is detained since august 2021 which is 0 calls for the immediate release of its generalists detained in egypt. journalism is not a crime. the time sam is a dining dog. how does that look at the headlines here? and i'll just say are now at least 2000 people have been killed in morocco and the was to us quite best since 1960 the magnitude 6.8. thomas struck lights on friday night. i may just search and rescue operation is continuing. the mall troops and emergency services have scrambled to reach remote mountain villages. people off fed, trapped in the rubble more often spent the night out. those in fear of off the

shocks. many have slept on the streets of the being was the gains returning home. we spoke to a number of residents in various cities across america. they recounted the shock they experienced when the clock struck. we were slipping and then we found the hold up our to my implant shaking. so we're right and i didn't really understand what was happening. and then when we tried to run to read the street, i heard my neighbors crying, screaming, and this is when i realized what was happening. my baby was sleeping. so when we went outside, you started to like open his eyes because people were screaming everywhere. we thought we heard a noise that we thought was possibly a plane crashing or something because we are so close to the airport. there's a lot of walls that are down. there's

a lot of buildings that have come down. i heard my wife and my sister. so, you know, a big uh, or story or story i turned back immediately in kind of for this believe i didn't realize done the, that's all what was happening. listening said to us, we were on uh, i was struck in a state of panic and disability because i've never done through this. so in our lives they all jerry and government is opening its ass space to allow the delivery of humanitarian medical aid the to north african countries broke ties and suspended slides 2 years ago over morocco's territorial claims to the disputed region of western sahara. american football style sheriff, hi kimmy is offering his condolences to those who lost loved ones in the quake. i came in these teammates there knight 2 blood in the city of idea. they had been set to play and ask a couple of qualifying nations qualifying game that the 2nd and final day of the

g 20 summit is on the way in new delhi. lead is attending the meeting, issued a joint declaration that mentions the conflict in ukraine. it does not directly named russia, though. it was also an announcement of an economic car adult to connect india with the middle east in europe. i know that everyone is pleased with the final declaration saw diplomatic editor james bay's explains from new delhi criticism from international aid agencies and others. ok, but i'm saying that it was uninspiring, un underwhelming and the criticism is put on things like global that and restructuring the international finance fuel system, which people say is stuck at the end, the world war to design for that era. not so they see, or they leaders who come up with lots of the right words, but no timelines, no action plans. and the same is true on the climate issue. g 20 leaders will say no. the african union is now at the table. we put the words in that we now have to

do the slight progress of making this into action plans. a palestinian teenager has been killed. vice riley forces in the occupied westbank and happened on sack today during and this riley re then the loud rope, refugee camp north of hebron, the palestinian red cross and he says the 16 year old was shots in the back jordan confrontations with these right. the forces since the south of the year is randy forces, incentives have killed $232.00, how the sinew lebanon's can take a prime minister is told the palestinian president, fighting between rival functions of the i'm and how do we refugee camp dozens of the palestinian calls that gave me a call to says the escalation of violence between palestinian on groups. but the, unless the news is a grave risk for 11 and fighting is ongoing. it's the money bought now

the the, the fits of february 2018. at 3 pm local time, the dungeons plumb, it 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 allowed to collapse sprints like one fine to frankfurt, sidney, tokyo kind of corrupt. nobody knows, will just close 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 fringe 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 hardship campaigns or 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, it doesn't get something on the truck this up to a 1000. when is the veterans that my son is beginning? zine? did you have energy to probably sign in to see facebook 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 investment, 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 trade is 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 the various stock exchanges. when the order arrives at the 1st oak

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 high frequency trade as do not have to be an active in the markets 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 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 trying to validate that the engine itself was on the mobilized turn on my engine was actually lives and actually designed 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. right. it lost a few $100000.00. but it was, 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 stunk 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 mccade 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 its locked at the tables high and is like a good soul and blessed hope 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 religion, his field of expertise. pharma and his team begin to play they soon discovered 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 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 the had you, well, my mom's i've 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 the horse you know is if i pitied the menu and that it was just a 2nd. ok, that's multisite. it. don't say repeat these, just get a portion to, oh you for it 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 still on the east was this should do not cool so. no, no, no, on that he was told to go by sandra, 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 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 batteries 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 would then place the that's 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 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, 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 boat ex joins holstein in september of 1997. quantitative analysts are also in high demand in europe, the best, the mode 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 keep them pretty on bush edition and show of the things that you see them video

brush over the phone and it shows the off call. so it had been p l, a po, to show you get more on bush of the finishing items, just really in the shows gives you the a piece of the craft to secure the menu menu chino, shayla v. those you know, of a d. this is supposed to the doctor if he's there, tends to not to do disorders dc. i may just look on this out. if he's a computer c, c dumper, 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 book. so me say come in, 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 at a, sit down that's diffuse t and i for focus to keep out of here. the t me t suv he's,

i'm only on that pushy pull progress. so here i'm going to the like, if you take the pre show me the out of the organ, the panel 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 develops himself to studying happens predictions 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 your playlist, 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 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, and the zip code it goes to rebuild the original month. not for a nissan convey. yeah. they're hoping to see from this. i'll do not to on the, all that fun does that make that for safety? la quinta, she wants to still continue to move back to like this, so that can hold a month. no, in your proven you want to come feeling like it goes on a level. so i'm going to say when you're home to tell you the, i know when i phone 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 the most building on the outskirts of vienna, austria. the company has 13 such co location centers throughout to you are more than 100 internet service providers. 5 internet exchanges and important kind of 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 a nation's hands on and the internet's 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,

it has to be have something here on time the name and meet them on 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 still have ordered the left hand side, does it come from the box and the big stick and music on that? i suspect. what does she think you shave small daily fold? phone gaming is himself announced this last time comes space of it. for this reason, the vienna stock exchange is most important. so the which deals i made isn't located in vienna, a tool it is in frankfurt, in the race to bios. 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 we're where i found on, 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 uh, i been a whistle blower 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 had an 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 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 and 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 us in 2006 the

pushing the want to blow by the perspectives. the beauty and richness of nature need to be harmonized with stable and sustainable growth. united with the diversity of culture as death. quick

jakarta, indonesia is ready to hold the 2023 ations together. we will prove that patient matters at the center of the how did i run this, nancy attained? or how with the top stories here on out to 0, at least 2000 people have been killed in morocco and west as quick as since 1960. the magnitude 6.8 trema struck lights on friday night. quake survivors had been gathering the dead where they can. this was an asylum where the body is being placed onto trucks before then buried in mass graves. meanwhile, a major search and rescue operation is continuing. troops and emergency services

have been scrambling to reach from light mountain villages with people of fit trump to that and the rubble. welcome to spend the night outdoors and fairs off the shops . many of them slept on the streets after being warned, against returning to their homes. the fiscal f. i returned to my house and noticed many trips in the walls. i thought that i cannot sleep today. i am awesome. it gets harder to use to help me in bringing an expert to assess whether it is possible for me to attend to the house or not. if there is a risk, i was not to attend to the house and why, why this is a suffering. and through the ancients teepee and with miss the elapse homes and see people in great pain, it's a painful experience when this happens to your brother or sister. it's really painful. wholesale, cherry and government is now opening its s space to allow the delivery of humanitarian medical aid terminals. african countries broke ties and suspended flights 2 years ago as morocco's territorial claims to this case with region of

west and for hara. and we're all kind of football start, i shall find a game is offering his condolences to those who lost loved ones in the quite hacking me and his teammates, donating blood in the cities and there where they've been set to play. and after a couple of nations qualifying game, the 2nd and final day of the g 20 summit as wrapping up a new daily lead is attending amazing issue, a joint declaration that mentions the construct, a new crane without direction. the naming russia and the molding preliminary results, the show that opposition candidates, mohammed and whizzer is leading the presidential election. he's projected to receive 46 percent of the votes, meaning that a runoff will be needed later this month. a palestinian teenager has been killed by is really forces in the occupied westbank that happened on saturday during this really raid and the refugee account north of hebron. there's a headlines next. it's money bucks

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 following 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 didn't. and it really was a very, very different culture and goldman and then at hall and many of the my people i related to and didn't feel at home dissatisfied with the investment banks, business practices, a number of full, my whole trading company employees, lead goldman sachs in 2003, both ag joins u. b. s, which is planning to open a new trading 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 was in the 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 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 really so find frequency trading? the financial generalist jennifer? neil kept a close eye on developments from the very beginning. of the i'll shoot for the book. you want to talk then crispy knows you to the 4 cases . they may, i assist you specifically with the dentist system of the class. i took a bunch of them then, you know, kind of thoughtful specific goals that smoke assist with. you know, of course, trying to hide this, i guess with, if you go to the, to my see,

did you please get some assistance and you'll see i'm sending messages to call sound, but that's almost, that's on office products and more on demetrius. so yes, a big stuff it gets cook and it's like a whole cycle. they just kind of giving you the specific mall. so may have been that she said the name of the skin, since it's like the ladies at the to me please let him actually ask them on the topic. initials on the as to the money. if it isn't ones that i so excuse 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. because a sign he's getting the he's algorithm follows the simple logic. because the lounge orders are given preferential treatment by the stock markets, 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, i won't go into details, but it happens. it's a game and checking in a way you had to write algorithms that said, you traded 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 going $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 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, as stupid as you can guess. it was, it was a 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 is 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 bottex size 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, 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 boat at leaves u b. s. at the time when the stock markets in the usa in europe are changing dramatically positive. 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 place nothing up the hills. the banks begin to set topping 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 us. i love the movement of investors into the dock pools forces the stock markets, decatur to the high frequency trade us and they soon make up the majority of traits . some estimates put the number as high as 70 percent before alone. the banks themselves kind of resist the temptation of the high frequency money and open up the dump pools to high frequency trading. speed is only important that you will see that. so she does, she does that, as you may know, when usual g r a v o, do you me close going to trajectory? does that mean? yeah,

we need 3 before the furniture pieces we launched, basically into a. we traded through it, we scale it out over our 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 the stopped working we built the system, it would 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. what i think of now is 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 there were 9. so the, the last exchange took a toxic, this was direct edge, the may of 2009. i was out of the or away from 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, 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 are very, very sophisticated abuses. and he said to me that they

built all the 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. 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 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 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 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, 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 up to 32 pm on the 6th of may,

2010. the us financial planning company would ellen re places a huge buying order for forward contracts, valued $4100000000.00 using an automated execution algorithm. it is a huge georgia, 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. it's impact is felt around the globe and prices besides the discounts, the shop i escaped. i am asking slots ish quotes, not even flash crash. so i told him often i'm with the blog about committed ones. they all have to invite the money for the funding 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. 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 trait. 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 gave us 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 market. critics of high frequency trading to spend using brussels, trying to achieve d, u, y 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. 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 membership goodness, i know the phone they, i think was the owner of you know, i'm just now to really get you out of way. that's what goes on fields with us. and so you can go in and calculate and have to show them. i know like, well, you gave them the dentist would use it by the time of hudson. we have them in the stock when decides 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 leave with you? and so i know i know it conditional because the ones who and i've seen how bad because i'm most definitely will click on the 100 and i want to contribute the bottom. yes. and 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 what should be the probably used to be the 5 unfortunately wasn't as interesting, pronounced what it is. you have to write them that nothing happens with that in class. so got it to me. about all these you want me to ask them if it comes in, can you please me to name? well, not really. how much deep cleaning 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 them. so 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 can safety. and then i can spend the time for me to click on the elective finance. they like you won't let me, can spend dollars. so it is, i think it's all this is officer collision from the us here on the south end of the

fuel. the start of the car, the diesel pots down think was the only benefits i saw in 2012 the same you that the used thoughts working on the move in to direct to find the dec becomes a whistle. the in the usa is met with powerful position and the bankruptcy. 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 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 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 line, 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 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 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 for 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 a 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 him and after the conference i said, you're totally right. but anyway, 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 exchanges. its entire purpose was to level the playing field. and i think the only people who really read it really have rings, the traitors. repeating what's because if it's even more, somebody do home for

a small room, thought i machine even most homeless because he to go with the machine a book, the fuser next to them present it to them. imagine that the have you looked in the 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 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

braces picking up down the gulf of contact in the 2nd cloud, free from those but not for all the grease is now enjoying the sunshine. the floods that came from this connection here, and having picked up some strength just off the coast of libya and that's prompted a warning for it. you seem to be a particularly bang gauzy. we're right, he's got to full, i think throughout the weekend, off until monday when things are stopped to improve and by to, to the sun side. but the breeze is still strong and from the north expect some flooding back from most part we can ignore the shorter one or 2 in the mountainside directly in the full cross significant right has being blowing across the caspian. so you might bring some shout, possibly in to tell the onset, and he's keeping back here when the cool side of it should be. but for most of us,

it's on the high side, the hot side over the average. so would suggest. let's click the notes. well, maybe in the hallway they have just $39.00. the record is not much higher than $45.00, so it's pretty hot still. so after radius, however, sunshine and the desktop, the big ticket, the guy with the breeze is picking up, but it's not overly strong. to be honest, big child of our west and can, you can go on there as well. and the central part of the congo just drives the south is quite a williams way to go through volt swanner. but it's much, much colder and windier around the cape. this freezing winds and rugged terrain and at times seem impossible. but for ask on, traders praised the will concrete, all that is no choice combating the impossible to sell that goods in isolated areas. we photo the daring journeys as they overcome the extremes.

risk and you know, i've got installed on al jazeera i care about helping us engaging with the rest of the world. we're really interested in taking you in to a place you might not visit otherwise. i feel as if you were there the . ready rescue is trying to reach them, bouncing villages in morocco, flash and apply the as quite for the 2000 people in count. the understand you're taking this is out of here at life from dar ha, with special coverage of america as the way i'm doing a hold in the historic center, a lot of cash with 24 hours.