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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
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.
Published 22 months ago by Imre Lendak

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2 of 3 people found the following review helpful
2.0 out of 5 stars a bit too breathlessly sensational in its criticism without offering any alternatives
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 frequency trading even though it presents the preceding regime to be even worse. Furthermore, it has a very parochial view, as if US equity markets were the whole of the world. Maybe some of the...
Published 18 months ago by Andrew


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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
By 
Imre Lendak "lendak" (Serbia) - See all my reviews
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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
4.0 out of 5 stars Stylistically wanting; factually chillling, 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
4.0 out of 5 stars Interesting content makes it worth putting up with the poor writing, 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
4.0 out of 5 stars Investment Info, 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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5.0 out of 5 stars This isn't for the feint-hearted because the arcane complexity of ..., 7 Sep 2014
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This review is from: Dark Pools: The rise of A.I. trading machines and the looming threat to Wall Street (Paperback)
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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5.0 out of 5 stars A fascinating read, 5 July 2014
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This review is from: Dark Pools: The rise of A.I. trading machines and the looming threat to Wall Street (Paperback)
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
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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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4.0 out of 5 stars Exciting run through the origins of High Frequency Trading, 5 May 2014
By 
A. I. Mackenzie "alimack" (Glasgow, Scotland.) - See all my reviews
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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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4.0 out of 5 stars algotrading wars writ clear, 14 Jun 2013
By 
Jon A. Crowcroft "mindyourpsandqa" (cambridge, england) - See all my reviews
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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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5.0 out of 5 stars amazing book, good insights, 28 April 2013
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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.
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Dark Pools: The rise of A.I. trading machines and the looming threat to Wall Street
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