so i'll just do a world ex tours with me 10 minutes to windshield rights her and champion of the palestinian cause in the west. at which time i'll just place on noticing about the hello i'm and as of a for ron and don't have of the top stories on alan's as they are on an east. and lydia said, hundreds of people have been killed in slugs close by storm. daniel, that's all he say to the ends of the simplicity of doing that. it is the heaviest rang for the region has recorded in a single day. and nearly 40 years. louise's rival governments have both announced 3 days of national morning. mont, at china has moved from properly. we saw a large con boy of 8, including excavators, bulldozers, large trucks, ambulances, medical staff, hundreds of volunteers,

leaving western livia early this morning, they said they should have arrived already in eastern libya. we're also seeing people come together from the east volunteers are trying to reach deep at the most impacted areas. like you said, the city does not as believe to be of the most impacted move in 2800 people have died in the quick that strong central in the wrong code of office being housed in 10 foster, their homes were destroyed. some of still searching for family members trapped under the rubble of the army and aid agencies have managed to reach some remote villages in the atlas mountains. but many roads, the still locked by rubble hamper unbelief operations hush him. a whole bottle has moved from we've gone to village via the access mountains. for now it's all about the desk, but it's a time to retrieve people from under the rubble. and i'm very that, that tomorrow it's going to be another page about how to move forward with building

the areas affected. providing financial assistance to those who need it because people have lost, loved ones have left the homes and they have lost the businesses of the government . is saying that they have been given orders by the king of the 6th to the office to own those who will attract to buy the great 28 people have died in nigeria off to the ferry, capsized around. so he were rescued in the mood for a region of niger stage, at least 40 others remain missing. it is the 2nd ferry cap sizing, and nigeria and 3 months, demonstrations in israel and a gathering outside the supreme court ahead of an appeal against clothing. it's traditional powers in july, parliament passed amendments to a lot of menacing at the the ability to over the decisions it finds extremely unreasonable. the quotes full bench assisting judges is expected to convene on tuesday. she lays mocking the 50th anniversary of a violent cruise again,

socialist president. salvador allende that brought general alba still pen ashate depaula. hundreds of people to attending in the more that the presidential palace and the capital santiago they honoring the thousands killed a forcibly disappeared on the printer chaise. rules the o. c. you can use c u. s. is commemorating the 22nd anniversary of the september 11th attacks that kills more than 3000 people. was president's coming to has attended a vision of the world trade center in new york city. and us secretary of defense, lloyd austin, let us there are many of the pentagon full commercial planes, were hijacked one target to the pentagon to flew into the world trade center in new york. and one was down in pennsylvania. the attack was the deadliest on us soil since the 1941 japanese fallen off to hava. september 11th reminds us that the american spirit still shines in times of testing.

after the attacks, amid the horror and the grief many americans felt a deeper sense of duty to their communities and to their country and all around the country. with hearts breaking for the slain and much suffering, americans looked within themselves and felt cold. busy to give back the kremlin, says north korean leader kim jong own will visit russia in the coming days. us diplomat said last week that young young is ready to supply emissions to the russians for the war and ukraine. those of the headlines on the algebra money bolts is coming up next the the,

the, the 5th to february, 2018 at 3 pm local time. the dungeons permit 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

. was 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 than the one on the store for him to figure the tough choices? just this one is this, the son of the website, please? by the monday, as the voice music wouldn't intact a 100 that doesn't get somebody. i'm attracted to a 1000. when is the veterans assigned is beginning zine? did you have them do to resign? 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 stop markets were actually designed for access to stokes. also, it 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. their hold that goes out to various stock exchanges. when the old rides at the 1st stock exchange, a high frequency trading system detected and immediately places it. so notice for the same shares 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 $9.00. 50 then sell them to the pension fund for $9.51. the high frequency trade design, $6000.00 within a few milli seconds and with no attached risk. the frequency trade as do not have to be active in the kits permanently. their advantage is most effective when crises, disasters all political decisions, costs strong price fluctuations. the essentially high frequency traders benefit from crises and are constantly waiting for the next one to occur. in the beginning, the intention was to use greater predictability and foster infrastructure to

increase the stability of financial markets. in fact, the opposite, cuz it could bottom nation has made the move bundle of tool. there is no electronic system that cannot be hacked. the i had to 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 hours trying to validate that the engine itself,

i was on the mobilized turn on my engine was actually live. i had 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 had this engine that was basically trading. it could've lost, you know, it 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 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. 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 in this on 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 casino use 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 soul on black ho, develop algorithms that allows them to come cods when playing black jack and 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 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 antiques 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 off the mouth, bava, feeble since feeble, all toilet that i sent to it. i put me, you have to over allow even just getting the had you ones i had you already left for me. i sure a, or could the, don't this and you will had you to solve with. you just getting know to see a horse, you know is if it to the menu and that it was just a 2nd. ok. i'll put them on to say it will say repeat these, just get up cushion to on the 4th up. so do you want a fee to do it on the ocean for life growing show, so the get the austin airport depreciate? yeah, 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 put come laska yang across the felt me now

or do i sorry to was still in the in the doing that he was telling the issue was this should do not cool. so the new phone that he was talking to the passenger, i clearly keep them all. i'd use you into an algorithm as a rule for answering questions. the algorithms provide the foundation for farmers bet. so the casino the computer is required to process algorithms quickly. at the time, however, these are not expensive. so this begins to change in the mid 19 seventy's, the 6502 microprocessor. just come out same microprocessor or 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 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 would then place the vets 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 the 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 have rendered 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 this computer became the stuff of legends. it wasn't just any computer. it was the 1st computer 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, pharma and his team eventually decide that the winnings at the really like we'll do not justifying the risks they are taking the day we turn to most serious scientific fields. pharma finds himself at the 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 $191.00. 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 insurance in a panic that brokers eventually begin to ignore the frantically ringing telephone.

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 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 counted cods of the blank check tables in the 1970s. he is 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 emerged from the universities in paris, mathematicians a welcome additions to the market, as all physicists like steph on take the book, you sure was pizza, to keep them put a on bush edition. so to the, to increase even the deal better over the phone and it shows the off hole. so it had been fairly po to che, got more on bush of the featured items, just really in

the shows gives you the a piece of the craft to secure the menu method keen on sale. these don't you know of a d. this is supposed to the doctor if he's there, can choose not to do disorders the fee. i'll make this work on this doctor if he's a computer, sees the dumper sheet that the feel as a buffet month is that by 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. the benefit that he bought a past due to a bone to a key for the easy on betsy inactivity too much of a time. you look, salmon, sit, sit, you know, sit down, that's diffuse t and i for focus to keep on a very t me t, suv he's, i'm only on that pushy pool progress. so here i'm going to the like, if you take the pre show me the how that works me by while we were doing the real

that project, our friend rock shock came over and said, i just found out about this amazing thing to us. 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 or devote himself to studying happens within a 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 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. it was a very popular theory at the time and i didn't believe so or 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. and when color solves production the

the one year, i think most pre, if you have the result of not for a nice home on that combat yet they're hoping to see from these all do not turn on the fund. does that make that for safety? like good that she wants to still continue to fund. we've got to do this or that can hold a month know in your proven you want to come feeling like it 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 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. the description of some of the same things and besides the stations hands on and i'm taking a look above the internet 9 boston hoping to get out to you. these are a few more community of interest to be of using them. and you might also, since okay, it has to be a pain in seattle and i'm found the name of nathan on that one of the my other question is about speaking. so kind of time is of the essence as i guess we just had the screen that maybe stick it over to the left instead. does it come to

the box and the big stick and music on the suspect? what does she think you should have some available phone gaming is himself announced this last time comes the reason for this reason, the vienna stock exchange has most important service. the 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. a proximity is time and time is money. in the 1990 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 a cheap to explain the they'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 should of and you know, years later when i hit the front page of the wall street journal for my whistle blowing against direct edge, former colleague from home. uh, contacting me by email and say, hey, what you turned on a direct edges 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 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 a prediction 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 the trading system that we make that's based on the patterns we learn some lessons from the 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, that worked very well. and so production company created subsequently for about 25 years. we ended up selling it to us in 2006 tens of thousands of children were born in to we'll live down to the ice old regime in iraq and syria. now many are in kemp. i the role funds are with the widowed mothers rejected by their own communities checking the few things that people are

going to welcome them after that. of course, not an emmy award winning documentary. here's the trailing and traumatic story for children throw stones at me erects last generation all. now just in the i care about helping us engages with the rest of the world. i cover foreign policy, national security. this is a political in house. here's the policy. what are we telling the good story?

we're really interested in taking you in to a place that you might not visit otherwise. it's actually feel as if you were there . the hello. hello almond is with ronda mendoza. how? but the top stories on alice's era said, hundreds of people have been killed in eastern livia and flogged schools by storm. daniel authorities say to the ends of the list and the pool. so to give dana, it's the heaviest rainfall division has recorded in a single day. in 90. 40 is the b as arrival governments have both announced 3 days of national morning. not a trainer has moved from tripoli. we saw a large con boy of 8, including a excavators, bulldozers, large trucks, ambulances, medical staff, hundreds of volunteers leaving western livia. early this morning,

they said they should have arrived already in eastern libya. we're also seeing people come together from the east volunteers are trying to reach the, the most impacted areas. like you said, the city that are not as believe to be of the most impacted wisdom. tooth 1800 people have died of the us quake that struck central mazacco survivors of being housed in 10 saturday homes were destroyed. some a still searching for family members tracked under the rubble. the army and agencies have managed to reach some remote villages in the atlas mountains, but many roads. the still locked by rubble hampering relief operations. 28 people have died in nigeria after they ferry capsized. around says he were rescued and the milk or region of my just state at least a 40 others remain missing. as the 2nd ferry kept sizing, and nigeria and 3 months demonstrations in israel, the gathering outside the supreme court ahead of an appeal against cutting its

traditional powers and july parliament passed amendments to a law limiting the courts of, of the 2 to overrule the government decisions that find extremely unreasonable, the courts full bench of 15 judges is expected to convene on tuesday. today's mocking the 50th anniversary of the violent crew against social as president, salvador allende that brought general ogo still pena shaped the power. hundreds of people to attending in the more and at the presidential palace in the capital santiago the kremlin says north korean leader kim jong on well, visits. russia in the coming days. you, as diplomat said last week that joan gang is ready to supply ammunition to russia for the war and ukraine. well, those are the headlines on elders 0 to stay with us. money box continues next. the speed is not timely. essential when operating a stock exchange. investors and traitors 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 is 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 it 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 vote at 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 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 i make such a small profit money. i was surprised by their money to find frequency trading. the financial generalist jennifer neal kept a close eye on developments from the very beginning

of now sheila, i need to speak to the 4 cases. they may get this to her. as he spoke this morning with the youngest attempted system of the class and it took a bunch of combat and you know, kind of thoughtful specific goals that smoke assist with, you know, find a place to hide this. i guess if you go to the pharmacy and then you just get some assistance, you know, see, i'm sending the message, the phone with the help of the office on office products that most of on demetrius . so yes, it's a big stuff. it gets cool. k, as for the whole thing, they just kept giving you the sophie small so may all be that she said the name of us can sit. it says like the ladies at the to me see, sorry, i'm actually asked on the south beach. it is on the, on the as to the money i what if anything, was that i so excuse myself. so i must have channels while the explosion of high frequency trading in nearly to thousands continues. time though day is developing new trading strategies. for example, 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. oh, 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, 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 quoting $30000.00 to fix. 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. 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 kind of tony's and i walked out with the team and i set up training 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 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 play snapping of 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 out before she executors are letting me know when you shall g r, a v o. do you me close going to it should left it is urgent. yeah. the main street before the furniture pieces we launched, basically into it. 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 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. i started seeing the changes, the, the stock trading changed quite a bit within 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 exchanges toxic. and in, and, you know, without, you know, that's 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 trading towards the exchanges that were less toxic. and then there were not some of the,

the last exchange took a toxic this was direct edge, the by may of 2009. i was out of the, or wasting 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 flap in order to confront the problem. time bo deck immediately buys fast the connections and the price speeds you optimize these codes. but the problems increase. he watches power, leslie, the plug drains out of his company, facing bankruptcy. time voting and count has a direct edge salesman, as opposed to the he just told me 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 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 that he's companies failure inbox on a last ditch attempt to save it. however, he is too light trading machines, benches, bankruptcy during the turbulence of 201-2011. for the 1st time kind of dec, he's supposed to confront the realities of high frequency trading. do you think the high frequency trade in the industry wants to say, well, we're using a, 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 you know, the red herring speed is a red herring for that for, for

a lot of of tricks that my industry has developed to get ahead of other people. the activities of the high frequency 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 price is immediately begin to collect 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 later, the chicago mercantile exchange is forced to stop trading. so much liquidity is being sucked to the market that hits 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 in this conversation about escaped items that are still inside fish, quotes, not even flash crash. so it doesn't often i'm with the blower to both committed ones. they all have to, in banking, money for the 20, for the boss. and that's because that's the most money. forget warranties and slash crash advice if you had doing thomas john from the casinos to los alamos, known to wall street, eventually takes him,

talks it. but he now study stability in 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 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 that. 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 the machine can think about it pretty much i do think we have to worry those markets go faster and faster. we're opening up the possibility for an instability. as a result of the collective interaction of high frequency traders with other parts of the market. and we're doing that for no, no useful purpose. 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 mark. critics of high frequency trading to spend years in brussels, trying to achieve p u. wind regulations. 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 use column and they're over to the last possible moment by the finance ministers in the comes with the european union. but obviously if can use the phone, the i think was the owner of the non smell to really get you out of the way out to my goals and fields with us. and so you can go ahead and calculate, we'll have to show you what i know like what you want the game. the dentist would use it by good talking to me. i mean, the stock will decide huffman just to my goals into it. so if and feels for those, and so what's, what doesn't quite soon do you think would you want a few months, not to sort of answer when you and so i know i know traditional ones, the ones that seem bad because i'm most definitely will click on sunday, and i wonder if you define as the estimate would come to come the you paula meant

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 have to the higher the doors game doesn't imply. so i think the goal, something on spencer the looks of which we are the funniest remove on the farm. fortunately, the wasn't as interesting pronounced what it is with lightning that nothing happened to him that impressed what can happen to me about all these you won't give me the estimate if it comes in what is most of it to name will not treat accomplished deep cleaning on the sofa, it looks like hundreds, hundreds, vacancies typically emphasis for the supply and see how 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 then they start going be enticing the little bit use this, hopefully crunch condos with it 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 cable and then we can spend dollars. so it is, i think a tool does as often as i can see it on the south end up sort of fluids that are currently using the pots down think was the only benefits i just looked at in 2012 the same you that the you stopped working on the move in to directive time the deck becomes a whistle. the in the usa. he has met with powerful position and the bankruptcy of 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 by 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 blowing because was an amazing experience because i didn't think i had been corrupted by the business. and i will tell you one of the 1st time is i realized that i was, was when i had to mow my own lot. 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 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 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 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 push 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 4 percent market share. and he told me, says even if you tell everybody what we're doing, the bias site 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 so don't me, so we'll see about that. so year later, i'm at a conference where i'd debated him. and after the conference i said, you're totally right. but anyway, over everyone's head i 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 to level the playing field. and i think the only people who really read it were live rings, the traitors, repeating what's we close? a 50 more assembly do home for a small their own thought. i machine even most homeless because he to go with the machine a book, the fuser next to them, presented to them. imagine that the hague looking street. so when i got into this business, i thought the whole point was to replace the old boys club 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, the, the, the weather brought to you by visit castle where you should be seeing the bolts in both south australia and down in victoria, probably new south wales with the client having gone through now the active front going through the sons getting to work the same is last teacher immediately and pass up to 24 degrees that were lost. but look at that 20 for an outlet and transfer and no, but the, i've just back middle teams and i'm and so you're going up and it's going to go more, i suspect all the time we get to wednesday. that's not true for post he or friends kind of getting so reading for you in 20 degrees and the federal breeze as well, has been easy. then i've been dying day on wednesday breeze out from southwest. i'm particularly strong. basically, bryce or sunday is one to 2 shows in the west. now, engine easiest to launch the dry, but the rain is showing up more certain,

borneo sort of ways the west papua is showing every now and again sumatra, but still the heaviest is up in me in my and probably in a good past the philippines as well. southern china still wet but become a little drive, be replaced by this late, seasonal dampers running on the yangtze tools. shanghai had a value in japan. yes, there are plenty of chest took case. 31 rises to about 347 degrees above average, comp time to get to wednesday, or which time it's raining in shanghai of the weather brought to you by visit castle, the from intimate moment to majors, social changes,

the witness award winning films from around on out to 0 and the smoky to that rate in eastern charge, the suit and his pound is accepted alongside the french trying to do these refugees that i'm able to receive for. they come here to business is risk for stuff on the side. just as prizes have tripled in the past few weeks. time claims manager dealers of exploitation. you should say shortages in inflation when increased conditions have grown worse for local people. and agencies stepping and i've never seen such a big operation. so 40 funded now we don't really on the edge where we would not be able to provide them. a meal of the child has been hosting refugees from sedan for more than 20 years, but vital resources including food and water running. no, i mean here fear that could lead to violence between those who are being shelter

and that was, it has refugees continue to cross the border. many fee attention people here or rise even further. the, [000:00:00;00] the, i don't want to visit with them and distance the news, our live from doha. coming for the next 60 minutes. hundreds of c, a data slots. devastated east and libya. the city of dana is because 10 to nearby dams collapsed rescue was a racing against time to find some lives in the vault co. 3 days off to the quake board in 2800 people. a confirmed that i'm drawing