the sweet and 1st amendment gods chosen to bless us because we protect israel. i'm going to continue. do you want to state level all that i can't support that whenever you see. and just as regardless of what space or gender what's going on. he says that he has to say something the wrong calling and don't all the top stories on how to 0. the number of deaths in the eastern coast of libyans, if you have done not, could reach 20000 following sundays, catastrophic flooding. that's according to the city's bed. so it seems that continued to come to the streets wrecked buildings. i'm let's see for buddies. the head of the presidential council in tripoli, as well as the prosecutor general to open an investigation into the done the floods proceeding this way than is the head of the roads and bridges authority. olivia explains the scale of the devastation. gotta live in a 2nd here and without,

without lead. one of the main reasons for the increased number of death is the collapse of during the valley, which swept all the residential buildings nearby. yet the area of it's a totally destroyed is estimated at 900000 square meters, 5 bridges of all to collapse to which isolates the city is one where the area that was heavily damaged is estimated to be around 3000000 square meters. 7 more of to solve similar, okay. following last week's mass have a quick the death toll has risen 108-3000 little 4, and 8 is arriving as emergency cruise searched through the rubble in remote mountain areas. something our cache is one of the hardest hit areas out there is hash them a whole better sense as this updates it was a rusty operation is still under way the army is deploying helicopters, carrying a medical supplies to the affected areas,

the ambulances that you can see behind me, i'll bring you some of the people who retreat from under the level those injured and the way the loan to the hospitals in the city of matter. i guess what are the biggest challenges with this rest to your operation is basically the fact that we're talking about that. so that manages the hedge by the great villages like yours. okay. lots in the cool is the center of the escalade. and also we again, and it takes time to get to those places, the roads helping blocks for quite some time. the army, the engine is trying to clear some of those rows. but they have to do with capital in a way that does not block aid. and supplies to trickle into the areas affected like this 11 of the hardest hit areas in my records, this is where they had a couple years with line to different areas. a mixture of the clinic has been

established here and you can see the trucks behind me carrying more and more aid so that they can get to school the affected areas provide all the needs to those affected. ha, ha, ha ha! that's in the cold sauce of matter. i guess. king jones has vowed full, an unconditional support to russia. north korea's leader held tulips with the present blind may uprooted at the russian space. launch facility on wednesday, showing young once the russian expertise for its satellite program or what must go once more weapons, 1st war and ukraine. the us state department says potential military cooperation between russia and north korea is alarming. so when you see what looks to be increased cooperation and probably military transfers, as we've said, for some time, we have reason to believe that we're going to discuss military transfers. and that is quite troubling and would potentially be in violation of multiple you in

security council resolutions. as well as in plain for 2 strikes targeting serious western region, the 1st strike hitting the port city of tough is killing at least 2 soldiers. the serial only says another attack on how much caused some material losses. at least 7 people have been killed and renewed, fighting between rival fractions of the largest counts of palestinian refugees and 11 on. it happened as representatives from the war in groups met for tools fighting out of the i know how i can began in july the you and says it has credible reports for at least 13 the mass graves ensued on the you and that human rights office says the bodies buried in no, so as you need a, were reportedly victims of attacks by the rapids pulled forces which the army, which has been fighting the army since april. there's a headlines. the news continues. hey, on al jazeera, off the money bolts, the the,

the, the 5th of february, 2018. 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 send strange. apparently the trading computers went too fast.

the how is it possible the defenders 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 one of the students are concerned to figure they have a tough choices. i just wanted to see some of the website please. by the monday as the voice music wouldn't intact a 100. that doesn't get something. i'm attracted to a 1000. when is the veterans assigned is beginning zine? did you have them due to probably scientist the 1st of applies actually? it's essentially high frequency trading significantly reduces the time the destruct

he's held before being sold. sometimes it's just many 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, it became a lot faster. the quality of the investment was no longer the deciding motivation for buying or selling all that match. it was who could react the fastest high frequency trading is performed exclusively by computers, not people. these computer systems are completely autonomous. essentially, they're 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. they're all that goes out to the various stock exchanges. when the old rides at the 1st ok 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 $9.00. 50 then sell them to the pension fund for $9.51, the high frequency trader as an $6000.00 within a few milliseconds, and with no attached risk, the frequency trade as 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 trade is benefit from crises and are constantly waiting

for the next one to occur. in the beginning, the intention was to use greater predictability and foster infrastructure to increase the stability of financial markets. in fact, the opposite, cuz it could, both a 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 of hours a trying to validate that the engine itself was on the mobilized turn on my engine was actually lives and 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 could have lost, you know, if it was $30000000.00 rate, it lost a few $100000.00. but it was, it was a terrifying experience. hind biotech 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 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 trends. so 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 on this, on, 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 casinos of las vegas at the end of the $196.00 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 wood sold on black ho, develop algorithms that allows them to come cods when playing black check and to make predictions. going from a takes a different approach. in the 19 seventy's, 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 a leg in the mountains, stiff antiques company is working on making the fastest data connection between new york and chicago. even foster. you know, he's also closer to your price, offer you the amount of the fee. but since he bought on toilet that this into it, i putting you have to over allow even just getting the, had 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? we just getting know to, to see a horse you know is if i pitied the menu and that it was just a 2nd. ok, i'll put some notes. you say it will say repeat these, just get a portion to it on the 4th up. so do you want to do it on the sheet and for what i

can show? so the get the austin airport depreciates. i go just going your drums a she'll need to do is want you to america. songs i've up is one to fail. okay, i'll take more of this. you see i'm to put gum laska yang, across the form. you know, on do i sorry to was still in the, in the doing that he was told 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. so tom is bet. so the casino 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. 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 that's from the moment the crew a spencer ball until the ball until that that's getting close. there's typically about 10 seconds that past 10 to 15 seconds. and 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 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 his computer became the stuff of legends. it wasn't just any computer. it was the 1st and to, to built into closing. while steve jobs and steve wozniak, were creating the original desktop computer. going from i was building one issue from a himself, becomes an icon. so people working in the field of computer based predictions, farmer and his team eventually decide that the winnings at the 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 mo, 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, 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 put a on bush edition issue. the things that you see them video better over the phone

and it shows the off hole. so it had been fairly po to show you denmark on bush of the fusion. i don't see any in the show. scuse uh, a piece of the craft to secure the menu menu chino, share these guns. you know, of a d, does this, does the doctor if he's the attention of disorders dc, i make this work on these activities. the computer sees the dumper, she did the field actually. i think the 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, i'm on the shows 10, a benefit that he bought a puzzle club bunker a key from the dc on betsy inactivity too much of the time you look salmon sit switching to sit down the diffuse t i for focus to do to kind of heavy to me to the surface,

i'm only on that for she pull progress. so here i'm going to the like if you take the present means y'all don't look new problem. while we were doing the real that project, our friend rock shock came over and said, i just found out about this amazing thing. chaos. so we went up to the loud and we looked at the simulation on the la computer and we were just amazed because you could see, even though there were deterministic equations, was making this random looking set of patterns on the screen. and so we got completely fascinated by that and we, um, we created algorithms for finding as identifying patterns in nature that are described by chaotic dynamics. going home devoted himself to studying happens between

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 endangered the every time i would talk about as somebody would say, largest stock market. and so i kind of got tired saying no be while i heard about the official arkansas and offices which sets the stock market. sorry, inherently unpredictable. was a very popular theory at the time. and i didn't believe. so normally i once again left, he left his job at 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 what color southbridge, the, the one year i think was free until the original month. not for a nice home on that combat yet they're hoping to see the problem. this will do not turn on the fund is on the capital sites, a lot kurt that she wants to still continue to fund. we've got to do this or deck generally a month. no, all the up to me. you want to come see what you want to go. something i've also going to save when you're home to tell you about the loan. but when i'm going here, the loan on a buzzing done, the power of stock exchange is not the only empty shell. even wall street is little

more than a movie set these days. this interaction data center is located in an anonymous building on the outskirts of vienna, austria. the company has 13 such co location centers throughout to you or more than 100 internet service providers. 5 internet exchanges. unimportant client services have computer stations here, as does be in a stock exchange. 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 to move into the intakes and describe is the best agents hands on and on the internet 9 boston, i've opened it up to you and these are a few more community of interest we've using them and also since okay,

it has to be 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 sides, there's a concern that i think the big ticket music that i suspect will does she think you should have some available phone gaming is in. so if announced this last time comes basically for this reason, the vienna stock exchange is most important. so the which deals i made isn't located in vienna. a tool is in frankfurt in the race to buy. also, 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 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 on, you know, basically cheap to explain the $100.00 credit. and you got a big promotion for finding a cheat on your x exchange to get price is 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, i'm a former colleague from home uh,

contacting me by email and said, 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 had not really acknowledge that i was guilty of the same type of thing that i had turned in. you know, i just hadn't equated the tier 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'd learn some lessons from a lab. one lesson was that you've got that big stock market also to make a good model. you don't have to pretty 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 many. 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 about $2600000000.00.

there is no channel that covers the world news like we do, we revisit faces in the state. i'll just say we're really invested in that. and that's a privilege. as a journalist, beauty of which the source of nature the need to be harmonized with stable and sustainable goals. united with the diversity of cultures that quick jakarta, indonesia is ready to hold the 2023 ations. together. we will prove that patient matters at the center of how do states control information controlling the narrative dominating the media? how does the narrative improve public opinion dependent norma? spite, it might not be the most important story about china of today. but that's what the big piece attention to. how is citizen, tim listened, we played in the story,

the listening post. i fixed the media. we don't cover the news. we covered the way the news is covered. the code in the top stories on now is there a number of deaths in the east and coastal libyan city of done not could reach 20000 following sundays, catastrophic flooding, that's according to the cities that so it's teams continued to come, the streets wrecked buildings on the safe bodies, local officials are rolling out any chance of finding survivors. or my time i had a to, i'm 31 a for how we've confirmed around 5300 debt sofa. and that number is likely to roll

as much more to the lightness of the rescue operations. we cannot forget that we've now possible in 72 hours of rescue operations in libya, as most on policies about the opportunity to rescue the volume is decreases. the more often salt, similar, okay, following it last week. mess it up quite the death toll is there isn't and 83000 more for an 8 is arriving as emergency crews searched through rubble in remote amounts in harry's a and kim john and has vowed full on unconditional support to russia. north korea's lead to help folks with president vladimir putin at a russian space launch facility on wednesday came young and isn't late to expect to, to visit annette. call fire tree and go and see the russian navies at pacific fleet . and the us state department says, potential military cooperation between russia and north korea is alarming when you see what looks to be increased cooperation and probably military transfers. as we've said, for some time, we have reason to believe that we're going to discuss military transfers. and that

is quite troubling and would potentially be in violation of multiple un security council resolutions as well as the end blaine for 2 strikes targeting series, western region. the 1st strike hit in the port city of tosses, killing at least 2 soldiers. the 3, you know, me says another attack on how much caused some material losses and at least 7 people have been killed and renewed, fighting between the arrival affections of the largest kind of the palestinian refugees living on. it happened as representatives when the warring groups met for tools fighting again and hello account began in july and then the 300000 members of those who work as unions in the us and canada, a threatening to go and strike from midnight on thursday. the united auto workers union says that wage increase offers from the 2 biggest call companies in the us and on and off. both sides is still locked in negotiations. there is the headlines and the news continues it now, is there often money bolts? and don't forget to be keep up on those. is there a dot com? 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 is supposed to be becoming like the backbone of the, 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, 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 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. and now she'll find any book you want. it's all done to the 4 cases they may just as he's specify the youngest objective system of the class. and it took a bunch of them and then you know, kind of thoughtful specific goals that smoke essays with, you know, have chris jen, heidi, so i guess if you go to the pharmacy and then you just get some assistance, you know, see, i'm sending the message to call for help, and that's almost, that's on office products that i'm on the on demetrius. so yes, it's a big stuff. it gets cool. k. as for the whole thing, it just kept giving you the sofi small. so may open that she said, the name of us can sit, it says x rays on the 22, sorry, moxie and ask 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 am actually feels while the explosion of high frequency trade in nearly 2000 is continues time though day is developing new

trading strategies. for example, a u b. s equals a sine, he's gay. he's algorithm follows the simple logic. because the lounge orders are given preferential treatment by the stock 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, um i won't go into details, but it happens that's it's a game and checking in a way you had to write algorithms that said if 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 fix. so we, we created all this algorithm in this kind of or in terms of getting the largest, what we call participation rate. it turned into this horrible game of chicken and hot potato, where you quoted more than you want, and then you really should and there in any responsible manner. and then if you actually got hit, which happened, you needed to dump it on other people before before they realized that the potato was coming, it was as stupid as you can get. it was, it was just stupid. so the algorithm that i designed was powerful enough that everybody else had to match it. and that actually brought down the market system, the market data system of the us option and market to the brink of like collapse

basically so cool for me. i was like, it's just like, literally just loved this. i could see how many months it took for another firm to realize what i was doing and try to introduce the same algorithm. and it took 3 years for 7 firms to figure it out. hind bottex size gain 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. there was a, it's a 2007 and it was designed to be, you know, a ferrari, but an independent for a to me, you know, for me it was really a dream is to be independent. i didn't realize it was going to turn into an odyssey

. burdick leaves us at a time when the stock markets in the usa and europe are changing dramatically. part of this is due to the high frequency trade is the launch investment funds 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 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 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'd registers that as you may know when usual g r a v. oh, do you me close going on? she drives it. does that mean? yeah. the main street before the furniture pieces we launched, basically into it. we traded through it, we scale it out all 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 stopped working we built the system, we basically measure the trends that we tended to do, or in fact profitable. and that's where the transmission shouldn't be doing over the period of 2009. and i started seeing the changes, the, the stock trading 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 miss square. people say, oh that, that exchanges toxic. and in, and uh, you know, without, you know, this just kind of a blanket turn break. you know, i'm getting screwed on the exchange. that's what being toxic me. so what i, what was happening is i would keep redirecting our 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 may of 2009. i was out of the, those are wasting office and for a week and i came back and there was this dramatic change that was so severe that it basically took the business from modestly profitable to flat. in order to confront the problem time bo deck immediately buys fast the connections and the price speeds he optimize these he's codes, but the problems increase. he watches power. leslie, 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. i don't know where we found the pen or something, but i, i wish i had this napkin. so i'm, you know, i'm like, what this is, do you mean it works like this? and he explained to me, these are very, very sophisticated abuses. and he said to me that they built all the stuff to attract high frequency traders, 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 that he's companies failure inbox on a last ditch attempt to save it. however, he is too late. trading machines enters bankruptcy during the turbulence of 2010, and 2011. for the 1st time home the deck, 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 abuse exemption and regulation. and i'm, and i'm us to get to the top of the queue. you know, they're going to tell you they're faster than you and that was, you know, that's

a false flag. let's say or i don't know what the right term is, but uh, you know, the red herring speed is a red herring for that for, for a lot of, of tricks that my industry has developed or 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 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 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. the tents in danger of total collapse. after breaking trading of 5 seconds, the market comes down to get 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 sizes 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 bought. committed ones. they all have to invite the money for the funding for the boss, and that's because that's what it was. money, forget warranties and slash crash advice. so

doing thomas john from the casinos to los alamos, known to wall street, eventually takes him to walk through it. but he now studies 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 anymore 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 at most print 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 and by 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 market. critics of high frequency trading to spend years in brussels,

trying to achieve p 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 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 we're 20000 feet. that's what it was. and so you can go ahead and calculate, we'll have to show you what i know like what you gave him. the dentist would use it by good talking to me. i mean, the stock will decide, kaplan switched to my tolls and to toys and fields 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 divide the estimate would come to come the you, 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. the higher 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. we thought that nothing happened to that impressed what can happen to me about all these you won't give me the ask me if it comes in. can you please me to what to name will not treat accomplished deep clean thought. the sofa. it looks like hundreds, hundreds, vacancies typically emphasis for the saw. was he?

hi i'm. this is mindful of to him for the inconvenience and i am for the ones who go through the end of the give them to meet the truck and vans. we should be enticing the little bit use this real quick runs condo 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. oh, so it is, i think a tool does as often as i can see it on the south end up sort of what's the best that art as a car? the diesel pots down think was the only benefits i just looked at in 2012 the same year that the used thoughts working on the missing to directive kind bottex becomes a whistle the in the usa he's met with powerful opposition 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. 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 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 the people who were the least support is where the for the victims is completely confusing. i thought that what i did was providing information that would balance things and kind of repair the uh, the industry. 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 re 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. as 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. 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 exchange. its, its entire purpose was to level the playing field. and i think the only people who really read it were lagrange the traders repeating what's because if it, even though somebody do home for a small the machine you most homeless could see to go with the machine a book, the fuser next to them presented 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 ways, it's alive, driving. it's in the outcomes the the, the color of the weather remains very much on the wall side across the radium peninsula . temperature is running around 4 or 5 degrees above average. that is a little more cloud further north and wet weather, just around the cool cuz he's using either tools the caspian sea, northern parts of iran. i'm at west the weather just sinking a little further south with as we go through friday. i squinted lifting dust in the

sun. radi scenario is a saudi arabia for the full sale. she's here even though it's good. 5 degrees above the seasonal average temperature is about where they should be though. of course, at eastern side of the med, just about where they should be into the northeast of africa. now still quite a brisk wind, just blowing off the mediterranean. here. notice a show is becoming more wise, but of course, mold in areas of algeria pushing across into northern parts of morocco, so that could affect the quake area as we go one through the next couple of days. plenty of showers, meanwhile, across central positive africa, some big down pulls, coming into the gulf of getting serious think some live these storms as those things like that way. further, westwood st. spend across the quite so we'll see some wet to whether there was obviously bob, we've got one or 2 showers. the into eastern pulse of medicine and big amounts of southern africa is going to be dry over the next few days. but it does tend cool what i'm wendy for kate down

here in the room. been heavy artillery from the 1st minute of the expiring office. east fire. something has changed at this border crossing whether they are civilians or fighters. none of that seems to matter here. now those phones, human stuff, out of the medicine, that is not enough for you and hcr is here and someone told us that they have never seen it this bad. many people say that even when they are about to prophecies neighboring tags, they also been talking to was an incredibly tragic day. seeing refugee streaming in his turn into a violent night. they seemed terrible things experienced unimaginable hardships to come this far. what happens now? well the difference during the correction

which is a selection that the best news from across the network and the the, the this is the scale of the devastation in libya's eastern city of during the focus. no shifting on delivering much of me today the time. so ben, yeah, it's good to have you with us. this is elisha 0 life from the also coming up nearly a week after magnitude 6.8 burst quake. hip morocco, villages still remain cut off and in desperate need of help.