars more in funds for this project, people here say they're throwing money into the desert. they say they don't need

more trees. but more access to water the international age starts trickling into god's there is the un one's 800000 people can't access clean water following the israeli strikes. ah, hello welcome. i'm peter w, watching out to hear a lie.