Donald MacKenzie
Trading at the Speed of Light: How Ultrafast Algorithms Are Transforming Financial Markets
Trading at the Speed of Light: How Ultrafast Algorithms Are Transforming Financial Markets
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The book "Trading at the Speed of Light" explores how the growth, technology, and politics of high-frequency trading have altered global financial markets. It shows how in the 1990s, automated high-frequency trading (HFT) began and spread throughout the world, bringing new efficiency but also creating an unrelenting race for speed. HFT is exquisitely sensitive to the length and transmission capacity of cables, and exchanges sometimes engineer technical systems to favor certain types of algorithms. The book offers a unique glimpse into its influence on global finance and where it could lead us in the future.
Format: Hardback
Length: 304 pages
Publication date: 25 May 2021
Publisher: Princeton University Press
The evolution of high-frequency trading (HFT) has had a profound impact on global financial markets. This transformation, driven by growth in technology and politics, has seen the traditional trading floors on which brokers buy and sell shares face-to-face replaced by lightning-fast electronic systems powered by algorithms. In his book "Trading at the Speed of Light," Donald MacKenzie explores the origins and spread of HFT in the 1990s, highlighting its efficiency and the relentless race for speed it has created.
HFT operates in nanoseconds, where the fastest possible signal, light in a vacuum, can travel only thirty centimeters. This sensitivity makes HFT incredibly reliant on the length and transmission capacity of cables connecting computer servers to exchange systems and microwave towers. MacKenzie conducted over 300 interviews with HFT traders, technology providers, exchange staff, regulators, and others to uncover the extraordinary efforts expended to accelerate every aspect of trading.
The book delves into how big banks have battled against HFT firms in certain markets and how exchanges sometimes engineer technical systems to favor specific types of algorithms over others. MacKenzie also examines the material, political, and economic characteristics of HFT, exploring its impact on market liquidity, volatility, and the distribution of wealth.
Overall, "Trading at the Speed of Light" provides a comprehensive and insightful look at the transformative power of HFT in global financial markets. It sheds light on the technological, political, and economic factors that have shaped this industry and its implications for the future of trading.
Weight: 636g
Dimension: 169 x 244 x 31 (mm)
ISBN-13: 9780691211381
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