prison lies inside and out a tailor fingers and murders on alger, their unprompted and uninterrupted discussions from london broadcast center on our 20 i hello, i'm down, jordan del. how with a tough stories here on j. r. how masters political lead in garza warning of a religious war. israel persists with its policies around alex, a mosque occupied east jerusalem, and elsewhere in palestinian territory. yes, yes. sidwell accused us secretary of state, anthony blink. and i've tried to stoke palestinian divisions, but lincoln's been in egypt and jordan off the intensive tubes that israeli and palestinian leaders the tool give a boost the sci fi. and lincoln says he hopes to build on it. and i'm on my conversation with his majesty touched on again,

a range of topics including the urgent work we need to do together to meet you mandatory and reconstructs needs and gaza while ensuring that the palestinian people not a mos benefit from this assistance. we discuss jordan's central role as a custodian of muslim holy places and the importance of preserving the historic status quo at your response. all the sites. jordan also plays a vital role in the west bank. the u. s. re engages with the policy people in reopens, our consulate and jerusalem will have a lot of work to do together as well. well, our diplomatic editor james base is in western lemon. explains how jordan and others in the region have viewed lincoln's visit. jordan has a role the hash might monarchy as the custodian over the religious sites in jerusalem. so that's a particular concern for jordan, for jordan. i mean, they have, i think over the years of the trumpet administration, those 4 years become privately very concerned about the situation. they didn't

light the cushion plan. jared cushion of donald trump's son in law's plan for the region. they run nerved by the fact that he was moving away from the traditional status quo. i think they will be encouraged by the fact that century blinking it operates a more traditional type of diplomacy, as does the biden administration as a whole bought secretary, blinking for now is only focusing on the see spot and keeping the calm. he's not going further and i'm sure jordan would like him to go further to restart negotiations towards a 2 state solution. well, katara paid half a $1000000000.00 towards garza's reconstruction. the gulf nation regularly contributes millions of dollars in the humanitarian aid to the besieged strip. cutter was part of the mediation efforts to secure the seaside, broken by egypt and israeli court of agenda decision on more forced evictions and occupied east jerusalem. there were demonstrations outside the court,

6 palestinian families, and so one can lose their homes, job buttons or to the us intelligence agencies to report back on the origins of the corona virus within 3 months. it's an indication the administration is seriously considering the possibility. the virus accidentally need from a chinese lab, some accept the theory across the humans from an animal. australia 2nd, most popular state has been put into another snap, locked down at least 26 new cobit 19 infections have been reported this week, and victoria contract tracing has identified 10000 people who may have been exposed . german scientists believe they've worked out why people in very rare cases develop potentially deadly blood clots after receiving the astrazeneca, or jan j vaccine research, a tow london financial times newspaper. the problem has to do with a way to be vaccines. didn't have a proteins which protect cells from cobit 19. a report by the norwegian refugee council says the democratic republic of congo as the world's most neglected number

. this base people described as a mega crisis. feel by conflicts and record hunger to 1000000 people were displaced . last year it got worse. after the volcano erupted in the city of goma on saturday and tens of thousands been forced to flee. un security council has used an emergency meeting to call for the immediate release of molly's transitional leaders, vice president, colonel se me go to one of the military officers lead last year, who ousted and arrested the prime minister and president on monday and best selling children's author eric karl has died at the age of 91. he published the very hungry caterpillar in 1969. it so more than 40000000 copies and it was translated into 60 languages, also wrote and illustrated. 75 other titles. he died at home in the us state of massachusetts. those are the headlines and he continues here on out to 0. after money bought special events watching. ah

ah, the sisters february 2018 at 3 pm little time the don't jones plummet says 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 spread like wildfire to frankfort, 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 sound 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 the one on the 1500 figuring out chevy if it's nice to see some shadley sh by him. and he has to live with me, they couldn't and talk to 100. that doesn't he gets the truck up to a 1000. when the veterans assign his dealings, i'm, he doesn't need to resign the space for privately. it's 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 bots, 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 active in the 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 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 was demobilized. ah, it 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 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. all 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 it would sold and blair ho, develop algorithms that allow them to count cards when playing black jack and to make predictions. doing commer 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 considerable amount didn't over in feeble, said, feeble, our own toilet data center permit to allow he just kinda had you monday, actually left from us. 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. you can calculate more effect. it should be teachers can push it to you for the absolute most cafe to do 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 the she doing course. i don't know that he was talking to a passenger leaky more i'd use you into an algorithm is a rule for answering questions. algorithms provide the foundation for farmer's bed, so the casino oh, 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 commas 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, 2nd. doing from a computer became the stuff of legends. it wasn't just any computer. it was the 1st 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 based 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 or at least find out what's happening on wall street. the word to describe what's happening and that is callous. industrial average is almost 200 pointed down by 191. all right, now, 345000000. available on one of the 3 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 technologies. 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 black oh, a 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, 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 our physicists like steph, antique. and a book you shall was peter to cleveland today on bush. did he show?

he don't. she said medea bedroom? the shower michelle is off casa. i've been p l, a butcher. she got more bullshit. if he can, i don't really know the initial excuse. he appears to declare to secure the mathematic penal shayla v. i don't know of a d, this is the if you can, you know, keep the shortest if he are making sure does that. if he's a computer, he's double. he did the 3 are likely to buffet mom. yeah. the question 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 preparing a plan for bone care from the d. v one. but he inactivity too much of a problem book. so i'm going to sit down that if he's here for food,

for you to keep on. verity me. he susie mountie and her sheep process. he read the like, if you take the present media, the new panel while we were doing the rely 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 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

join. com devoted himself to studying pappy's 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. 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 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 me. ah, i those that those that a one. yeah. i think most me and the reason i called the homeless e found out, you know, the fund is and they say taylor curtis. she wants to still continue to move. you know, these are also a much you feel you want to come to you. i think those are also going to be able to tell you the long 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 $100.00 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 present stock exchange computers. we have mobile just in thanks and if the stations anthem and him on the internet. so he's a community of interest to be using them. okay. awesome. awesome. so this has been

on the name and meet them 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 logged in said there's a big millisecond, industrial distribution shaped daily for on 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 we're where i found, you know, basically a cheap to exploit. 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 have. 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 you're 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 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 very well if you're right 55 percent of the time. if you make enough doubts, 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 b. s. in $2600000000.00 from

the preventative correct. so the battle fields around most of our job is to get to the truth and empower people through knowledge, bitcoin block chain, and crypto guarantees. disruptive technology join with me and introducing a bill to outlaw crypto currency all the way to a fair financial system. with big open for software, we can create money without paying for government award winning filmmaker. thorsten huffman looks at all sides of the complex crypto crypto bit going look changed and the internet on out of sarah warring drug cartel vigilant group in a population called in the middle, was your reason to thing and make sure why you want this territory. i'm reporting from an eccentric mixture is violent to investigate the can an upcoming election change anything the people living here where we

were getting to join me. john holeman for the full report on audi. o. hello i'm down jordan doe, the quick reminder the top stories head on out to 0 masses political lead in gaza is want to have a religious was. israel persists with its policies around alex, a mosque occupied east jerusalem and elsewhere in palestinian territory. yes, it was also accused us secretary of state anthony blink, and i'm trying to stoke palestinian divisions. but lincoln has been in egypt. and jordan often intensive talks with israeli, and palestinian leaders a total get a boost to be israel, how sci fi and lincoln says it helps to build on that. in amman,

my conversation with his majesty touched on again a range of topics, including the urgent work we need to do together to meet you mandatory and reconstruction needs and gaza, while ensuring that the palestinian people not a mos benefit from this assistance. we discuss jordan's essential role as a custodian of muslim holy places and the importance of preserving the historic status quote at your islam totally sites. jordan also plays a vital role in the west bank. the u. s. re engages with the palestinian people and reopens are constantly in jerusalem. will have a lot of work to do together as well. and israeli court has john de decision on more forced evictions and occupied east jerusalem. there were demonstrations outside the court, 6 palestinian families and so one could lose their homes. less than 3 weeks ago, a similar case and sharon spot violence that eventually still have us and israel fight each other for 11 days. joe biden has ordered us intelligence agencies to

report back on the origins of corona virus within 3 months. it's an indication that the administration is seriously considering the possibility that the virus accidentally leaked from a chinese land. some accept the theory that it cross the humans from an animal, australia, a 2nd most populous state is being put into another snap lockdown if he's 26 new cobra. 1000 and infections have been reported this week in victoria. contact tracing has identified 10000 people who may have been expose under report by the norwegian record g council says the democratic republic of congo has the world's most neglected number of displaced people described as a make a crisis feel by conflicts on record. honda to 1000000 people were displaced last year. it's gotten worse up. ok, now rusted in the city of goma on saturday. so those are the headlines. the news continues here. now just era after money books that you've done so much and bye for now. me,

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 as 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 of the book. you wanted to let me get it to him. and he took a bulky heidi thomas in the municipal office on facebook said more if it gets cool, you can use it more for me. open it. she said, you don't need to ask them or know when it's not 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 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 getting 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. 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 u. s. option market to the brink of collapse

basically was so cool for me. i was like, i 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. 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 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 healed. 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 to high frequency trading. speed is all important. know she'd let me know when you shall g r o v o d. me was going or should lead, does it now we read before the fans or phrases 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 trends of 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 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, that'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 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 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, what 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 in 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, 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 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 blessing up share prices immediately begin to collapse all approximately $3500000.00 shares are

affected and more than $200.00 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 license deployed in this country shop about escaped and this could not be the flash crash. so i talked with the blower, the bought committed ones. they had to borrow money from the money for the boss from that, because that would, it was money per year and flash 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 got 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 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'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. but i'm, if it can as a form of nonsmoker vinegar, tomatoes, and felix. whether it's 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 me back. we'll decide hotline to my tours into it. so if and she doesn't, so it's why doesn't clients and these are the think with the, on the finance, not really with you know,

a traditional you went to that scene. got i had because i'm the stuff on 101 of your view devices. yes. 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 as it comes to jointly. cliquish i thought the meet the truck and how can i get in touch with wasn't it wasn't the non spencer not to london. looks on bush police fun as it isn't connected with lightning not happens when i got liberties union with him. if it comes in to him, well, not really hamlet deed for the sofa. hundreds, be acting like leo. this is for the law. was the hi. this is mind and implement of

these and i and i in front of them. so that will fit in to give them to meet the truck and the in person there, lobby is crunch. honda smith had financed marked the legal and plan a plan on thinking that we could send a letter from a given that we can spend on his. i think it's all that as often as you can see it on the satellite. so 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, 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 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 i realized that i was was when i had to mow my own lawn, i live in an air. behead where people don't motor on lines. 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 you know, it was kind of a strange mix in that the people who were

least supportive where the were the victims was completely confusing. i thought that what i did was providing information that would balance things and kinda repair the industry for 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 risk they were right about the regulatory response. they push 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 your 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 music traitors. pretty much because, you know, some boys do homeless small the lawn. thought i machine even more so mila. your see to go machine. a book, computer net, good on book presented. good. on the mission of the regular country. 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 eye once again, hot and dry sums up the weather across the middle east as per usual, barely a cloud in the sky to maybe one or 2 light, spotty showers across the far north of the region. but that aside, more very hazy sunshine coming through 42 celsius here in doha of 45 and q way warm enough in dubai. and also in most scotts, and as we go on through the next couple of days, we're hanging onto the wall. not quite as high as noise, temperatures pursue warm enough level less further north. you might see a shower to into our northern parts of can you might just capture on spots of rain the over towards. i'm going to start otherwise it large. he is clear skies and hazy

sunshine coming through the sunshine expense down across the whole of africa. but we could see on shore showers just drifting into southern parts of somalia. wanted to share with just around the european highlands can you could catch a shadow to the wet weather over towards central african republic. northern parts of d, r. c, easing over towards the gulf of guinea where the showers now looking really rather lively, but to the south of that much southern africa valley, a town in the sky because some showers just around south africa. having said that, just around the southern cape, the cloud starting together here, not in the temperature, back in the port elizabeth as we go through saturday with a rain moving east. ah, the couch is there a world that goes to algeria and she needs to meet some of the world's most passion, football fan? my soul, my to go to go to the stadium. lloyd supported all football, hooligan,

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