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

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

Scott Patterson
4.5 out of 5 stars  See all reviews (17 customer reviews)

Print List Price: £8.99
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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:
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (17 customer reviews)
  • Amazon Bestsellers Rank: #16,189 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

4.5 out of 5 stars
4.5 out of 5 stars
Most Helpful Customer Reviews
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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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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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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5.0 out of 5 stars A fascinating read 5 July 2014
By rodders
Format:Paperback|Verified Purchase
A fascinating insight into the secret machinations of the stock market.
Together with "Flash Boys" a thoroughly interesting read.
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4.0 out of 5 stars Great read after 'Flash Boys' 9 May 2014
Format:Kindle Edition|Verified Purchase
Just read this off the back of 'Flash Boys'. This is more informative with enough detail although it does stop short on the AI algorithms used.
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By A. I. Mackenzie VINE VOICE
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 also calls Assembly language Assembler, odd error and he's clearly not 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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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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Most Recent Customer Reviews
5.0 out of 5 stars forget about the Gorden Gekko...watch out for the computer wizards...
When the tickets for the wolf of the wall street is being sold out, I'd say forget about the wolves, who accumulated their wealth and social status from dirty games, before them,... Read more
Published 6 months ago by KittyKitty
2.0 out of 5 stars a bit too breathlessly sensational in its criticism without offering...
The good of the book: the personalities that it describes and the human story around the development of Datek and the ECNs

The bad of the book: it criticizes high... Read more
Published 13 months ago by Andrew
5.0 out of 5 stars amazing book, good insights
Must read for anyone interested in knowing about the story behind development of electronic markets and A.I. speed trading.
I am already a fan of Levine.
Published 14 months ago by Hitesh Anand
5.0 out of 5 stars Patterson is a great writer
This is a very interesting book which covers a fascinating topic. I really enjoyed his previous book on quants so I thought I would give this one a try and I wasn't disappointed. Read more
Published 19 months ago by JonC
5.0 out of 5 stars Enthralling read
Dark Pools provides an interesting and easy to read illustration of perhaps the biggest behind the scenes change to happen to the stock market over the last 30 years!
Published 22 months ago by Mr RD Platts
5.0 out of 5 stars Gripping from start to finish
Ok, my background is in computers and I love maths and finance so naturally I am on the 'target market' list, but honestly, if you want to be engrossed in a book and learn some... Read more
Published 22 months ago by Richard Smith
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