because with a big voice by landlord to make them pay, nobody prices to leave over $11.00 a made of them and exposes the business one al jazeera. ah, i don't o'clock into the top stories here and al jazeera and us secretary state has met israel's prime minister benjamin netanyahu in western islam. actually blinking his writing international support to help with the reconstruction of garza. but he insisted that mass must not benefit from the aid investment like these will help foster a more stable environment that benefits policies and also benefits israelis. promise right, have a chance to discuss other steps that need to be taken by leaders on,

on both sides to set a better force for their sure in the future. as president biden said, we believe the palestinians and israelis equally deserved to live safely and securely, to enjoy the freedom opportunity and democracy to be treated with dignity. when that press conference, israel can take a prime minister benjamin netanyahu warned that his country will have a powerful response if a mass breaks a sci fi, we discussed also how to improve the lives in the conditions of the palestinians. the managerial conditions in gather including the question of the return of our m i. s and to civilians were there as for peace itself with the palestinians, a formal peace, i think present invited was absolutely correct when he said, you're not going to get peace until israel is recognized as an independent jewess state. and that is the key. i couldn't agree more. diplomats give it to james brace

was following that meeting in west jerusalem. it's clear, it's prime minister netanyahu probably gave the secretary of state from what we heard in public behind closed doors. quite a strong message on iran, and the u. s. his efforts to rejoin the iran nuclear deal that though is not well the us wants to talk about today. they are here after that 11 days of conflict to try and keep the com and keep the c swan going. and that is the focus, certainly of the biden administration and secretary blinkin who is here today, but the focus doesn't go any further than that. you listen to that news conference and you compare it to last time. democrats are in power and the bomber administration, which i biden was the vice president, and there were certain words missing that used to be said every single time you had a news conference like this. and that's the word to state solution. because the

whole idea of trying to get negotiations going and getting israelis and palestinians talking again is not on the agenda. they're going to try and make the lives of palestinians better with funding for reconstruction, particularly in gaza, and with assistance and investment. in the west bank, but there is no effort from this administration and no plan on the horizon to restart active diplomacy leading to negotiations. and i think that's because they feel at this stage, there is no way that's going to go anywhere. iran has announced 7 candidates who are approved to run for president next month's election. all kinds of it's must be vetted by a panel overseen by around supreme later. i told eli how many those make you the list include around you just re chief him and i see who run unsuccessfully in the last lesson. several high profile figures were bought from running, including for were president with jack and a former parliament speaker. of molly's intern,

vice president says he's ousted transitional leaders and is stripping them of the powers colonel assuming greater accuses the president and prime minister violating the transitional charter, be held in a military company in a capital mikka going to says elections will take place next year. as planned, he led a q last august through the car cater. your opinion is considering further sanction, some fellows that accused of fake in bombs go to force a plane, landed minutes in order to arrest government critic who was on for more than one point. 5000000 people have been evacuated from 2 states in india has severe cycling . yes. as down on these coast is likely to come ashore and deja and west bengal early on wednesday is the 2nd likely to hit the country in just a week here. headlines. more news coming up here on our 0 right after money like know, ah,

ah, the february 2018 at 3 pm. little time the don't jones plummet 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. panicky raps that 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 use. the. how is 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 the one on the $1500.00 figuring out which 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 100 that doesn't because they have a trusted out to have a tullison. when the veterans massaged 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 what stock market we're 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 bots, money bought high frequency traders, place their 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 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 was 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 derek 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. all this antique and heim bottex plays in a 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 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 bone. if one knows its 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 or like any mountains, def antiques company is working on making the fastest data connection between new york and chicago even faster. no. who some consider monterey sampler, dim over in feeble, said feeble, our own toilet data center. put me out to allow he just kinda had you monday actually left for me. sure. on could the don't the senior how do you solve? were you just a no to say it was sheila repeated the maneuver analogy, you get more it should be teachers can push it to or if with absurd faith to live on the shana was willing shorter to get the snell poker depreciate.

go going new jersey. she'll mean, do i want you to know her songs? i've been one to fail minus you see people come laska, you cause the form you know on do i sorry to stone the tone that he was told that he was the she doing course? no, no, no, don't that he was down to the passenger leaking more i do show 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 microprocessor. it just seemed 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 arm. 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 the crew. k spins the ball until the ball until that gets close. there is typically about 10 seconds to pass 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 the 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, a 2nd. doing farmers 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. 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 in that is that your average 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 1990 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 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, i'm bo. dex 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. allie poke you. she was pizza to cleveland today on bush disease. you. a. m

g said medea better? i'm a shows officer. been p l. a book you should say get more on bush and if he can, i don't really know the initial excuse. he appears to declare to secure the met him metal penal shayla . vive, don't you know of a d. this is the duck. if you can, you know, keep the shortest. if you can do that, if he's a computer, he's double heated. the 3 are likely to buffet month. yeah. the question, the go. so you're going to zeppelin, he must show the good i both. so, me see, come am, i'm on the show kayla. been to a plan for bone care from the d. v on. but he inactivity too much of a problem. looks al moon city. sit on that. if he's here for food, if you did keep out of me,

he shifted montana her sheep process. he r t the if you did the media, the new panel, while we were doing that, let project, our friend rob sharp 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 amazed because you could see that 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 patents, paternal 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 the 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 sounds good. stock markets are inherently unpredictable. those are very popular theory at the time. 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 seller most. and we gathered with some other younger scientists and business guy and started and

company to use computers to the stock market. this was a 991 and we called ourselves production. come me. ah, i said those are better one. yeah. i think most me and the reason for my call to see these are the not the fund isn't it gets a lot kurt that she wants to still continue to move. you know, these are also a in the future. you can also going to be able to see along, i'm going to go into the on the, on the parry 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 $100.00 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 presence of stock exchange computers. we have some data in thanks and this is the stations and on and him on the internet . so he's a human community of interest. we've using them. okay, awesome. awesome. so this has been some standard name and meet them on that one off

the market share if they can. so kind of time is of the essence. i mean, you had to get already logged in, said this big sticky millisecond, industrial distribution to shift more daily for on gaming between. so finance is less than countries for this reason. the vienna stock exchange is most important server 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. 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, contact 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 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 only, 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 learned some lessons from the 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's 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, 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 b. s. in $2600000000.00,

they may not the top of the table. 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 fall behind jimmy's and poly for nobody, the funds you make football on just you june on a jessie who will take half honey's, place will bring you the latest from the runs presidential election on june 18th, the bottom line returns to discuss current developments in us politics and how they affect the world member state to gather in the u. k. on june 11th for talks on key issues at the g 7 summit, a new series portal brings 0 award winning digital content to our tv audience.

and the sentencing of derek children will be handed down on june 25th join us for lloyd coverage at the historic us court case reaches a conclusion. june on our jazz ah, ah, i don't o'clock into the toaster heron al jazeera and the us extra estate is met israel's prime minister benjamin netanyahu in western islam. entity blinking his rallying international support to help with the reconstruction of gaza. but he insisted that her mass must not benefit from the aid. just an investment, like these will help foster a more stable environment that benefits policies and also benefits israelis. promise right, have the chance to discuss other steps that need to be taken by leaders on,

on both sides to set a better force for their sure future. as president by the said, we believe the palestinians and israelis equally deserved to live safely and securely to enjoy the freedom opportunity and democracy to be treated with dignity would not press conference. israel can take a prime minister benjamin netanyahu warned that his country will have a powerful response. if i'm ass breaks a ceasefire. we discussed also how to improve the lives in the conditions of the palestinians. the managerial conditions in gather including the question of the return of our emma ays and 2 civilians were there as for peace itself with the palestinians, a formal peace, i think. present inviting was absolutely correct when he said, you're not going to get peace until israel is recognized as an independent jewess state. and that is the key. i couldn't agree more. molly's interim vice president

says he has ousted transitional leaders and stripping them of the powers kind of see me going to accuse the president and prime minister violating the transitional charter be held in the military camp. capital bank, a guy that says elections will take place next year as planned. he led a cou last august that overthrew cater iran has it, and 7 candidates who are approved, run for president next month election. all candidates must be bettered by pennell overseen by iran. supreme leader told eli how many those making the list include around students, re g for him, icy, who ran unsuccessfully in the last election. several high profile figures were barden from running, including former president, matthew dominic jet and a former parliament speaker. you're up to date headlines, more news coming up here, a non 0 off to return to money, bolts by mouth. 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 buyers, the whole trading company for half a $1000000000.00. hall 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 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 when 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, that was of 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 writings of high frequency trading. the financial journalist jennifer niel, kept

a close eye on developments from the very beginning. i'm not going to lift the media space if anybody on the table, those are the calls that most highly should be in the office on facebook said more on that they'd get the whole thing to get more for me. i'll be the, 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

high, bo day is developing new trading strategies. pres, employer, u, b. s. he calls it sighs 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 in the whole trade, you will go pretty much instantaneously. belly up. ok, i won't go into details, but it happened to us. 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 30000. so 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 in 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 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

was so cool for me. i was like, i literally just loved 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. 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. 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. then 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 goodbye 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 pooled 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. no, she'd let it as soon as you me, when you shall g r. o v o. jimmy, who is going or should lead, does it or, you know, 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 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, we 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, the last exchange to go toxic was, 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 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 bow 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 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've 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 you know, 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, painters 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 queue. 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 know the right term is better, you know,

the red herring speed is 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 planning 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 chance 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. that 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 before it comes to shop, i escaped. i could not flash crushed with the glow savant commodus. one day, i had the bank money from the need for the boston that because after voted with money pull year on the flash crash advice if you are

doing farmers 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 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 run 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 pretty much i do think we have to worry those 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 came as something that was valuable doesn't gives 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 foretold in europe's markets, 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 and financed amount, vinegar, tomatoes, and felix windows, and even done in, constitute 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 and these are think will be on the finance. not the legal dealing. i know,

i know you went to that scene now. they had cars on the 100. i don't want you to buy as the estimate would come to 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 cancer jointly cliquish. i talked with each doctor how can, how do i get in touch with wasn't, it wasn't the non spencer tradition. london looks wish me police fun as it is and you know what? it would not happen when i forgot to leave you in with them. if it comes in the midst of a name, well, not really humbling for the sofa. hundreds, getting used to this for the law was the heart of mine who will implement these and

i in front of them who got to sit in to give them to meet the truck and vans. if the interest and lobby is crunch, honda smith had financed marked illegal and plan a plan on taking that track and then click on the financing. did you want me to spend also, as i think it's all that as often as you can see it on the satellite. so as a kind of being a part of your time, if it's locked in 2012 the same year that the you start working on the method to directive home beaudet 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 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, would they expect your demands or that's how this 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 in think i have been corrupted by the business. and i will tell you, one of the 1st time i realized that i was, was when i had to mow my own line. i live in an arrowhead where people don't motor

on lines. so if you go and i know you're on line, 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 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 risk 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 side 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 saying 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 music traitors. pretty much because you know, some boys do homeless small. the lawn thought i machine even more so mila chrissy don't go 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, ah, the ribbon are in flows to the coldest region of cuba. gast, on temperatures have dropped to 20 degrees below 0 at this time of year. but the driving snow and bitter winter conditions aren't enough to keep these men from working on the ice and in the freezing water. because the river north contains gold, ventral villages along the narrow river. ben canning for golden. this area for centuries. the best time of year to do it is the winter because the river is lower than during the summer months. these tiny little yellow flings. you can see might not look much. it was around $50.00 in the gram. ah,

ah ah, ah, it's time for the journey to winter sponsored by cattle airways. hello, storm clouds over the top and of south america are producing some very heavy rains case in point northern peru, 571 millimeters over the past 24 hours. you should get about $274.00 for the month of may. and that intense rain will continue on wednesday, across the amazon basin. you know, those heavy rains are starting to live further north pushing into central america. so from san jose, costa rica rate through to panama. that's where we're going to see the heaviest rain on wednesday. and across the caribbean, we do have the risk of some pop up thunderstorms. punta cana. we put you in for

a high 30 for on wednesday, off to texas. were really some rain and storm has been parked over the state for the last several days. you know, usually i show you the 24 hour rainfall total this the 8 days rainfall total under more than $200.00 millimeters. well above what you should get for the entire month of may. the showers will continue through texas on wednesday as well, but they back off the sun and we have a cold friend from james b in canada coming all the way to mississippi, which could sparts and thunderstorms, east of it. we've got some high heat and we could break records including in washington d. c. 36 on wednesday. the record is $37.00 sponsored call cut on airways, bitcoin block chain, and crypto currency. disruptive technology join with b and introducing a bill to outlaw crypto currency. all the way to a fair financial system with big open source software,

we can create money without being a government award winning filmmaker toast and huffman looks at all sides of the complex crypto crypto bit going look, things in the internet on our sarah the news. ready this is al jazeera ah, over there, i'm the cloud business and use our line from coming up in the next 60 minutes. the u. s. secretary of state is to meet the palace than you know, authorities, leadership, and continuing effort to shore up the seats. 5 calls for the release of molly's president prime minister and defense minister who all been arrested by the military .