TY  - BOOK
AU  - MacKenzie,Donald
TI  - Trading at the Speed of Light: How Ultrafast Algorithms Are Transforming Financial Markets 
SN  - 9780691217796
AV  - HG4515.5 
U1  - 332.640285 23
PY  - 2021///]
CY  - Princeton, NJ : 
PB  - Princeton University Press, 
KW  - Algorithms
KW  - Business
KW  - Finance
KW  - Investments
KW  - Data processing
KW  - Program trading (Securities)
KW  - Stock exchanges
KW  - BUSINESS & ECONOMICS / Finance / Financial Engineering
KW  - bisacsh
KW  - Alexandre Laumonier
KW  - Automated Trading Desk
KW  - BrokerTec
KW  - CME
KW  - Chicago Mercantile Exchange
KW  - Dark Pools
KW  - E-Mini
KW  - EBS
KW  - Flash Boys
KW  - Juan Pablo Pardo-Guerra
KW  - Michael Durbin
KW  - Michael Gorham
KW  - Michael Lewis
KW  - Nidhi Singh
KW  - Scott Patterson
KW  - eSpeed
KW  - electronic order books
KW  - financial trading
KW  - foreign exchange
KW  - futures
KW  - geodesic
KW  - liquidity taking
KW  - market making
KW  - material political economy
KW  - materiality
KW  - political economy
KW  - science and technology studies
KW  - share trading venue
KW  - shares
KW  - social studies of finance
KW  - sociology of finance
KW  - sovereign bonds
KW  - speed bumps
N1  - Frontmatter --; CONTENTS --; List of Illustrations --; Acknowledgments --; 1 Introduction --; 2 To the Towers --; 3 “We’ll show you our book. Why won’t they?” --; 4 Dealers, Clients, and the Politics of Market Structure --; 5 “Not only would I lose my job, I might lose my legs too!” --; 6 How HFT Algorithms Interact, and How Exchanges Seek to Influence It --; 7 Conclusion --; Appendix: A Note on the Literature on HFT --; Notes --; References --; Index; restricted access
N2  - A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial marketsIn today’s financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading—automated high-frequency trading or HFT—began and then spread throughout the world. HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms.In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal—light in a vacuum—can travel only thirty centimeters, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges’ systems and to the location of the microwave towers that carry signals between computer datacenters. Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how exchanges sometimes engineer technical systems to favor certain types of algorithms over others.Focusing on the material, political, and economic characteristics of high-frequency trading, Trading at the Speed of Light offers a unique glimpse into its influence on global finance and where it could lead us in the future
UR  - https://doi.org/10.1515/9780691217796?locatt=mode:legacy
UR  - https://www.degruyter.com/isbn/9780691217796
UR  - https://www.degruyter.com/document/cover/isbn/9780691217796/original
ER  -