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Dark Pools: The rise of A.I. trading machines and the looming threat to Wall Street Paperback – 5 Jul 2012


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Dark Pools: The rise of A.I. trading machines and the looming threat to Wall Street + Flash Boys
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Product details

  • Paperback: 368 pages
  • Publisher: Random House Business (5 July 2012)
  • Language: English
  • ISBN-10: 1847940978
  • ISBN-13: 978-1847940971
  • Product Dimensions: 15.3 x 2.7 x 23.4 cm
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (24 customer reviews)
  • Amazon Bestsellers Rank: 288,643 in Books (See Top 100 in Books)

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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

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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

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Most Helpful Customer Reviews

2 of 2 people found the following review helpful By Imre Lendak on 4 Feb 2013
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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 By Barton Keyes on 24 July 2012
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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 By Finance professional on 13 Dec 2012
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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 By Amazon Customer on 8 Nov 2012
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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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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. A documentary about Bernard Madoff's Ponzi scheme ends with the dedication - to all those who will be victims of the next finical scandal -
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By rodders on 5 July 2014
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A fascinating insight into the secret machinations of the stock market.
Together with "Flash Boys" a thoroughly interesting read.
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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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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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