Dark Pools

Global capital markets have undergone fundamental transformations in recent years and, as a result, have become extraordinarily complex and opaque. Trading space is no longer measured in minutes or se

This book explores various regulatory, legal, and competitive pressures that the U.S. securities industry is facing as a result of the intense regulatory scrutiny of the modern electronic marketplace

A plain English guide to high frequency trading and off-exchange trading practicesIn Dark Pool & High Frequency Trading For Dummies, senior private banker Jukka Vaananen has created an indispensab

Dark Pools is a practical text dealing with the increasingly vital topic of non-displayed, off-exchange trading and execution – in other words, trading that cannot be detected on a screen or through a

A tale of how global markets have been hijacked by trading robots - many so self-directed that humans can't predict what they'll do next. It is the story of the intelligent computer programmers behind

A Wall Street Journal reporter evaluates the cost and consequences of high-speed trading, arguing that the development of automatic, super-intelligent trading machines is eliminating necessary human i

`This is an excellent book. It is bang up to date, in what is a very fast changing area. It is clearly written, and provides a very comprehensive description of these markets and how they work. While

This book deals with the topic of dark trading, or non-displayed, off-exchange trading execution. It discusses the development, importance and practice of dark equity trading in an environment dominat

機器人大舉進駐股市，造成哪些天翻地覆的轉變？了解現今股市樣貌與運作內情，不容錯過的翔實紀錄！「寫得遠比麥可・路易士更詳盡、更具說服力。」——《紐約時報》「監管機構和股市的所有投資人都應該閱讀。」——《金融時報》＊＊＊＊＊＊市場無預警崩跌、V轉，竟沒人知道原因？因為，全球股市如今已經成為一個大暗池！不僅可能短時間內劇烈波動，而且牽一髮而動全身……►人類主掌的股市，暗藏什麼難以察覺的弊端？►交易大廳與證券交易員如何被電腦掃入歷史？行內人士討價還價完成交易後，才把價格公開讓大眾知道。專業經紀人利用內線消息，搶在客戶委託單前交易。交易現場所有人手忙腳亂地抄寫數字，交易過後產生數量驚人的文件和垃圾。資料錯誤百出或過於老舊，有時甚至只是毫無用處的雜訊……程式設計天才約書亞・列文痛恨華爾街的積習——內線消息、特殊買賣、有關係就沒關係、落伍而欠缺效率。遵奉「資訊想要自由」的他看著眼前的股市，已經預見一個所有資訊透過微處理機順暢流動的市場：委買與委賣單的報價公開透明，買賣雙方能輕易用電腦查價交易，交易價格變低、買賣效率提升，一般民眾不再被掌握所有資訊的無良行內人士宰割。►電子交易取代人工交易，產生什麼新的不公？►由電腦程式自行判斷、行動，股市有何風險？列文起初隱身新興交易商幕後，為他們建立電子交易工具，多年後自己創立電腦化交易所「孤島」，孤島逐漸成長為全球性的電子股票交易市場。然而這過程中，他想導正的市場也變了樣……電子交易取代人工交易無意間創造了能力更強大、更無形、更肆無忌憚的新中間人——高頻率交易者，他們鑽交易系統與法規的漏洞、彼此角力，有的把自家主機搬到主要交易所機器的隔壁，以便搶得先機；有的雖然單筆僅賺微小價差，但一天執行幾百萬筆交易，買進後隨即賣出，徒增股市動盪；有的讓合作對象為他們量身製作特殊委託單，讓他們賺取手續費；有的設計搜獵演算法，探查法人大單以判斷趨勢；還有些人工智慧機器人程式能夠思考、自行演變，似乎逐漸脫離人類的控制。加上股市電子化後交易量爆增，諸多因素使整個交易系統能在極短時間風雲變色……（各章內容簡介請見目錄引文）

Dive into the world's oceans for an exhilarating journey to meet the most amazing sea creatures. Get up close to everything from the giant whale shark to the teeny tiny krill. Take a trip to some of the most fascinating ocean habitats, from sun-filled kelp forests, through icy polar waters, to dark ocean depths. Be dazzled by brightly colored coral reef fish and spot the fierce-looking moray eel. Wonder at the glowing creatures that live in total darkness at the bottom of the ocean. Peer into tide pools to see a whole world in miniature. And meet the sharks--if you dare! Enjoy penguins splashing and diving, dinner time in food-rich coastal waters, and the strange creatures that live in around mysterious smoking chimneys. Filled with bold, scientifically accurate illustrations, fascinating information, and an interactive "Spot It" game, My First Oceans Atlas will thrill animal-lovers and aspiring marine biologists alike.

The design of trading algorithms requires sophisticated mathematical models backed up by reliable data. In this textbook, the authors develop models for algorithmic trading in contexts such as executing large orders, market making, targeting VWAP and other schedules, trading pairs or collection of assets, and executing in dark pools. These models are grounded on how the exchanges work, whether the algorithm is trading with better informed traders (adverse selection), and the type of information available to market participants at both ultra-high and low frequency. Algorithmic and High-Frequency Trading is the first book that combines sophisticated mathematical modelling, empirical facts and financial economics, taking the reader from basic ideas to cutting-edge research and practice. If you need to understand how modern electronic markets operate, what information provides a trading edge, and how other market participants may affect the profitability of the algorithms, then this is the

It's the Planet of the 'Pools! What dark technology from the secret recesses of S.H.I.E.L.D. history powers these L.M.D.-eadpools? To defeat the Faux-pool who took his ability to walk, Old Man Parker