steals the entire area that stretches in this direction was completely submerged. many of the homes and buildings that were destroyed are still rubble. and parts of this district have started the flood once again the the time serial venue in doha. with your top stories on al jazeera, the ministry agenda in gabon has named raymond and don't seem as the new interim prime minister seem to serve this prime minister under former president ali bongo, who is deposed in a qu last week. he later became a vocal critic of bongo and then ran against him in last month's presidential election. nicholas hack reports from the senegalese capital the car. he was an early supporter of the cool. hey moore, and don't in see my he's

a well known face in a good bone and joint between 20122014. he was actually the prime minister under all the bone go and then became a staunch critic of the bunker re human. in fact, on in, in 2016, he ran as an all present opposition presidential candidate on this campaign to change the constitution to change the system in which good bone is governed. so it's no coincidence. he has been chosen to be the prime minister because his task, as the prime minister of transition is to rewrite the constitution to overhaul the electoral codes is the head of sedans. ruling counsel has met with guitars, a mere shake to mean been a model. tony in doha, it's part of a bill for the hinds efforts to garner international supports. as his soldiers battle a paramilitary group, they discussed bilateral relations and aid. before his visit, the general issued a decree to dissolve the parent military rapids support forces and then on how to um, how does he on the armed forces reassure this or do these people end the entire world

that we're continuing to complete the transition to democratic civilian rule after the defeat of the rebellion, the fall society. the priority of the current stage is how to end the rebellion and defeated. one of the priorities is also how to stop the suffering of to the needs of people in all parts of the country. at least 4 people have been killed and 6 others have been injured. following heavy floods in greece, emergency services have launched the rescue efforts in several flooded villages. central and northern regions have been effected by storm. daniel, as well as 2 days of torrential rains, causing major damage to infrastructure. some areas have seen more rainfall in 24 hours than they normally seen a year, fear, storms, bathroom greece, turkey and bulgaria earlier this week, following a period of extreme heat and devastating wild fires. frances highest court has ruled that a school ban on

a by is the loose fits it over garments worn by some muslim women is legal. it says that the band is not discriminatory towards muslims. the ruling comes just days after nearly $300.00 students arrived, the french public schools wearing the robes and protest in russia has called washington's decision to send a depleted uranium rounds to ukraine. a criminal act. the us has pledged the arm or pierce of the armor piercing tank rounds and the latest $1000000000.00 a package. the highly dense radioactive material is effected against the armor, but its use in war has been controversial. some studies of it's used by the us and iraq of link the rounds to increased health risks. the un says at least 60000000 people have been killed and fighting in syria's ne, in the past 2 weeks. fighting has picked up in the province of their resort between us back the syrian democratic forces and groups, backed by the syrian government. un says the humanitarian situation is dire.

hundreds of trucks, the stranded of the main border crossing between pakistan and afghanistan after gun battles between security forces. on wednesday, the vehicles are backed up, the kilometer is on both sides of the border. and a nationwide man hunt is underway in the united kingdom. that's after a former british soldier, escaped from a london prison on wednesday morning. danielle felisa was in custody at one's worth prison, one of the country's largest jails. he has been accused of terrorism. defense is. felicia had been working in the kitchens of the jail. police say that he strapped himself to a full delivery van. officials say it is almost certain that he had inside help. i reiterate now that no stone must be left on time to getting to the bottom of what happened. who was on duty that morning in what rose, ranging from the kitchen to the prison gate. what protocols were in place where they found it. and that does it for your view of the headlines on alpha 0 up next money bought the

the, the, the 5th of february 2018 at 3 pm. little time the dungeons 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 stokes law. so much in a single day. a new york is not allowed to collapse sprints like one fine to frankfurt, sidney, tokyo kind of corrupt. nobody knows what disclose 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 send strange. apparently the trading computers went too fast.

the . was it possible that the french development of ultimate stop trading? yes or no me could celebration of computer systems? could only school was a world wide financial crisis in does he get how chick campaign some more transparency in the financial sector than the one on the civil footprints on to figuring out the tough choices. this is going to see some of the website please, but it might be a still a voice. music wouldn't intact a 100 that doesn't get somebody off the truck. it's up to a 1000. when c veterans assign is beginning zine. did you have energy to probably sign that the 1st of applies actually. it's essentially high frequency trading

significantly reduces the time the district is held before being sold. sometimes it's just merely seconds or even microseconds. high frequency trading is the opposite of long term investment, which is what stop 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 match. it was who could react the fastest high frequency trading is performed exclusively by computers, not people. these computer systems are completely autonomous. essentially, the warning bucks, money bucks, 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 the price of $9.50. their hold that goes out to various stock exchanges. when the old arrives at the 1st stock exchange,

a high frequency trading system detected and immediately places it, so notice for the same chest, with all the other exchanges, faster than the pension fund cap, things 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 is and $6000.00 within a few milli seconds and with no attached risk. the frequency trade as do not have to be active in the gets permanently. their advantage is most effective when crises, disasters, or political decisions cost strong price fluctuations. the essentially high frequency trade is 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, cuz it could, organization has made the move bundle of tool. there is no electronic system that cannot be hacked. the, you have a trading engine, was running in frankfort remotely, but it was being controlled from london. what happened in this particular case is the 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, the wiz demobilized, turn on my engine was actually lives. the actually designed to feature that said, if you break connection with the mothership, stop trading. but that feature had a parameter and it was off. i have this engine that was basically trading. it could have lost, you know, could was $30000000.00 rate. it lost a few $100000.00. but it was uh, it was a terrifying experience. time boat is a trader and come

a software developer in stanford, connecticut. i'm boat, i played an important role in the development of ultimate stop 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. he's companies mccain, brothers and quincy data, based in paris and california, and operate the data connection between new york and chicago. the homes of america's most important stock exchanges, a different date and time. both players in a global bottles of the best computer software and the fastest data networks

the this context began a long time ago in the casinos of las vegas. at the end of the 196 days, a new generation of scientists recognizes that it is possible to use computers to increase its locked at the tables high and is like a good sol. unblocked house develop algorithms that allows them to come cods when playing black check to make predictions. going from a takes a different approach. in the 1970s, the physicist makes relates his field of expertise. pharma and his team begin to play they soon discover that it's possible to predict the costs of the bowl 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 is like in the mountains, stiff on teach. company is working on making the fastest data connection between new york and chicago. even foster, for no reason to sit here to mock price, offer you the mouth bava in a feeble since feeble on toilet that i sent to it. i put me, you have to over allow even just getting the had you on ones that had you already left for me. i sure a, or could the, don't this in your head you to solve, we just getting know to see a horse you now see if i pitied the menu and that it was just a 2nd. ok, i'll put some notes. you say it will say repeat these, just get a portion to it on the 4th up. so do you want to do it on the sheet and for what i

can show? so the get the austin airport depreciates. i go just going your drums a she'll need to do is want you to america. songs i've up is one to fail. okay, i'll take more of this. you see? i'm to prove come, no school, young cross, the felt me know on do i sorry to was still in the, in the doing that he was telling the issue was the should doing a closer look new phone that he was talking to the passenger. i could barely keep them all. i'd use you into an algorithm as a rule for answering questions. the algorithms provide the foundation, so tom is bet. so the casino computer is required to process algorithms quickly at the time. however, these are not expensive and slow. this begins to

change in the mid 19 seventy's, the 65 o 2 microprocessor. just come out the same micro processor that the guys from apple who used to build the drawing. thomas team designs a computer around the same process. the initial version of it was under the armpit. there was a pack of double a battery's under the other on to the switches. and the shoes wires running up and down antenna around the shoulders. the antenna would transmit the signal to a 2nd person who would then place the bets from the moment the crew a spends the ball until the ball until the that's getting close. there's typically about 10 seconds past 10 to 15 seconds. so we have to be able to take the data for the router and ball and get the prediction

4 to 6 seconds ahead of when that that's got closed so that the better have enough time to reach over in place perhaps. so we have to have the prediction coming pretty fast. the computer we had ran very 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. going from us computer became the stuff of legends. it wasn't just any computer. it was the 1st and to, to built into closing while steve jobs and steve wozniak, were creating the original desktop computer going from i was building one issue from a, himself, becomes an icon. so people working in the field of computer based predictions, farmer and his team eventually decide that the winnings at the roulette wheel do

not just define the risks they are taking. the day we turn to most serious scientific fields. pharma 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 is $200.00 once it is done by a 191. right now, 345000000 shares on wall street right now. down 271.53.2019

point. during the 1987 stock market crash, investors attempt to dump the shares in a panic. the bro, cuz 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 predictions. in the early 19 nineties, the company is considered a measuring stick by many trade. the like going from a whole trading companies found a black hole and originally put his mathematical skills to the test in las vegas

where he come to cons of the blank check tables in the 19 seventy's. he's one of the 1st to recognize the potential of automated financial trade. in 1985, he finds his own company in chicago, the center of us derivative trading the time both ex joins holstein in september of 1997. quantitative analysts are also in high demand in europe, the best emerged from the universities in paris, mathematician so welcome additions to the market. as all physicists like steph on take the book, you sure was pizza, to keep them pretty on bush edition and show the things you see them video brush

over the phone and it shows a whole. so it had been p l. a book. you should actually get more on bush if he's gonna do just really the, in the show scuse uh, a piece of the corvette to secure the menu menu chino, share these, those, you know, of a d, this, this page, the ducky fees, the country now disorders, dc i make this work on these activities the computer sees the dump or she did the feel that if a buffet month is f i the question level. so you're going to use that puts you must show the, the book. so me say come in, i'm on the shows 10, a benefit that he bought a past due to a bone to a key from the d. v on betsy inactivity too much of a time. you look salmon sitting to sit down. that's diffuse t i for, for the coupon of any t me t surface,

i'm only on that pushy pull progress. so here i'm going to the like if you take the piece, you want me to know the only problem. while we were doing the real that project, our friend rock shock came over and said, i just found out about this amazing thing. chaos. so we went up to the loud and we looked at the simulation on the la computer and we were just amazed because you could see, even though there were deterministic equations, was making this random looking set of patterns on the screen. and so we got completely fascinated by that and we, um, we created algorithms for finding as identifying patterns in nature that are described by chaotic dynamics. going home devoted himself to studying happens patello prediction has to be met.

one of these areas of study is me to role legit. pharma and his team in the los alamos are able to expand the timeframe for precise hurricane projections from 2 days to 5. this gives emergency services valuable time to evacuate, people in danger the every time i would talk about this, somebody would say, well, i have your playlist, stock market. and so i kind of got tired saying no be while i heard about the official arkansas and offices which sensitive stock markets are inherently unpredictable towards the great popular theory of the time. and i didn't believe so norman, i once again left. he left his job at the university of illinois and i left my job at solomon's and we gathered with some other younger scientists. business guy

started a company to use computers to protect the stock market. this was in 1991 and what color southbridge, the, the, i think most rebuild the regional dot net for a nissan got com vega to hoping to see from this all do not turn on the fund is unacceptable. site de la quinta, she wants to still continue to move like this or deck can't hold a month. no. and you have to when you want to come see me and she goes to a level. so i'm going to say when you're home, type of the, i know when i bought here the loan on advising, done the pirates stock exchange. he's 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 you're more than 100 internet service providers. 5 internet exchanges and important client services have computer stations here. as does be in a stock exchange, as the exact location is kept secret. and there is no official confirmation of the present stock exchange computers. we stick to this case, you have some of the intakes and bit okay. is this an agent's hands on an intern of 9 boston? i've opened it up to you and these are a few more community of interest we've using them then you might also since okay,

this has to be the ones i'm found. the name of nathan, i'm the one of the my other question i have down speaking. so kind of time is of the essence, i guess, you mean it has to be done. if you stick it over to the left instead, does it come from the box and the big stick and music on the suspect will? does she think you should have some available phone gaming? it seems so if announced this last time comes space of it. for this reason, the vienna stock exchange is most important. some of the of, of which deals are made isn't located in vienna, a tool. it is in frankfurt in the race to bio, so it's important to be as close as possible to the main service of the main stock exchange. the proximate t is time and time is money. in the 1990s, us trading is divided between the new york stock exchange on wall street with its traditional trading sol and its traditional companies such as ibm and general

motors on the electronic stock exchange. nasdaq, the therapy markets, actually one electronic 1st many of us who were part of that transition from florida to electronic markets. we kind of were grand in the european markets 1st and then we came back to the states manufacturer. x is quite interesting to me looking back because it was the 1st exchange where, where i found, you know, basically cheap to explain the you're going to credit it and you got a big promotion for finding a cheat on your x exchange to get prices faster than we sort of and you know, years later when i hit the front page of the wall street journal for my whistle blowing against direct edge. i'm a former colleague from home uh,

contacting me by email and said hey, what you turned on a direct edge is very similar to what we were doing here. and i've been with the board for a year. and i had not really acknowledge that i was guilty of the same type of thing that i had turned in. you know, i just hadn't equated the 2 and made me realize how difficult it is for people to really see what they're doing in our industry. when we found a prediction that we, we didn't know anything about financial markets, our method was to look for patterns in the data us. and when we found those patterns, then we would design a training system that we make that's based on patterns.

we learn some lessons from a lab. one lesson was that you've got that big stock market also to make a good model. you don't have to pretty bring. well, if you're right, 55 percent of the time. if you make enough depths, then you can make pretty good profit. and unlike rule out where if you start, when they can just throw you out or front to break your kneecaps on 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, that worked very well. and so production company created subsequently for about 25 years. so we ended up selling it to us in 2006 the to develop the drug space

humans, scientists conduct the test on animals, monkeys are in high demand for the global associates has led to assuming black markets. one. 0, one east travels to cambodia, whistle blowers excludes electrical government involvement in smuggling monkey based on i'll just say around the a to museum, visionary and reformer. i'll just say, well, it explores the remarkable life of the prime minister who forced to bring prosperity to a nation shaking off the shackles of french colonial regions, has the right touch occasion to learn a trade to jump with a decent salary. the architect of economic, when you're in a turbulent period of unrest and high stakes politics page, you know, with

a shaping changes on alex's era. the challenges here with the a i'm 0 venue in doha, the top stories on alpha 0, this our, the ministry agenda and gone his name to raymond and don't seem is the new entering prime minister seemed to serve this prime minister under former president talley bundle who was deposed in a qu last week. he later became a vocal critic of bongo and then ran against him in last month's presidential election. the head of sedans, ruling counsel has met with guitars and mere shake to me and been home idle, tawny, and dough ha, it's part of

a bill. that's all bronze efforts to garner international support as his soldiers baffling paramilitary group. they discuss bilateral relations and aid. before his visit, the general issued a decree to dissolve the power military rapids support forces and then on how to have the c on. the armed forces reassure this to these people and the entire world that we're continuing to complete the transition to democratic civilian rule after the defeat of the rebellion known for society, how the priority of the current stage is how to end the rebellion and defeated one of the priorities is also how to stop the suffering of to the needs people in all parts of the country. at least 4 people have been killed and 6 others have been injured. following heavy floods in greece, emergency services have launch rescue efforts and several flooded villages. central and northern regions have been affected by storm. daniel and 2 days of torrential rains causing major damage to infrastructure. some areas have seen more rainfall in

24 hours and they normally see in a year fuel storms batch of grease for key and bulgaria earlier. this week, a frances highest court has ruled that a school band on a by a is the loose fitted over garment worn by some muslim women is legal. it says the band is not discriminatory towards muslims. the ruling comes just days after nearly $300.00 students arrived at french public schools wearing the robes in protest. russia has called washington's decision to send a depleted uranium rounds to ukraine, a criminal act. the us as pledge the armor piercing tank rounds, and it's the latest $1000000000.00 a package. the highly dense radioactive material is effective against the armor, but is its use in war has been controversial. some studies of it's used by the us and iraq of link the rounds to increased health risks. and those are the headlines up next on algebra 0. money bought to state, you will be back with more news at the top of the

the speed is not certainly essential when operating a stock exchange. investors and traders also have to react quickly. those who are 1st to recognize price differences between stock exchanges can use this advantage to make a lot of money. at the turn of the millennium, the launch banks realize that they are falling behind the competition. in 1999 goldman sachs spies, the whole trading company for half a $1000000000.00 hall was supposed to be becoming like the backbone of the government and really done 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 a full,

my whole trading company employees leave goldman sachs in 2003, both ag joins u. b. s, which is planning to open a new training for in stanford. he is tasked with creating the infrastructure from the ground up. i remember the 1st time i heard about advocacy traitors. the. there's an elevator with a person who has a very, very senior in the business now, and he was complaining about how they would interfere with, you know, the, the trading profits of the desk is running but, but they didn't make that much money. and that was, that was so interesting is that the strategy class meant 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 running so fine frequency trading,

the financial generalist jennifer? niel kept a close eye on developments from the very beginning of the ask you for any book you want. it's all done to look for cases. they may just as soon as he's best, just wondering what the youngest objective system of the class i took a bunch of them and then you know, kind of thoughtful specific goals that smoke essays with, you know, i have quest to heidi. so i guess if you go to the pharmacy and then you just get some assistance, you know, see, i'm sending the message the call. so i don't think this office on office will have to accept more on demetrius. so yes, it's a big stuff. it gets cook and it's for the whole think i'll get can you please feel free to call for me? i'll be there. she said, the name of us can sit. it says like the ladies that building over to me please let me make sure they ask them on the topic. it is on the, on the as to the money i what if anything, was that itself, excuse myself. so i am actually feels while the explosion of high frequency trading

in nearly 2000 is continues time though day is developing new trading strategies. for example, a u b. s equals a sine, he's gay. he's algorithm follows the simple logic. because the lounge orders are given preferential treatment by the stock market, the money bought dynamically increases. it's sold to remain at the forefront and push out competitive. 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. okay, um i won't go into details, but it happens it's, it's a game and checking in a way you had to write algorithms that said if you trade a 30000 contracts, you didn't want to trade those 30000 contracts. so try to dump them immediately on

another exchange where some other market makers still quoting $30000.00 to fix it. so we, we created all this algorithm and 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, and 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 potato was coming, it was as stupid as you can get. it was, it was just stupid. so the algorithm that i designed was powerful enough that everybody else had to match it. and that actually brought

down the market system, the market data system of the us option and market to the brink of like collapse basically so cool for me. i was like, it's just like, 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. hind both excise game turns him into a financial rock stuff. however, he knows that he can't play the game forever. it is time to strong kyle tony's and i walked out with the team and i set up trading machines. there was a, it's a 2007 and it was designed to be, you know, a ferrari, but an independent for a to me, for me or it was really

a dream is to be independent. i didn't realize it was going to turn into an odyssey . burden leaves us at a time when the stock markets in the usa and europe are changing dramatically. part of this is due to the high frequency trade is the launch investment funds around good by the fact that the small, flexible, high speed trade has a constantly snapping of the hills. the banks begin to set up in tunnel exchanges, which allowed trades to take place in secrecy. the more than 40 of the so called dark pools are established as alternatives to the 13 regular stock exchanges . in the usa, i love the movement of investors into the dock pools forces. the stock market is dictated to the high frequency traders and they soon make up the majority of traits . some estimates put the number as high as 70 percent before alone. the banks

themselves cannot resist the temptation of the high frequency money and open up the dock pools to high frequency trading. speed is only important that you will see that pushy executives are letting me know when you shall g, r, o v o. d, close going old, she'd love to visit and you the tree. before the furniture pieces we launched, basically into a we traded through it, we scale it out, overall rooms and memberships and major changes pretty much hit when i called full footprint. and we went to a half percent us market share pretty much over night. and uh, things were going very well until may 2009. when

things mysteriously stopped stopped working we built the system, it would basically measure the trades that we tended to do were in fact profitable. and that where the transmission shouldn't be doing over the period of 2009. and i started seeing the changes, the, the stock trading that we did change quite a bit over that period of time. and what happened was, um i, you know, kind of bought into them. what i think of now is a mess where people say, oh that, that exchange has toxic. and in, and uh, you know, without, you know, this just kind of a blanket turn break. you know, i'm getting screwed on the exchange. that's what being toxic me. so what i, what was happening is,

i would keep redirecting our trade in towards the exchanges that were less toxic and then they were not. so the, the last exchange took a toxic, this was direct edge, the 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 fast the connections and the price feeds you optimize these codes. but the problems increase, he watches power, leslie, the plug drains out to these companies facing bankruptcy, time voting and count as a direct edge salesman. as opposed to the

he just told me any outlined 3 major abuses he'd got interested. and i remember taking on a napkin. i don't know where we found the pen or something, but i, 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 this stuff to attract type frequency traitors. but they haven't done a good enough job. so now they were going to make new, high frequency traitors. and i was invited in the club to become a new abuser. i it was 20 minutes of work to fix these problems that i had 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 was very clear to me that you either use the cheats or you were a victim. it was designed, there was no middle ground. you don't, you? you cannot be innocent. once by dick discovers the reason that he's companies failure inbox on a last ditch attempt to save it. however, he is too late. trading machines, benches, bankruptcy during the turbulence of 2010, and 2011. for the 1st time home book decades 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, on documented special order types and an obscure of exemption and regulation. and i'm, and i'm us to get to the top of the queue. you know, they're going to tell you they're faster than you. and that was, you know, that's

a false flag let's say, or i don't know what the right term is, but uh, you know, the red herring speed is a red herring for that for um, for a lot of, of tricks that my industry has developed to get ahead of other people, the activities of the high frequency trade is remain hidden from view for a long time. in 2010, something happens that suddenly lifts the veil to 32 pm on the 6th of may, 2010. the us financial planning company, what ellen re place is a huge buying order for forward contracts valued $4100000000.00. using an automated execution algorithm is a huge jawed, an extremely promising for high frequency trade us the money bought immediately begin to buy and sell at lightning speeds and without blinking up chat prices

immediately begin to collapse. approximately 3500000 shares are affected and more than 200 companies lose their entire share of value in the matter of minutes. nobody knows what is happening. 13 minutes later, the chicago mercantile exchange is false to stock trading. so much liquidity is being sucked tied to the market, that it's in danger of total collapse. after breaking trading of 5 seconds, the market comes down again. the costs of the events of may 2010. he's never fully resolved. the largest flash crash to date happens on the 5th of february, 2018. its impact is felt around the globe and prices besides the discounts, the shop about escaped items that are still inside fish, quotes, not even flash crash. so i told often i'm with the blower to both committed ones. they all have to in banking money for the funding for the boss. and that's because

that's the most money for get warranties and slash crash advice. so she doing thomas john from the casinos to los alamos, known to wall street, eventually takes him talks that way he knows, studies stability and complex systems like the financial markets. the, i think part of what happens in flash crashes though we haven't got to the bottom flash crash. it's as well as we should there, 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 running a training system that literally cares about micro seconds. that means you have to write code that's extremely spare. if you're a single hits your machine,

the machine should have most run a few lines of code and then it has to make a tree. you have to do everything super quick. you can think about it pretty much. what i say you, i mean the machine can think about it pretty 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. it'd be one thing if we were taking these risks because it came as something that was valuable. it 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 in writing algorithms that trade on the instantaneous glitches of the other orders hitting the mark. critics of high

frequency trading to spend years in brussels, trying to achieve p u. wind regulation. the privatization of markets encouraged by the use 2004 me said 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 photo renew or small kids regulations pertaining to high frequency trading that were passed by the you call them and they're over to the last possible moment by the finance ministers in the comes with the european union, but obviously goodness, i know the phone, the i think was the owner of the non smell it to me to get you out of the way out to my toes and fields. but those and so you can go in and calculate the shooting while i know like what you want. good game. the dentist with a he's a buy guitar and hudson. we don't have enough stock. we've decided huffman just to my 1000 to 1200 feet in spite of this website doesn't quite soon. visa, i think with the owner of the minds,

not the landline when you. and so i know i know traditionally because you're wonderful and i've seen that because i'm most definitely will click on the 100. i'm wondering if you divide as yes somebody who would come to comes the parliament agrees on a holding period of no point. 5 seconds and the cancellation fee designed to restrict high speed trading. the best is done above the 6 months it comes to jointly. cliquish def, i thought so the meet the truck will happen, hired to those games and play. so i think the goal is to feed on scripts and the looks of which we are the funniest reasonable 5, unfortunately wasn't as interesting, pronounced what it is. we thought that nothing happens with that in class. what got it to me about all these you want me to ask them if it comes in for me, please. most of what to name? well, not really accomplished deep clean thought. the sofa looks like hundreds,

hundreds, vacancies typically emphasis for the supply. was he? hi, this is mindful of the inconvenience and i am for the ones who go through the end of the give them to meet the truck and vans. we start going be enticing the little bit use this real quick runs condo submitted for non smocks legal implant and finally got democrats. so if you will, then i can spend the time for me to click on the elective finance. it won't let me can spend. oh, so it is, i think a tool does as often as i can see it on the south end up sort of what's the best that i was a kind of dealing with todd sounds like was the only time if it's uh, i just looked in 2012 the same year that the used thoughts working on the method to directive. hind bottex becomes a whistle the 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 or rejected. but then i realize at some point that you literally get paid or in that you get more opportunity. you get bigger bonuses if you want a boat right between your compensation, what they expect your demands are. that's how this business works. it's, it's very, very difficult to play the wall street game and be modest. you are not rewarded for modesty. now it will say after a long period in the business, it did start to corrupt me. and the whistle buying was, was an amazing experience because i didn't think i have been corrupted by the business. and i will tell you why the 1st time is i realized that i was, was when i had to mow my own line, i live in

a neighborhood where people don't know their own lives. so if you go it out and while you're online, it's noticed. and i will say that setting that was a liberating but it took a lot longer than i thought it's disturbing. how much of those symbols of the status of wealth become essential to people feeling self worth. the most of the retaliation was done through the industry, quietly. i and, and you know, it was a kind of

a strange mix in that, um, to the people who were uh, least supportive were the for the victims. it was completely confusing. i thought that what i did was providing information that would balance things and kind of repair the uh, the industry. but the victims were basically uh, embarrass, 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 from that side of the fence, but it 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 read only 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 pushed things to a level where they could manage it and they didn't go beyond it. there was when the president of a large, high frequency trading firm that had multiple percent market share of 4 percent market share. and he told me, says, even if you tell everybody what we're doing, the bias 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, i'm a 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, was over. everyone's had that was like, there, there is a, i think over 500 pages in the federal registrar of changes and documentation on features of exchange. its, its entire purpose was the level the playing field. and i think the only people who really read it realizing is the traitors. repeating what's because if it's even more assembled, do home for a small room. thought i machine you most homeless because he to go with the machine. it book the fuser next to them book to present it to them. let me mention that the have you looked in street? so when i got into this business, i thought the whole point was to replace the old boys plan to get rid of it. and

um, what i learned after 20 years is what we ended up doing. so we automated the old boys plan. it's a live, it's driving, it's in the albums, the or the basically entities, the un fits the purpose was like many critics sites just obsolete and doesn't get anywhere near enough done to the amount of money that is put into a hard hitting into abuse. do you think look to their lives on washington enough for money to go on its own and built it's on a thought provoking on for centuries, people have been taken care of are. so i have every confidence that future

generations will do it as well via the story on told to how does era do everything to with an exclusive interview? disability. very beautiful, but it's cruel. people can forget you the next day, fulfilling stupid stuff to pop up on faith, the media and the challenges at the top bridge and help me so much get all of the media, all the fading and everything and go back to reality. wendy's money. you have to be careful, money change, people, generations flows on out to 0. we know what's happening in our region. we know how to get to places that others can know as far as, instead of going on. the way that you tell the story is what can make a difference the the weather brought to you by visit castle and we're off and running with your

world's weather update. kicking this one off in australia, quite a vigorous system here for that southeast corner. it's dropping some intense rain, hail damaging winds, and it's also dragging in some polar air. so here's what i mean. waking up sunday morning sub 0 camber, 6, adelaide melbourne, and whole barts. so that's below average. now for new zealand, not much to report, no weather alerts to report a plenty of sun across both islands here. so as we move on right now to southeast asia, same goes for this part of india news at least java island. com. but for the west coast of some motor island, some showers and storms to be expected on friday. our severe and extreme fund advisors had been dropped from lose on the island in the northern philippines. is that more intense rain begins to shift out toward the south china sea. let's go to china right now. and for glen jeep providence, not too far away from greatland, i think we'll see pockets of about a 100 millimeters of rain and our tropical storm looking to make land fall near tokyo on friday. look at all this rain. it's going to drop. now it,

once it moves away, temperatures will ones that can climb in tokyo at the same time with this weather maker, moving through temperatures fall off in beijing to 25 degrees on saturday to kick off the weekend. the weather brought to you by visit cuts on the the headlines several, many a great to have you with us. this is the news our lives from doha. coming up in the next 60 minutes flooding, triggered by severe rain storms, has led to the depths of 4 people in central greece over 800 been rescued. a frances top court says the ban on the muslim avaya is in schools is.