LEADER 05127nam 2200973 450 001 9910554220003321 005 20220616000620.0 010 $a0-691-21779-3 024 7 $a10.1515/9780691217796 035 $a(CKB)4100000011787299 035 $a(OCoLC)1221015294 035 $a(MdBmJHUP)muse93380 035 $a(DE-B1597)576334 035 $a(DE-B1597)9780691217796 035 $a(MiAaPQ)EBC6519033 035 $a(Au-PeEL)EBL6519033 035 $a(PPN)256290431 035 $a(EXLCZ)994100000011787299 100 $a20211010h20212021 uy 0 101 0 $aeng 135 $aur|||||||nn|n 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aTrading at the speed of light $ehow ultrafast algorithms are transforming financial markets /$fDonald MacKenzie 210 1$aPrinceton :$cPrinceton University Press,$d[2021] 210 4$dİ2021 215 $a1 online resource (xii, 282 pages) $cillustrations 311 $a0-691-21138-8 320 $aIncludes bibliographical references and index. 327 $aCover -- Contents -- List of Illustrations -- Acknowledgments -- 1. Introduction -- 2. To the Towers -- 3. "We'll show you our book. Why won't they?" -- 4. Dealers, Clients, and the Politics of Market Structure -- 5. "Not only would I lose my job, I might lose my legs too!" -- 6. How HFT Algorithms Interact, and How Exchanges Seek to Influence It -- 7. Conclusion -- Appendix: A Note on the Literature on HFT -- Notes -- References -- Index 330 $a"Trading at the Speed of Light tells the story of how many of our most important financial markets have transformed from physical trading floors on which human beings trade face-to-face, into electronic systems within which computer algorithms trade with each other. Tracing the emergence of ultrafast, automated, high-frequency trading (HFT) since the early 2000s, Donald MacKenzie draws particular attention to the importance of what he deems the 'material political economy' of twenty-first century finance. Fast transmission of price data used to involve fibre-optic cables, but the strands in such cables are made of materials (usually a specialised form of glass) which slow light down to around two-thirds of its speed in free space. By contrast, microwave and other wireless signals used in HFT travel through the atmosphere at nearly full light speed. At these nanosecond speeds, the physical nature of information transmission and the precise spatial location of the equipment involved become hugely important, thus creating inevitable pinch points in the system. MacKenzie details the ways in which these pinch points - individual frequency bands, specific locations on the roofs of computer data centres, and particular sites for microwave towers - are especially advantageous, making it possible for those who control them to profit from that control. The book draws from over 300 interviews conducted with high-frequency traders around the world, the people who supply them with technological systems and communication links, exchange staff and regulators, as well as with others who function within markets that have not yet become dominated by HFT. MacKenzie focuses most closely upon the four main sites of international HFT - Chicago, New York, Amsterdam, and London - and examines both the technology and the politics underpinning modern financial markets"--$cProvided by publisher. 606 $aInvestments$xData processing 606 $aProgram trading (Securities) 606 $aAlgorithms 606 $aStock exchanges 606 $aFinance 610 $aAlexandre Laumonier. 610 $aAutomated Trading Desk. 610 $aBrokerTec. 610 $aCME. 610 $aChicago Mercantile Exchange. 610 $aDark Pools. 610 $aE-Mini. 610 $aEBS. 610 $aFlash Boys. 610 $aJuan Pablo Pardo-Guerra. 610 $aMichael Durbin. 610 $aMichael Gorham. 610 $aMichael Lewis. 610 $aNidhi Singh. 610 $aScott Patterson. 610 $aeSpeed. 610 $aelectronic order books. 610 $afinancial trading. 610 $aforeign exchange. 610 $afutures. 610 $ageodesic. 610 $aliquidity taking. 610 $amarket making. 610 $amaterial political economy. 610 $amateriality. 610 $apolitical economy. 610 $ascience and technology studies. 610 $ashare trading venue. 610 $ashares. 610 $asocial studies of finance. 610 $asociology of finance. 610 $asovereign bonds. 610 $aspeed bumps. 615 0$aInvestments$xData processing. 615 0$aProgram trading (Securities) 615 0$aAlgorithms. 615 0$aStock exchanges. 615 0$aFinance. 676 $a332.60285416 700 $aMacKenzie$b Donald A.$0464054 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910554220003321 996 $aTrading at the speed of light$92818759 997 $aUNINA