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Dark Pools: The rise of A.I. trading machines and the looming threat to Wall Street [Kindle Edition]

Scott Patterson
4.4 out of 5 stars  See all reviews (28 customer reviews)

Print List Price: £8.99
Kindle Price: £4.35 includes VAT* & free wireless delivery via Amazon Whispernet
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Book Description

Dark Pools is the pacy, revealing, and profoundly chilling tale of how global markets have been hijacked by trading robots – many so self-directed that humans can’t predict what they’ll do next.It’s the story of the blisteringly intelligent computer programmers behind the rise of these ‘bots’. And it’s a timely warning that as artificial intelligence gradually takes over, we could be on the verge of global meltdown.



‘Scott Patterson has the ability to see things you and I don’t notice.’ Nassim Nicholas Taleb, New York Times bestselling author of Antifragile, Fooled by Randomness and The Black Swan



Product Description

Review

"As an exposition of Wall Street nerdcraft, Dark Pools truly delivers ... Patterson's tales of ingenuity and cunning read like a spy novel." (Jon Ihle Sunday Business Post)

"Gruelling and terrifying, Patterson questions the future of the human inquisitve mind." (European CEO)

Book Description

A chilling look at the rise of artificial intelligence in the financial markets

Product details

  • Format: Kindle Edition
  • File Size: 863 KB
  • Print Length: 368 pages
  • Publisher: Cornerstone Digital (17 July 2012)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • ASIN: B008LW1ZVC
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (28 customer reviews)
  • Amazon Bestsellers Rank: #73,666 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Most Helpful Customer Reviews
7 of 8 people found the following review helpful
4.0 out of 5 stars Stylistically wanting; factually chillling 24 July 2012
Format:Paperback|Verified Purchase
The machines apparently now have the power to pauperise us all -- or at least most of us. The message in Patterson's book is chilling -- and confirms to those who may have been wavering that stock markets are rigged, in favour of the house, with the punters perennially doomed to see their money whittled away by charges, slow execution and lack of information.

Patterson's book has echoes of Roger Lowenstein's When Genius Failed: The Rise and Fall of Long Term Capital Management and Michael Lewis's Liar's Poker (Hodder Great Reads). Stylistically it is well behind both, with Patterson's irritating business magazine punctuation and syntax doing his exposition no service. But when your mind becomes numb to the stylistic/linguistic quirks, the book is an excellent exposition of the way that the markets have changed beyond all recognition in the past twenty years. If the public were to appreciate the the way that the financial markets are now run the weight of anger might just bring the system tumbling down: here is the reason for under performing pensions and casino banking. This book and others like it have the potential to do great service: if more people read this book then maybe a better-informed public would demand change.
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2 of 2 people found the following review helpful
5.0 out of 5 stars Excellent read with a misleading title 4 Feb. 2013
Format:Kindle Edition|Verified Purchase
An excellent historical recount how the machines took over from people in the stock (and other) markets. It tells the stories of a handful of people who transformed the complete market despite of the wishes of the big players (i.e. the exchanges).
The title is misleading, as the book does not deal with dark pools.
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1 of 1 people found the following review helpful
Format:Kindle Edition|Verified Purchase
It might sound strange saying this about a book on financial markets, but I found the book a real page turner. It was also very thought provoking. I'm glad I read it.

That said, the structure of the book is rather confusing. There is a narrative in there somewhere I'm sure, but it reads just like a series of (admittedly interesting) anecdotes. There are also some sections towards the end that read suspiciously like there were just inserted to get the page count up (the section on 'big data' for example). I also noticed the style of writing was a lot more tabloid than in his previous book (The Quants - which I really enjoyed). This isn't to my personal taste.

That said, it's a fascinating topic, so he gets away with the above flaws in my opinion.
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1 of 1 people found the following review helpful
4.0 out of 5 stars Investment Info 8 Nov. 2012
Format:Kindle Edition|Verified Purchase
I gave up holding shares some 10 years ago because I clearly did not have the necessary knowledge or information.

I now understand why.
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Format:Kindle Edition|Verified Purchase
This book has been very frustrating. The plot is good and the author has developed a good narrative. There is also good material in there as well. The problem, and it is a big problem, is the author's style of writing, limited vocabulary and insistence on writing in the vernacular. The relentless and often primitive embellishment of simple statements in an attempt (misguided) to generate drama becomes irritating and tiresome after only a few pages.
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4.0 out of 5 stars algotrading wars writ clear 14 Jun. 2013
Format:Paperback|Verified Purchase
They should never have been - these sub micro-second trades - only the very first buy/sell order after a change in the true-value of some goods or service should need ultra low latency- the rest of the time (pun intended) the only reason for HTF to exist is to run games against other people's algorithms , and this book explains why this is usually (and in the end, like all casino wars, always) a Very Bad Idea.
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2 of 3 people found the following review helpful
5.0 out of 5 stars Dark Pools is Outstanding! 18 Jun. 2012
Format:Hardcover
Few topics, if any, in the financial world are as polarizing as high frequency trading. The Flash Crash of 2010 thrust this ultra-secret world of algorithmic trading into the spotlight and it has been a hotly debated topic ever since.

Scott Patterson's newest book, Dark Pools, weaves a narrative that is both fast paced and very detailed. Patterson provides the reader with a comprehensive view of high frequency trading, and his vivid descriptions of high speed traders, armed with their algorithms and bots is immediately engaging. However, it is the author's ability to distill the very complex topic of high frequency trading into an understandable nugget of information that makes this effort stand out.

While Dark Pools clearly warrants a five-star rating, those readers interested in superb anecdotal information on high frequency trading should also consult The Speed Traders, by Edgar Perez The Speed Traders: An Insider's Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World. His book does not devote as much ink to the development of electronic trading as Patterson's does, however, Perez's interviews with high frequency traders gives insights into the field that are not matched by any other book on the subject.

Dark Pools is the rare finance book that can, and should, be read not just by people engaged in the financial sector, but by anyone interested in the future of global financial markets. Whether you are a financial novice or the savviest of financial operators, Dark Pools will prove to be an enlightening read.
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5 of 7 people found the following review helpful
5.0 out of 5 stars THE DANGEROUS WORLD OF ARTIFICIAL INTELLIGENCE 23 Aug. 2012
By DOPPLEGANGER TOP 500 REVIEWER
Format:Paperback|Verified Purchase
Scott Patterson relates with all the skills of an accomplished and seasoned Wall Street Journal reporter, the captivating but somewhat alarming tale of evolution of the 'quant-geek' algorithm driven computer programming with the sole intention of spawning a whole new generation of get-rich-quick-barrow-boy-traders who used the phenomenal computer speeds made possible by the geeks to create a radically new trading system in which machines trade anonymously with other machines, making and losing fortunes in the blink of an eye. Often these artificially intelligent machines operate in lightly regulated exchanges, and trade vast sums of money behind closed doors , without any meaningful attempt to participate in the conventional investment scene, just purely hyper fast transactions that try to take advantage of pricing differentials that momentarily exist in the market. This activity whilst only yielding microscopic returns per transaction, nevertheless when repeated millions of times over a few seconds, have the potential of big returns for the 'speed barons'. The author does not conclude that this activity makes any positive contribution to the overall investment environment other than putting 'liquidity' into the system, whatever that means. For sure this book charts the enormous advance in computers making it easier to do lots of things faster, but other than for casino type trading activities there does not seem to be any conclusive evidence that this speed is actually beneficial to humanity or, indeed necessary- just a potentially dangerous procedure for making 'fast' bucks whatever the consequences. Read more ›
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Most Recent Customer Reviews
4.0 out of 5 stars Four Stars
As described and well packaged.
Published 1 month ago by AndyK
5.0 out of 5 stars Five Stars
Very good story.
Published 1 month ago by Brian Oatley
1.0 out of 5 stars One Star
Not turned up
Published 2 months ago by A Manna
5.0 out of 5 stars Five Stars
amazing book....a must read
Published 2 months ago by Brian Brothers
5.0 out of 5 stars Shocking stuff.
Shocking stuff. Don't buy equities....
Published 3 months ago by B. Jason
4.0 out of 5 stars DARK POOLS AND COMPUTER POWER
Written before Micheal Lewis got in on the act to cover this topic.

Dark Pools and the computer dominated trading involved ought to be a matter of some concern.
Published 4 months ago by Jet Lagged
5.0 out of 5 stars ... opener on the stock markets as well as a good piece of industrial...
This is a really an eye opener on the stock markets as well as a good piece of industrial history.
Published 5 months ago by Amazon Customer
5.0 out of 5 stars This isn't for the feint-hearted because the arcane complexity of ...
This isn't for the feint-hearted because the arcane complexity of the subject was one of its hideous genius. Just go with it and don't worry too much about the detail. Read more
Published 5 months ago by Horace
5.0 out of 5 stars A must-read for computer traders, including FOREX.
This is a fantastic inside scoop on how the markets have been taken over by computers.

It is not a boring history, but more of a fast paced novel. Read more
Published 5 months ago by Mr. Leslie O. Green
5.0 out of 5 stars A fascinating read
A fascinating insight into the secret machinations of the stock market.
Together with "Flash Boys" a thoroughly interesting read.
Published 7 months ago by rodders
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