Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street Are Destroying Investor Confidence and Your Portfoli
Autor Sal L. Arnuk, Joseph C. Saluzzien Limba Engleză Paperback – 31 mai 2012
Preț: 243.30 lei
Nou
Puncte Express: 365
Preț estimativ în valută:
46.58€ • 48.42$ • 38.62£
46.58€ • 48.42$ • 38.62£
Carte disponibilă
Livrare economică 17-31 ianuarie 25
Livrare express 02-08 ianuarie 25 pentru 28.92 lei
Preluare comenzi: 021 569.72.76
Specificații
ISBN-13: 9780133993509
ISBN-10: 0133993507
Pagini: 320
Ilustrații: illustrations
Dimensiuni: 152 x 226 x 15 mm
Greutate: 0.43 kg
Editura: FT Press
ISBN-10: 0133993507
Pagini: 320
Ilustrații: illustrations
Dimensiuni: 152 x 226 x 15 mm
Greutate: 0.43 kg
Editura: FT Press
Textul de pe ultima copertă
"Read this book before you invest a penny in the stock market."
--Mark Cuban, Owner, Dallas Mavericks "In one of the most memorable scenes in motion picture history, before giving him the red pill, Morpheus says to Neo, 'You're here because you know something. What you know, you can't explain, but you feel it. You've felt it your entire life--that there's something wrong with the world. You don't know what it is, but it's there, like a splinter in your mind, driving you mad.' Although Arnuk and Saluzzi will not expose every dark corner of the 'matrix' that our capital markets have become, they will provide the clues to aid you in your quest to understanding just why more people withdraw from trading fully aware that 'there's something wrong.' Morpheus also asks, 'Do you want to know what it is?' To all who answer yes and take the red pill, read this book."
--Tyler Durden, Zero Hedge "Markets now trade at the speed of light, apparently benefiting Wall Street ultra-short-term traders over long-term investors and causing more than a few 'flash crashes' along the way. Arnuk and Saluzzi intuitively piece together how High Frequency Trading, for-profit exchanges, fragmentation, regulatory changes, and a 'need for speed' over the past 20 years have dramatically shifted benefits from investors to short-term traders in our increasingly fragile markets. A must read for anyone concerned about investors, trading, and the long-term health of U.S. stock markets."
--Professor Michael Goldstein, Professor, Finance, Babson College "Arnuk and Saluzzi are the Woodward and Bernstein of the securities markets. Their gutsy, dogged sleuthing exposed the perverse market effects of robotic trading and predicted an event like the Flash Crash 2010, long before blinkered market regulators had a clue. The two crusaders deserve a medal for looking out for investors."
--Jim McTague, Washington Editor, Barron's "Who broke the stock market? The NYSE and NASDAQ, that's who. They sold the investing public down the river so colocated algo driven servers of high frequency traders could steal billions by front running grandma's mutual fund. The horrific truth about this legalized theft is all here in black and white. Read it, and you will never so much as invest one thin dime in U.S. equities again."
--Barry Ritholtz, CEO, FusionIQ; Author, Bailout Nation and The Big Picture website; Bloomberg personality "The authors explain in wonderfully clear language how, instead of banning card counters as they do in Vegas, Wall Street has remade itself to not only stack the deck in the card counters' favor, but to enable them to do so via ever-faster computer networks and algorithms, that leave not only ordinary investors but many sizable institutions, like pension funds, with worse odds than on a lottery ticket. There's more, much more, in Arnuk and Saluzzi's book; it's quite simply a must read, if you care about your capital--or the future of our capitalist economy."
--Kate Welling, Former Founder, Editor, and Publisher, Weeden & Co. LP, Welling@Weeden; Former Managing Editor, Barron's An eye-opening view on the way stocks are really traded today--and why the stock markets are broken and desperately need to be fixed. Written in an easily understandable style, the authors explain:
- The strategies and tactics high frequency traders use to scalp pennies off of nearly every retail and institutional share traded
- How the stock exchanges provides high frequency traders with powerful tools that give them an advantage over retail and institutional investors
- Why the stock markets no longer accurately price the values of the securities in your portfolio
- What you can do to prevent these and other problems from getting any worse
Authored by the Wall Street traders who figured out how high frequency traders were harming retail and institutional investors and explained how it all works on 60 Minutes, Bloomberg TV, CNBC, and Fox Business News Learn
- Why retail investors are pulling their money out of stocks in unprecedented amounts
- How decades of regulation created the broken markets we have today
- Why there are more than 40 exchanges, sub-exchanges, and dark pools rife with conflicts of interest where stocks are traded today
- How the stock exchanges became for-profit companies and fundamentally changed market structure
- Why the Flash Crash happened--and why it will happen again
- How there are two markets--the fast, accurate one that high frequency traders see and the slower one that retail and institutional investors see
--Mark Cuban, Owner, Dallas Mavericks "In one of the most memorable scenes in motion picture history, before giving him the red pill, Morpheus says to Neo, 'You're here because you know something. What you know, you can't explain, but you feel it. You've felt it your entire life--that there's something wrong with the world. You don't know what it is, but it's there, like a splinter in your mind, driving you mad.' Although Arnuk and Saluzzi will not expose every dark corner of the 'matrix' that our capital markets have become, they will provide the clues to aid you in your quest to understanding just why more people withdraw from trading fully aware that 'there's something wrong.' Morpheus also asks, 'Do you want to know what it is?' To all who answer yes and take the red pill, read this book."
--Tyler Durden, Zero Hedge "Markets now trade at the speed of light, apparently benefiting Wall Street ultra-short-term traders over long-term investors and causing more than a few 'flash crashes' along the way. Arnuk and Saluzzi intuitively piece together how High Frequency Trading, for-profit exchanges, fragmentation, regulatory changes, and a 'need for speed' over the past 20 years have dramatically shifted benefits from investors to short-term traders in our increasingly fragile markets. A must read for anyone concerned about investors, trading, and the long-term health of U.S. stock markets."
--Professor Michael Goldstein, Professor, Finance, Babson College "Arnuk and Saluzzi are the Woodward and Bernstein of the securities markets. Their gutsy, dogged sleuthing exposed the perverse market effects of robotic trading and predicted an event like the Flash Crash 2010, long before blinkered market regulators had a clue. The two crusaders deserve a medal for looking out for investors."
--Jim McTague, Washington Editor, Barron's "Who broke the stock market? The NYSE and NASDAQ, that's who. They sold the investing public down the river so colocated algo driven servers of high frequency traders could steal billions by front running grandma's mutual fund. The horrific truth about this legalized theft is all here in black and white. Read it, and you will never so much as invest one thin dime in U.S. equities again."
--Barry Ritholtz, CEO, FusionIQ; Author, Bailout Nation and The Big Picture website; Bloomberg personality "The authors explain in wonderfully clear language how, instead of banning card counters as they do in Vegas, Wall Street has remade itself to not only stack the deck in the card counters' favor, but to enable them to do so via ever-faster computer networks and algorithms, that leave not only ordinary investors but many sizable institutions, like pension funds, with worse odds than on a lottery ticket. There's more, much more, in Arnuk and Saluzzi's book; it's quite simply a must read, if you care about your capital--or the future of our capitalist economy."
--Kate Welling, Former Founder, Editor, and Publisher, Weeden & Co. LP, Welling@Weeden; Former Managing Editor, Barron's An eye-opening view on the way stocks are really traded today--and why the stock markets are broken and desperately need to be fixed. Written in an easily understandable style, the authors explain:
- The strategies and tactics high frequency traders use to scalp pennies off of nearly every retail and institutional share traded
- How the stock exchanges provides high frequency traders with powerful tools that give them an advantage over retail and institutional investors
- Why the stock markets no longer accurately price the values of the securities in your portfolio
- What you can do to prevent these and other problems from getting any worse
Authored by the Wall Street traders who figured out how high frequency traders were harming retail and institutional investors and explained how it all works on 60 Minutes, Bloomberg TV, CNBC, and Fox Business News Learn
- Why retail investors are pulling their money out of stocks in unprecedented amounts
- How decades of regulation created the broken markets we have today
- Why there are more than 40 exchanges, sub-exchanges, and dark pools rife with conflicts of interest where stocks are traded today
- How the stock exchanges became for-profit companies and fundamentally changed market structure
- Why the Flash Crash happened--and why it will happen again
- How there are two markets--the fast, accurate one that high frequency traders see and the slower one that retail and institutional investors see
Notă biografică
Cuprins
Foreword by Former U.S. Senator Ted Kaufman x
Introduction 1
Chapter 1: Broken Markets 7
Chapter 2: The Curtain Pulled Back on High Frequency Trading 23
Chapter 3: Web of Chaos 45
Chapter 4: Regulatory Purgatory 67
Chapter 5: Regulatory Hangover 83
Chapter 6: The Arms Merchants 97
Chapter 7: It’s the Data, Stupid 111
Chapter 8: Heart of Darkness 125
Chapter 9: Dude, Where’s My Order? 141
Chapter 10: The Flash Crash 151
Chapter 11: The Aftermath 177
Chapter 12: Killing the Stock Market That Laid the Golden Eggs 195
Chapter 13: Call to Action 217
Appendix: Themis Trading Whitepapers 233
Index 289