it's such a intimacy that makes every international story local at heart. i'm like a blog post of the take a daily news podcast powered by the login reporting of algebra. find us where ever you get your podcasts. the hello, i'm down in jordan dough with the top stories here on out of there are some breaking news from morocco. local media say at least 4 people have died. often quake of magnitude 6.8, center of the country. the epicenter was high and the atlas mountains, south west of america. but shucks are also felt in other major cities including cars. the blanca, rebecca, i'm fence in some places kind of people left. the house is faring another quake. but americans posted video showing some buildings tundra rubble,

one man may have just play and posted to social media the of what a lot of them on the phone of them. so it is paid brothers, please look at police clue all officials and ambulances. you can see here, house as of being demolished, we need the lenses. yes, president. dr. barton has met indian prime minister and promote the new denny head of the g. 20 summit. the latest pipes corporation on a range of issues by those are we have found his support for india to become a permanent member of the un security council. the united nation says carbon emissions must reach the peak by 2025. if the world is to keep the temperature rises under $1.00 degrees celsius is going for trillions of dollars for developing nations to achieve. net 0 emissions are speaking ahead of the g. 20 you and 2nd to general have done a good 10 is appealed to the group of 20 to take leadership. addressing climate change of the blood to sizes is lessening but immensely. but the collectively

spouse is lacking in addition, can i have the ability as such as the carpets prizes is paddling off of control. but g 20 companies are in control. together to 50 countries are responsible for 80 percent of globally nations of measures will not prevent full climates, but i've solved either means keeping $1.00 degrees, all alive. rebuilding stuff based on 5 of justice and the 1st thing it just an x of a big to do is you should, to getting a car. crowds have gathered in the main, squarely south west in syria and city of us a way to, to protest against the government. the demonstrations have been taking place for 3 weeks since president special aside cups, fuel subsidies, a chose has been reached between rival palestinian functions have been fighting in the launch is refugee camp and 11 on a month long ceasefire broke down on thursday. russia was holding local elections

and fort ukrainian regions. it controls voting is taking place and they've done yet prevents as on separation regions. ukraine on several of wisdom, nations have denounced. the pope vote is not picking regional legislative. so we'll then choose regional governance cube is arrested 17 people accused of recruiting its nationals to fight for russia and ukraine. sorry to say that being charged with human trafficking, cuba and russia, all political allies. but the foreign ministry said it's not part of the war and ukraine. at least 10 people have died and several others are missing off to heavy floods, hit pots of grease hung goods, more had been rescued from flooded villages, electricity, gas, telephone and internet lines. a down in columbia and mexico. i'll kind of hosting a 3 day i'm 2 drug summit officials from 15 latin american and county and countries are attending it comes as the cultivation of cocaine is an old time high. and many

countries are seeing an upsurge and drug related bonus. alejandro and sketchy ism kelly colombia with the summit's being held. the presidents of the 2 countries most affected by car sales, violence are pushing for the world to change the way they think about the war on drugs. if they believe that the war and drug is, it's been a failure that despite billions of dollars spent and hundreds of thousands of that little has been done at to dance at this criminal activity on a previously secret report from the special brand generally. and who should be charged for election meddling in georgia has been released. the initial grand juries and investigation resulted in the 4th set of criminal indictments against format years president donald trump. trump an 18 of his allies facing several charges, including racketeering. relate to jack, possessions of trying to overturn the presidential election results in the state. well, those were the headlines. the news continues here on, i'll just say are off the money bought states. we've done so much and bye for now.

the this is to say 32018. at 3 pm local 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 sound strange.

apparently, the trading computers went too fast. the how is it possible that the french development of ultimate stop trading? yes or no me could celebration of computer systems could almost go was a world wide financial crisis in does he get how chick campaign some more transparency in the financial sector? and then that's why not. and they still succeed in time to see if they have a tough choices. is normally it's decent as i say, please. but if the, as the voice music wouldn't intact to the hundreds that doesn't get something on the truck is up to a 1000. when is the victims that my son is beginning, zine? did you have energy to probably sign in to see 1st of applies actually. it's

essentially high frequency trading significantly reduces the time that the stock is held before being sold. sometimes it's just merely seconds or even microseconds. high frequency trading is the opposite of long term investments, which is what stopped markets or 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 old 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 on the road that

goes out to various stock exchanges. when the old rise at the 1st stock exchange, a high frequency trading system be texted and immediately places it. so notice for the same chest, with all the other exchanges, faster than the pension fund can send this 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 high frequency traders do not have to be active in the markets permanently. their advantage is most effective when crises, disasters, or political decisions costs strong price fluctuations.

essentially high frequency, tre, just benefit from crises and are constantly waiting for the next one to occur. in the beginning, the intention was to use great to predictability and foster infrastructure to increase the stability of financial markets. in fact, the opposite, cuz it could go to a nation, has made the move bundle of tool. there is no electronic system that cannot be hacked. the had a you have a trading engine was running in frankfurt 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 uh, trying to validate that the engine itself was um, the mobilized turned on my engine was actually lives. i'd actually designed a feature that said if you break connection with the mothership stuff trading, but that feature had a parameter and it was off. i had this engine that was basically trading. it couldn't last, you know, could was $30000000.00. right. it lost a few $100000.00, but it was, it was a terrifying experience. high and low tech is

a traitor and come a software development in stanford, connecticut. i'm both day played an important role in the development of ultimate stop trading. his idea of using computer around are isms to process information as efficiently as possible. is one of the foundations of mountain 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 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 time, both players in

a global battle for 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 it to look 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 19 seventy's, the physicist makes relate his field of expertise. pharma and his team begin to play they soon discover that it's possible to predict the cost of the bowl if one knows 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 antiques company is working on making the fastest data connection between new york and chicago. even foster. i know he's also closer to your price, offer you the mouth of a feeble since feeble on toilet that us into it. i put me, you have to over allow, even just getting ahead. you well, my mom's i've had you already left for my show a, or could the, don't this in your head, you to solve with. you just getting know to see the horse you know is if i pitied the menu and that it was just a 2nd. ok, i'll put them all to say it will say repeat these, just get a portion to it on the 4th up. so do you want

a fee to do it on the shit and profit going 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 me the issue was this should do not cool. so the new phone that he was talking to, the passenger clearly keep them all had 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 6502 microprocessor. just come out same microprocessor. the guys with the apple who used to build the towing thomas team designs a computer around the same process. the initial version of it was under the arm to there was a pack of double a battery's under the other on to switches. and the shoes wires running up and down antenna around the shoulders. the antenna would transmit the signal to a 2nd person who are the place the best from the moment the crew, a spencer 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 base predictions pharma and his team eventually decide that the winnings at the really like we'll 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. this 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 ninety's, 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, the most from the universities in paris, mathematician so welcome additions to the market. as a physicist, like steph on take the book, you sure was pizza, to t movie on bush edition. show the things you see them video brush over the phone

and it shows the off call. 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 craft to secure the menu menu chino, shayla v. those, you know, a d, is this, the, the doctor sees the attention of disorders. does she all make this work on these activities or computer sees to 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, i'm on the shows 10 a been to thought about 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 there and sit down the diffuse. yeah. that for,

for the coupon of heavy to me to the surface, i'm only on that pushy pull progress. so here i'm gonna feed the like if you take the piece you want me to all the or to me by while we were doing the real that project, our friend rob shock came over and said, i just found out about this amazing thing. chaos. so we went up to allowed 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 time 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 endangered the every time i would talk about this, somebody would say, well, i have to plug this to the stock market. and so i kind of got tired. so, you know. meanwhile i heard about the efficient arkansas and offices which sets the stock market, sorry, inherently unpredictable. was a very 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.

does this guy started a company to use computers to protect the stock market. this was in 1991 at color, southbridge. the zip goes, if it goes to rebuild the original month, not for a nissan convey yet they're hoping to see from this. i'll do not turn on the fund is i make that for safety. la quinta, she wants to still continue to fund move back to like this so i can hold a month no, any up to me. you want to come see me once it goes on. i've also got excited when you are one type of the i know when i bought here the loan on a buzzing 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 presence of stock exchange computers be stick to this case. you have to move into the intakes and describe is that's what agency ends on. and i'm taking a look at the notes 9 boston. i've opened it up to you and these are a few more community of interest to be of using them. then you might also,

since okay, you have something here on time. the name of nathan, i'm the, what's the, my, the other question i have down time is of the essence as i guess you may need to speak to and if you stick it over to the left instead, does it come to the box and the big stick and music on that, i suspect. what does she think you shave small daily for fun gaming you seem so finance this last time comes space of it for this reason, the vienna stock exchange is most important. so the of a which deals i 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 proximity 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. matter of fact, your 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 create and you get 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 hall,

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 a whistle blower for a year. and i had not really acknowledged that i was guilty of the same type of thing that i turned in. you know, i just haven'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 that 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 left. one lesson was that you've got that big stock market also to make a good model. you don't have to pretty pretty 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. of 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 about $2600000000.00 the ship to

india, host the g 20 summit, where leading economies will discuss global challenges. generation support makes the icons to a challenging preconceptions and using that platforms to change societies, wildly dis, gathering new york for the un general assembly with the ukraine and climate change expected to dominate towards the broad cost premier of a new series. exploring the implications of us and you probably got goals for the 1st amendment rights celebration of quotes and fees. competition is expected to china who c h a game september on outages. yeah. the

people are very well aware of the wealth potential of the country. but as they've seen with a huge mining profits generated in the east of dc, nothing ever filters down to the pool. the rain forest provide for the 10s of thousands of small communities who live that from a roof over their heads to please to the po, box infrastructure is minimal. schools and hospitals if any, a barely equipped electricity, none. the question perhaps oil can change things cuz it back to get a very real sense of the tech fee here just by driving this track. treat any spittle community because we keep reading the stake into being taught to be on the expiration project. quite a lot of people, the adults, so i'm running out shopping, get out at a weight of what you want to keep all force the but far as to learn the visceral connections of the land. and a total like of faith in the government meets with these communities, at least on exploration,

isn't known stone to short documentary from around the world. that celebrates coverage and resilience in times of tumbling out as the rest of 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 and goldman then that whole 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 high frequency traders 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 that they didn't make that much money. and that was, that was so, 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 aisle. she'll find any book you want, it's all done. and twisting on to the 4 cases they may get. it's as simple as he's best. this was the youngest object to sit from behind. i took a bunch of them and then you know, kind of goes for specific goals that smoke i sees with, you know, i have quest and the height is if it's, if you go to the, to my see,

then you just get some assistance and you'll see i've sent him a message to call for help, and that's almost that's on office products and more on demetrius. yes, it's a big stuff. it gets cook and it's like the whole thing was they just kept giving you a small so may open that she said, the name of us can sit. it says like the ladies at the, 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 i so excused myself. so i am actually feels while the explosion of high frequency trading in nearly to thousands continues. time though day is developing new trading strategies for his employ. a u . b. s equals a science game. he's algorithm follows the simple logic. because the lounge orders are given preferential treatment by the stock market, the money bought dynamically increases its order 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 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, and then you really should enter 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. i'm 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 kind of tony's and i walked out with the team and i set up trading machines. it was a, uh, uh, 2007 and it was uh, designed to be, you know, a ferrari, but an independent for a to me, for me, what was really a dream is to be independent. i didn't realize it was going to turn into an odyssey boat, that leaves us at a time when the stock markets in the usa and due to a changing dramatic concept. this is due to the high frequency trade is the launch investment funds are on good by the fact that the small, flexible, high speed trade is a constant play snapping at the heels. the banks begin to set up in tunnel

exchanges, which allow 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 markets, decatur 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. high frequency trading speed is only important that you will see of course sheets that is the email. when usual g i of you. oh, do you me close going to it should left it is urgent. yeah. a

huge tree before the furniture pieces we launched, basically into a we traded through it. we scale about over all 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, we basically measure that the trades that we tend 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 training changed quite a bit over that period of time. and what happened was, um i, you know, kind of bought into them when i think of it now as a mess where people say, oh that, that exchange has toxic. and in, and, you know, without, you know, that's just kind of a blanket term 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 of 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 office 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 foster connections and the price range. you optimize these codes, but the problems increase the one she's power. leslie and the blog drains out of his company, facing bankruptcy time though day 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 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've 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 long 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 in a sense once bo, dick discovers the reason. so 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 time they've dec, 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, on documented special order types and an obscure 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, a 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 of 2 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. it 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 chance 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 late to the chicago mercantile exchange is forced to stop trading. so much liquidity is being sucked 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. 18 pact is felt around the globe and prices this item is going to see how i escaped. i'm actually excited. fish quotes nice these and flash crushed. so i told them often i'm with the blog about committed ones. they all have been funky money for the feeling for the boss. and that's because that's the most money putting it in slash crash advice. so if you on doing thomas john from the casinos to los alamos, known to wall street, eventually takes him talks that way he know, studies stability and complex systems like the financial markets. the, i think part of what happens in flash crashes though we haven't gone 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 in 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. your signal hits your machine, the machine should have most run a few lines of code and then it has to make a trait. you have to do everything super quick. you can think about it pretty much . what i say you, i mean a 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 with 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 and writing algorithms that trade on the instantaneous glitches of other orders hitting the mark. critics of high frequency trading to spend using brussels, trying to achieve p u wide 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 photos in europe, smoking regulations pertaining to high frequency trading that were passed by the

use column and their over to the last possible moment by the finance ministers in the comes with the european union membership goodness, i know the phone, the i think was the owner of, you know, i'm just now to really get you out of way out to my goals and fields about those. and so you can go in and calculate and have to show what i know like what you gave him. the dentist would use it by the talking to me. i mean the stock will dislike huffman just to my goals into it. so if and feeds for those is what's, what doesn't quite soon do you think would you want a few months, not to, to answer when you. and so i know i know it conditional because the ones who and i've seen go back because i'm most definitely will click on the 100. and i wonder if you devise the estimate if it can afford to come to come to 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 the game doesn't imply. so i think the goal is to feed on scripts and the looks of which we are the funniest read. the fine unfortunately, wasn't as interesting, pronounced. what it is with right, and then nothing happens with that in class. what got it to me about all these you want me to ask them if it comes in please. most of what to name, but not really. how much deep cleaned on the sofa looks like hundreds, hundreds, vacancies typically emphasis for the supply and see how this is mindful of the inconvenience and i in front of the ones who go through the end of the give them to meet the truck and vans is gonna be enticing the nobody has this hopefully crunched on those submitted for non smocks legal implant and finally got them. so if you will, then i can spend the time for me to click on the elective finance like you won't let me can spend dollars. so it is, i think a tool does this offer us here on the desktop,

on the desktop as accounting diesel, pottstown legal healing benefits. i just looked in 2012 the same you that the use thoughts working on the method to direct to find the deck becomes a whistle. the in the usa is met with powerful position and the bankruptcy if these 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 realized at some point that you literally get paid 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 cars was an amazing experience because i didn't think i had 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 lawn, i live in the neighborhood where people don't know their own lives. so if you're going 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 where 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, 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 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 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 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 least 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 them and after the conference, i said, you're totally right. i pretty here. anyway. over everyone's had that was like, there, there is a, i think over $500.00 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 were live rings the traitors. repeating what's because if it's even

more, i somebody do home for a small room thought i machine most homeless because he to go with the machine. it book the fuser next to them and 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 club. it's a live, it's driving. it's in the albums, the the

basically entities, just the un fits the purpose was like many critics sites just pub solution doesn't get anywhere near enough done to the amount of money that is put into a hard hitting into abuse you think about to their lives on washing it's enough for money to go on its own and built it's on 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 freezing wins and rugged terrain and at times seem impossible. but for ask on traders braves to work on cory doors. that is no choice combating the impossible to sell that goods in isolated areas. we found out that during journeys as they overcome the extremes, risk of dentist on,

on how to 0 the, the weather brought to you by visit cut off. until recently, there was heat quite excessive heat from the gulf coast up to middle, middle, the kind of good. but now the sears are fronting systems have come through and not the heat to heat. straightened down to texas and keep you there. and through new mexico, does it start for us? typically elsewhere we're back to more that's where we should be. but that change has been affected by some pretty active, stormy stuff. and most of the eastern states will stay potentially pretty wet with more shelves coming into the upper midwest and the adults around elsewhere. but the california in case looking quite nice, it may be in contrast, right, most of central america, including the caribbean, it's active this time this is lee how to can this approaching category 5 over the over more moment. but it's current drives is very wet weather, which is

a ryans and everything from the leeward officer. he's down the road. cuba to for example, mexico dental was panama ending towards columbia. and then you get the drive between fat to northern brazil is dry and really pretty warm near reco or in places like my mouse. but this line here is a fairly active front of the system, part of the system. the cost of funding in brazil recently instead of running through size of the baby, is not quite as extreme as moving. sliding doors has to be replaced to be face to here. by sunshine on the go to you by visit castle. bronx. new york. 1973. the 1st place of hip hop, a young man named 5 campbells. better known as d. j. cool. hurd. got the movement started and people danced out of back to school party. it was right here on cedric avenue in the bronx and the ordinary looking apartment building were a party full of teenagers to help launch

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