Description
Explore the fascinating evolution of global financial markets with 'Trading at the Speed of Light.' This groundbreaking book by Donald MacKenzie delves into the rise of high-frequency trading (HFT) and how it has reshaped modern trading practices. In an age where financial transactions occur within nanoseconds, this compelling trade paperback highlights the extraordinary technological advancements and strategic innovations that drive HFT. Readers will discover the detailed dynamics of how algorithms execute thousands of trades each second and the relentless pursuit of speed among traders.
As HFT continues to revolutionize trading ecosystems, MacKenzie provides a critical examination of the challenges and competitive nature of the industry, including the unique hurdles faced by traditional brokers. With insights drawn from over 300 in-depth interviews with key industry players, including traders, technology suppliers, and regulators, this book presents a comprehensive overview of the high-stakes world where milliseconds can dictate enormous financial outcomes.
Whether you're a seasoned trader, a finance professional, or an enthusiastic reader, 'Trading at the Speed of Light' offers invaluable knowledge about the future of trading and the underlying technology propelling it forward. Perfect for anyone looking to understand the intricacies of modern finance and the pivotal role of high-frequency trading.
Note: Shipping for this item is free. Please allow up to 6 weeks for delivery. Once your order is placed, it cannot be cancelled. Condition: BRAND NEW, ISBN: 9780691217789, Format: Trade paperback (US), Year: 2023, Publisher: Princeton University Press.
Note: Shipping for this item is free. Please allow up to 6 weeks for delivery. Once your order is placed, it cannot be cancelled.
Condition: BRAND NEW
ISBN: 9780691217789
Format: Trade paperback (US)
Year: 2023
Publisher: Princeton University Press
Description:
A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial markets
In today's financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading-automated high-frequency trading or HFT-began and then spread throughout the world. HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms.
In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal-light in a vacuum-can travel only thirty centimetres, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges' systems and to the location of the microwave towers that carry signals between computer data centres. Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how excha
As HFT continues to revolutionize trading ecosystems, MacKenzie provides a critical examination of the challenges and competitive nature of the industry, including the unique hurdles faced by traditional brokers. With insights drawn from over 300 in-depth interviews with key industry players, including traders, technology suppliers, and regulators, this book presents a comprehensive overview of the high-stakes world where milliseconds can dictate enormous financial outcomes.
Whether you're a seasoned trader, a finance professional, or an enthusiastic reader, 'Trading at the Speed of Light' offers invaluable knowledge about the future of trading and the underlying technology propelling it forward. Perfect for anyone looking to understand the intricacies of modern finance and the pivotal role of high-frequency trading.
Note: Shipping for this item is free. Please allow up to 6 weeks for delivery. Once your order is placed, it cannot be cancelled. Condition: BRAND NEW, ISBN: 9780691217789, Format: Trade paperback (US), Year: 2023, Publisher: Princeton University Press.
Note: Shipping for this item is free. Please allow up to 6 weeks for delivery. Once your order is placed, it cannot be cancelled.
Condition: BRAND NEW
ISBN: 9780691217789
Format: Trade paperback (US)
Year: 2023
Publisher: Princeton University Press
Description:
A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial markets
In today's financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading-automated high-frequency trading or HFT-began and then spread throughout the world. HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms.
In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal-light in a vacuum-can travel only thirty centimetres, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges' systems and to the location of the microwave towers that carry signals between computer data centres. Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how excha