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

4.4 out of 5 stars 35 customer reviews

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Length: 370 pages Word Wise: Enabled Enhanced Typesetting: Enabled
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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: 1795 KB
  • Print Length: 370 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
  • Enhanced Typesetting: Enabled
  • Average Customer Review: 4.4 out of 5 stars 35 customer reviews
  • Amazon Bestsellers Rank: #80,335 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Top Customer Reviews

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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Format: Kindle Edition Verified Purchase
This book is a quick read and makes a nice companion to Flash Boys which deals with the later period of electronic trading.
It begins with smaller traders spotting a technological edge - trading directly electronically. Levine is the technical genius for one of the firms. It then digresses onto Artificial Intelligence and Genetic algorithms used to develop better trading strategies than humans can develop unaided.

It generally good journalistically and makes for an exciting read but fails to give much of a technical explanation of why The Island system was better than others - why was its availability better? Scott Patterson isn't technical.
The book would benefit from someone that understood both the technology and the markets.

Nevertheless a good history of the origins of High Frequency trading, worth a read.
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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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Format: Paperback Verified Purchase
Nowhere else was the transformational power of technology illustrated in a better way than in the area of Finance. Paterson extends his elegant review through a very lively historical account of the most recent events in the world of trading from the early 00s till 2012; the theme is that of HFT and how this ultimately transformed in the mostly unpredictable manner, the very markets it was built to serve. Taking the reader through the personal journeys of key figures in HFT, Paterson explains in the clearest way possible how the rules of the game were altered and ultimately delivered a new type and typology of trading in the hands of, not anymore the market experts, but quants and computer scientists. A vivid and compelling story of the irrational and even absurd construction of markets to serve the newly-discovered technological capability to generate value by introducing new previously unthought of parameters of markets' "plumping" as against their fundamental structure.
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By Jet Lagged TOP 1000 REVIEWER on 11 Oct. 2014
Format: Paperback Verified Purchase
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.
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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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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
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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