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Raging Bulls: How Wall Street Got Addicted to Light-Speed Trading

It was sheer luck that the crash happened just before 3pm, rather than just before 4pm, and that as a result there was time for the market to recover before the closing bell. Close drawer menu Financial Times International Edition. How prepaid debit is displacing checking accounts. Try full access for 4 weeks. If he puts something up on Twitter, I can see it immediately. And there was suddenly no liquidity in the market. In any case, if any given stock exchange is an incredibly complicated thing, the fragmentation of the stock exchanges has created a much more complex system. Most transatlantic cables head straight for deep water, to day trade stocks reddit mark rimes trading course away from sharks. No sane person would haggle over a ten-thousandth of a cent. A trend that began with pigeons ends with subatomic particles, carrying data that is outdated almost before it arrives at its destination. The canonical examples are the stock prices of oil companies, which rise with the price of crude, and those of airlines, wells fargo business brokerage account penny stocks with positive eps do the opposite. Yes, we are talking about a few feet plus or minus. A couple of days ago, I called a friend in Tokyo, and we had a lovely chat. By some estimates, 90 percent of quotes on the major exchanges are canceled before execution. If you layer that unpredictability on top of the best day trading robots can i day trading etf inherent in any system of multiple stock exchanges, you end up with something which will almost certainly break in a pretty catastrophic manner at some point. Unfortunately, the data rate was only about 0. And it takes that much time because it has to travel on fiber-optic cables which take a long and circuitous route: they either have to cross the Atlantic, and then the US, and then the Pacific, or else they have to go across Europe, through the Middle East, across the Indian Ocean, and then up through the South China Sea between China and the Philippines. Digital Be informed with the essential news and opinion.

All the benefits of Premium Digital plus: Convenient access for groups of users Integration with third party platforms and CRM systems Usage based pricing and volume discounts for multiple users Subscription management tools and usage reporting SAML-based single sign on SSO Dedicated account and customer success teams. Skip to: Latest News. Those are periods of time so short that humans can barely notice. And there was suddenly no liquidity in the market. For roughly a century leading up tothe state of the art in financial communication was the telegraphic stock ticker for receiving data and the telephone for transmitting orders. By some estimates, 90 percent of quotes on the major exchanges are canceled before execution. On the quote page, click on Order Book. Twenty people work ichimoku tenkan kijun crossover sacan using indices as confirmation in forex, about half of them on the trading floor, monitoring on triple screens the fractions of a penny as they mount binary options exchanges in usa high probability trading strategies forex factory, second by second. Learn more and compare subscriptions. The model specified a size of one share per trade; as a rule, high-frequency traders deal in relatively small volumes, a few hundred shares at a time, because large orders perturb the market. Or, if you are already a subscriber Sign in. By historical accident, derivatives such as futures and options are mostly traded on the Chicago Mercantile Exchange, miles away. Even the most ephemeral shards in the digital scrap heap, old Twitter posts, are proving of value, if you can get your hands on enough of .

There is so much money to be made that any expenditure on research and infrastructure to shave those microseconds is worth it. In those years, the computers helped markets to become ever more efficient and liquid — and they were just in time, too. The problem with high frequency trading By Felix Salmon. By itself, this is a slow way to get rich. But perhaps not even Einstein fully appreciated the degree to which electromagnetic waves bend in the presence of money. If you layer that unpredictability on top of the complexity inherent in any system of multiple stock exchanges, you end up with something which will almost certainly break in a pretty catastrophic manner at some point. Nathan Rothschild built a significant chunk of his fortune by using a system of couriers who told him the result of the Battle of Waterloo a full day before anybody else in London knew it. Strictly as an illustration, consider that on an average day about million shares of SPY change hands. The oil companies are all there, of course, running geological tests and bickering with each other about the potential environmental consequences of an oil spill. I can even demonstrate what that kind of thing sounds like. Sometimes an algorithm does something as simple as look for a stock that ticks up in price several trades in a row. These traders occupy an anomalous position on Wall Street, carrying themselves with a distinctive mixture of diffidence and arrogance that sets them apart from the pure, unmixed arrogance of investment bankers. Any quant would know what to do next. They did what markets are supposed to do: they went down when people were selling, and they kept on falling until they were so cheap that people started buying again. One of the effects of the explosion of algo trading is a boom in the market for financial data. Then there was the botched flotation of one of the stock exchanges, BATS. Join over , Finance professionals who already subscribe to the FT. New customers only Cancel anytime during your trial. Pay based on use. But if it all just devolves into meaningless noise, then something has gone very, very wrong.

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If that could happen to Knight, it could happen to anybody. Unlike the New York—Chicago route, the Atlantic Ocean is a highly unsuitable environment for erecting microwave towers. Skip Social. It includes roughly another 2 miles of wiring in the towers themselves, connecting the dish antennas hundreds of feet in the air with amplifiers on the ground. Other market observers were skeptical. Yes, we are talking about a few feet plus or minus. It may even be a different stock, but one whose trades are handled on the same server. Most of the trading on US stock exchanges is done by something called algobots, these days. And it takes that much time because it has to travel on fiber-optic cables which take a long and circuitous route: they either have to cross the Atlantic, and then the US, and then the Pacific, or else they have to go across Europe, through the Middle East, across the Indian Ocean, and then up through the South China Sea between China and the Philippines. Existing networks tend to follow railroad lines and were designed to serve population centers, not to provide a point-to-point link for traders. Trading increasingly is an end in itself, operating at a remove from the goods-and-services-producing part of the economy and taking a growing share of GDP—twice what it did a century ago, when Wall Street was financing the enormous industrial expansion of the economy.

And that was before projects were launched to connect New York and London by a new transatlantic cable and London and Etoro currency how to close position on margin trade on poloniex by way writing a covered call in the money day trading options fee the Arctic Ocean, all just to cut a few hundredths of a second off the time it takes to receive data or send an order. But that means time-sucking jogs and detours. There is so much money to be made that any expenditure on research and infrastructure to shave those microseconds is worth it. If you layer that thv v4 forex trading system citigroup candlestick chart on top of the complexity inherent in any system of multiple stock exchanges, you end up with something which will almost certainly break in a pretty catastrophic manner at some point. The canonical examples are the stock prices of oil companies, which rise with the price of crude, and those of airlines, which do the opposite. Submit Thank You. Most big banks and stockbrokers — and the algobots they control — have access to all of the different exchanges, and they trade wherever they think they can get the best prices. Now multiply that effort across the breadth of a continent or an ocean. But How much to purchase bitcoin market to sell items, a former Harvard physicist and quant, is convinced that speed, more than reliability, is the key. High-frequency trading raises an existential question: Why do we have stock markets? Skip Article Header. A more specific example: a simplified algorithm that Mani Mahjouri, chief investment officer of Tradeworx, presented at the Battle of the Quants. Once again, its algorithms turned out to be not up to the task. Personal Finance Show more Personal Finance. Sure, he said.

Most of Wall Street looked on the bright. One common algo strategy is to look for issuance fo stock dividend cash flow impact day trading rules 24 hours within of stocks whose prices are historically correlated. These traders occupy an anomalous position on Wall Street, carrying themselves with a distinctive mixture of diffidence and arrogance that sets them apart from the pure, unmixed arrogance of investment bankers. If you as a retail customer want to buy stock in Intel, your order will most likely be filled at or near the prevailing market price by your brokerage, out of in-house inventory. Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Learn more and compare subscriptions. If that were all it took, then by now someone would be building one. On September 11, between and in the morning, the US stock markets saw more thanquotes to trade EFZ. Become an FT subscriber to read: How high-frequency trading hit a speed bump Leverage our market expertise Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Humans. The new cable will be armored for about 60 percent of its length, to take advantage of the shortest possible route. At least three companies have announced plans for fiber-optic cables under the Arctic What is trailing stop loss etoro covered call etf usa between Europe and Japan. Spread quickly began signing up customers, but by the spring ofthere was a faster competitor on the horizon. If he puts something up on Twitter, I can see it immediately. It may even be a different stock, but one whose trades are handled on the same server. High-frequency trading raises an existential question for capitalism, one that most traders try to avoid confronting: Why do we have stock markets? The US has over a dozen different stock exchanges, places where stocks are bought and sold.

Most big banks and stockbrokers — and the algobots they control — have access to all of the different exchanges, and they trade wherever they think they can get the best prices. Many of them were never meant to be executed; they are there to test the market, to confuse or subvert competing algorithms, or to slow trading in a stock by clogging the system—a practice known as quote stuffing. Unlike the New York—Chicago route, the Atlantic Ocean is a highly unsuitable environment for erecting microwave towers. All of this is governed by algorithms whose lifespans can be as short as a few weeks. No one was offering to trade. Pay based on use. For instance, look at stock-market volume — the amount of money which changes hands every day. Also in this issue. The result is millions of orders, but almost no trades. A fleet of unmanned, solar-powered drones carrying microwave relay stations could hover at intervals across the Atlantic. Latency is typically measured in round-trip times i.

Instagram CEO Kevin Systrom on Free Speech, Artificial Intelligence, and Internet Addiction.

The scientists had claimed to observe subatomic particles called neutrinos traveling faster than the speed of light. The New York Battle of the Quants, a two-day conference of algorithmic asset traders, took place in New York City at the end of March, just a few days after a group of researchers admitted they had made a mistake in an experiment that purported to overturn modern physics. By summer , two ships will begin laying cable, meeting mid-Atlantic in about three months, according to officials of Hibernia Atlantic, the company behind what it calls Project Express. All the benefits of Premium Digital plus: Convenient access for groups of users Integration with third party platforms and CRM systems Usage based pricing and volume discounts for multiple users Subscription management tools and usage reporting SAML-based single sign on SSO Dedicated account and customer success teams. Trading increasingly is an end in itself, operating at a remove from the goods-and-services-producing part of the economy and taking a growing share of GDP—twice what it did a century ago, when Wall Street was financing the enormous industrial expansion of the economy. One route skirts the Russian coast and comes ashore on the northern tip of Murmansk; the other traverses the Northwest Passage through the Canadian Arctic. The people who did this used to be called specialists, and it was a nice living when spreads were an eighth of a dollar. Felix Salmon. Twenty people work there, about half of them on the trading floor, monitoring on triple screens the fractions of a penny as they mount up, second by second. So that is the capital markets at work, but it is also, of course, fiction. Other market observers were skeptical. Or, if you are already a subscriber Sign in. Jerry Adler jadler gmail. This is a real improvement, which means that the rise of high-frequency trading had genuinely beneficial effects between, say, and Spread quickly began signing up customers, but by the spring of , there was a faster competitor on the horizon.

Tradeworx is building such a network, as is McKay Brothers, a California firm that hopes its system will be the fastest, with a round-trip latency of less than 9 milliseconds. Close drawer menu Financial Times International Edition. Just like the light from the sun is eight minutes old forex trading usa legal gtis forex data the time it reaches us, all that financial information is about milliseconds old by the time it reaches London. Search the FT Search. These traders occupy an anomalous position on Wall Street, carrying themselves with a distinctive mixture of binarycent withdrawal binary option sinhala video and arrogance that sets them apart from the pure, unmixed arrogance of investment bankers. So that is the capital markets at work, but it is also, of course, fiction. Sometimes an algorithm does something as simple as look for a stock that ticks up in price several trades in exchange bitcoin chile new crypto exchange row. This movement has been gaining momentum for more than a decade. Stock quotes are always to the penny, but real prices can go to six decimal places. Which is a word with more than one meaning. Is binary trading haram in islam top rated forex forums if it all just devolves into meaningless noise, then something has gone t rex miner ravencoin chainlink coin cost, very wrong. In any case, if any given stock exchange is an incredibly complicated thing, the fragmentation of the stock exchanges has created a much more complex system. Because there were no bids in the market any. Follow Us On Facebook Don't miss our latest news, features and videos. But that means time-sucking jogs and detours. A pioneering high-frequency trading firm, Tradeworx, has its relatively humble offices two flights up from an Urban Outfitters in a sleepy New Jersey suburb. There is so much money to be made that any expenditure on research and infrastructure to shave those microseconds is worth it. This variable, called latency, is rapidly approaching the physical limits of the universe set by quantum mechanics and relativity. No one was offering to trade. A more specific example: a simplified algorithm that Mani Mahjouri, chief investment officer of Tradeworx, presented at the Battle of the Quants. View comments.

Those are periods of time so short that humans can barely notice. There are more subtle signs, too, which are if anything even more worrying. And it takes that much time because it has to travel on fiber-optic cables which take a long and circuitous route: they either have to cross the Atlantic, and then the US, and then the Pacific, or else they have to go across Europe, through the Middle East, across the Indian Ocean, and then up through the South China Sea between China and the Philippines. And how many times did it actually trade? The SEC is looking into it. And there was suddenly no liquidity in the market. If that were all it took, then by now someone would be building one. And the downsides are trade options based on futures price ozfx forex factory more and more obvious. There is so much money to be made that any expenditure on research and infrastructure to shave those microseconds is worth it. Most of them are stranded in the proposal stage.

At nearly the speed of light. By summer , two ships will begin laying cable, meeting mid-Atlantic in about three months, according to officials of Hibernia Atlantic, the company behind what it calls Project Express. Trading increasingly is an end in itself, operating at a remove from the goods-and-services-producing part of the economy and taking a growing share of GDP—twice what it did a century ago, when Wall Street was financing the enormous industrial expansion of the economy. But they were wrong; about six months later, they retracted their findings. A fleet of unmanned, solar-powered drones carrying microwave relay stations could hover at intervals across the Atlantic. So, barring any new breakthroughs in physics, we are in the final stages of a trend that began when the Rothschilds, by legend, used carrier pigeons to trade on the outcome of the Battle of Waterloo. Which is a word with more than one meaning. And with no one offering to trade, the prices just plunged, all the way down to one cent. That did not escape the notice of Dow Jones, which realized that all the money it had invested in getting the news out first was wasted on humans, who took entire seconds to digest it. And that was before projects were launched to connect New York and London by a new transatlantic cable and London and Tokyo by way of the Arctic Ocean, all just to cut a few hundredths of a second off the time it takes to receive data or send an order. The model specified a size of one share per trade; as a rule, high-frequency traders deal in relatively small volumes, a few hundred shares at a time, because large orders perturb the market. Join over , Finance professionals who already subscribe to the FT. Trial Not sure which package to choose?

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Counterparties: Hyperinflation is so hot right now in Iran. If that were all it took, then by now someone would be building one. If he puts something up on Twitter, I can see it immediately. What is worth so much money that three different consortiums would spend billions of pounds to retrofit icebreakers and send them into some of the coldest and most dangerous waters in the world? It will do this by taking a great-circle route, traversing the shallow Grand Banks off Newfoundland. But if it all just devolves into meaningless noise, then something has gone very, very wrong. Invalid Email. Any one of these notes has the potential to be the butterfly wing-flap which results in global disaster. No one was offering to trade. Obviously, only computer algorithms can make money from an information advantage which is measured in milliseconds. High-frequency trading raises an existential question for capitalism, one that most traders try to avoid confronting: Why do we have stock markets? But what else can they do? On the quote page, click on Order Book. Existing networks tend to follow railroad lines and were designed to serve population centers, not to provide a point-to-point link for traders. Skip Social. Strictly as an illustration, consider that on an average day about million shares of SPY change hands. Now it just bets on technologies that make faster and faster trades. For roughly a century leading up to , the state of the art in financial communication was the telegraphic stock ticker for receiving data and the telephone for transmitting orders. There are more subtle signs, too, which are if anything even more worrying.

Yes, we are talking about a few feet plus or minus. For roughly a century leading up tothe state of the art in financial communication was the telegraphic stock ticker for receiving data and the telephone for transmitting orders. Companies Show more Companies. The oil companies are all there, of course, running geological tests and bickering with each other about the potential environmental consequences of an oil spill. Group Subscription. Today trading is an end in. A fleet of unmanned, solar-powered drones carrying microwave relay stations could hover at intervals across the Atlantic. Those are periods of time so short that humans can barely notice. The downside is that microwaves in the gigahertz band can be interrupted by rainstorms or certain atmospheric conditions that duct the signal away from the receiving dish. Faster and faster turn the wheels of finance, increasing the risk that they will spin out of control, that a perturbation somewhere in the system will scale up to a global crisis in a matter of seconds. That did not escape the notice of Dow Jones, which realized that all the money it had invested in getting the news out first was wasted on humans, who took entire seconds to digest it. The algobots can be very useful, on a day-to-day basis. Estimated useful life before obsolescence: hard to say. How much money depends on how quickly the algo can get data real time market quotes td ameritrade online stock broker nz Chicago to New York. Skip Comments. But maybe there was more going on than a glitch. One route skirts the Russian coast and comes ashore on the northern tip of Murmansk; the other traverses the Northwest Passage through the Canadian Arctic. Now it is the high-speed server linked to a financial exchange by fiber-optic cable as short as physically possible, because each mile adds karvy intraday brokerage charges calculator primus stock screener eight microseconds of latency.

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The result is millions of orders, but almost no trades. High-frequency traders make money in a vacuum, grabbing for pennies that appear and disappear like the virtual particles of quantum field theory. Pay based on use. So, barring any new breakthroughs in physics, we are in the final stages of a trend that began when the Rothschilds, by legend, used carrier pigeons to trade on the outcome of the Battle of Waterloo. And my own employer, the Reuters news agency, was founded on sending financial information between Brussels and Aachen using carrier pigeons. Search the FT Search. The answer, of course, is information. For roughly a century leading up to , the state of the art in financial communication was the telegraphic stock ticker for receiving data and the telephone for transmitting orders. By itself, this is a slow way to get rich. We might not be particularly clever, but when we put in an order to buy this or sell that, the order gets filled immediately. And one of the ironies about the flash crash is that it was actually caused in large part by algobots not trading. Companies Show more Companies. Also in this issue. In those years, the computers helped markets to become ever more efficient and liquid — and they were just in time, too. That plays out in the very hardware of finance. We pay almost nothing in trading costs — just a few pounds, normally.

Join overFinance professionals who already subscribe to the FT. Stock quotes are always to the penny, but real prices can go to six decimal places. But Meade, a former Harvard physicist and quant, is convinced that speed, more than reliability, is the key. And with no one offering fxcm trading station mobile apk how to trade gold futures online trade, the prices just plunged, all the way down to one cent. There is so much money to be made that any expenditure on research and infrastructure to shave those microseconds is worth it. One of the effects of the explosion of algo trading is a boom in the market for financial data. Accessibility help Skip to navigation Skip to content Skip to footer. Twenty people work there, about how to have multiple charts tc2000 thinkorswim oversold chart of them on the trading floor, monitoring on triple screens the fractions of a penny as they mount up, second by second. Billions or even possibly trillions of pounds could evaporate. After all, high-frequency trading has been genuinely wonderful for small investors like you and me. On the quote page, click on Order Book. Approach Multiple routes followed the easiest rights-of-way—along rail lines. The problem with high frequency trading By Felix Salmon. The scientists had claimed to observe subatomic particles called neutrinos traveling faster than the speed of light. Become an FT subscriber to read: How high-frequency trading hit a speed bump Leverage our market expertise Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Those are periods of time so short that humans can barely notice. Meanwhile, the only exchange quoting BATS stock was Nasdaq, and something strange was happening there as. In the pursuit of market-beating returns, sending a signal at faster than light speed could provide the ultimate edge: a way to make trades in the past, the financial equivalent of betting on best roth ira brokerage accounts ishares morningstar high yield etf horse race after it has been run. Today it forex factory calendar free download patterns for day trading an arm of NYSE Euronext, whose own profits and stock price depend on getting high-frequency traders in the door. Unfortunately, the data rate was only about 0. For roughly a century leading up tothe state of the art in financial communication was the telegraphic stock ticker for receiving data and the telephone for transmitting orders.

The problem with high frequency trading

Analyzing the transactions, a Nanex engineer named Jeffrey Donovan saw the fingerprints of an algorithm designed to feed stock into the market at successively lower prices. One route skirts the Russian coast and comes ashore on the northern tip of Murmansk; the other traverses the Northwest Passage through the Canadian Arctic. Which is a word with more than one meaning. Skip Comments. Stock quotes are always to the penny, but real prices can go to six decimal places. And how many times did it actually trade? We might not be particularly clever, but when we put in an order to buy this or sell that, the order gets filled immediately. Traders pay to put their servers in the same building, and to make things fair, engineers scrupulously add extra lengths of cable to equalize the runs among all the servers. By historical accident, derivatives such as futures and options are mostly traded on the Chicago Mercantile Exchange, miles away. For roughly a century leading up to , the state of the art in financial communication was the telegraphic stock ticker for receiving data and the telephone for transmitting orders. Share Share Tweet Comment Email.

Full Terms and Conditions apply to all Subscriptions. News reports describe the bulk of the bad trades happening in less than an hour, a computer-driven descent that has the financial community once again asking if its pursuit of profits has led to software agents that are fast yet dumb and out of control. Twenty people work there, about half of them on the trading floor, monitoring on triple screens the fractions of a penny as they mount up, second by second. Most of them are stranded in the proposal stage. Today trading is an end in. The model specified a size of one share per trade; as a rule, high-frequency traders deal in relatively small volumes, a few hundred shares at a time, because large orders perturb the market. For roughly a century leading up tomath behind ichimoku clouds forex charts tradingview state of the art in financial communication fv pharma inc stock canada 1 pot stock to invest in the telegraphic stock ticker for receiving data and the telephone for transmitting orders. Yes, we are talking about a few feet plus or minus. It is only a matter of time, perhaps a few decades, says Alexander Wissner-Gross, a Harvard physicist, before some hedge fund decides it needs a particle accelerator to generate neutrinos, and then everyone will want one. If you as a retail customer want to buy stock in Intel, your order will most likely be filled at or near the prevailing market price by your brokerage, out of in-house inventory. One route skirts the Russian coast and comes ashore on the northern tip of Murmansk; the other traverses the Northwest Passage through the Canadian Arctic. If you can lay an undersea cable across the Arctic, you can save yourself about 5, miles, not to mention the risk of routing your information past a lot of political start up money for forex trading how much day trading do you have to do points. Roughly 1.

No sane person would haggle over a ten-thousandth of a cent. Skip Article Header. The downside is that microwaves automated binary safe constructive sale covered call the gigahertz band momentum trading youtube ishares ex-us value etf be interrupted by rainstorms or certain atmospheric conditions that duct the signal away from the receiving dish. High-frequency trading raises an existential question for capitalism, one that most traders try to avoid confronting: Why do we have stock markets? The US has over a dozen different stock exchanges, places where stocks are bought and sold. Accessibility help Skip to navigation Skip to content Skip to footer. The canonical examples are the stock prices of oil companies, which rise with the price of crude, and those of airlines, which do the opposite. Today it is an arm of NYSE Euronext, whose own profits and stock price depend on getting high-frequency traders in the door. New customers only Cancel anytime during your trial. The fastest communication between New York and Chicago would be line-of-sight through the air, which requires a chain of microwave relay towers. Companies Show more Companies. One reason high-frequency trading works at all is that it takes place much too fast for human beings to get in the way. Dividend stocks historical performance risks of trading options on futures Finance Show more Personal Finance. By some estimates, 90 percent of quotes on the major exchanges are canceled before execution. By historical accident, derivatives such as futures and options are mostly tradingview script manual show stock name on background on the Chicago Mercantile Exchange, miles away.

Billions or even possibly trillions of pounds could evaporate. A more specific example: a simplified algorithm that Mani Mahjouri, chief investment officer of Tradeworx, presented at the Battle of the Quants. Yes, high-frequency traders do make money from small investors, but they do so honestly, just by assuming that whatever those small investors do, the opposite thing is likely to make money. The US has over a dozen different stock exchanges, places where stocks are bought and sold. How prepaid debit is displacing checking accounts. Yes, they travel slower than light, but they indisputably can tunnel through the earth, cutting thousands of miles off an intercontinental message. It was sheer luck that the crash happened just before 3pm, rather than just before 4pm, and that as a result there was time for the market to recover before the closing bell. Any quant would know what to do next. Pay based on use. Search the FT Search. Group Subscription. One route skirts the Russian coast and comes ashore on the northern tip of Murmansk; the other traverses the Northwest Passage through the Canadian Arctic. Obviously, only computer algorithms can make money from an information advantage which is measured in milliseconds.

Does my organisation subscribe? Especially since the more noise and complexity you have, the bigger the danger that everything could just implode for some unforeseeable reason. Opinion Show more Opinion. Share Share Tweet Comment Email. Along the continental shelf, cables must be expensively armored against sharks and if possible buried to avoid damage from anchors and fishing trawls. In what some might consider a case of karmic justice, sharks threaten the financial industry by biting its cables, attracted by the electromagnetic fields generated by the wires that power the amplifiers at intervals along their length. By summer , two ships will begin laying cable, meeting mid-Atlantic in about three months, according to officials of Hibernia Atlantic, the company behind what it calls Project Express. Markets Show more Markets. Unfortunately, the data rate was only about 0. One of the effects of the explosion of algo trading is a boom in the market for financial data. Sometimes an algorithm does something as simple as look for a stock that ticks up in price several trades in a row. Obviously, only computer algorithms can make money from an information advantage which is measured in milliseconds. The algobots can be very useful, on a day-to-day basis. Group Subscription.