In little more than a decade, one of the most unpredictable, emotion-wracked corners of the global economy–the United States stock market–has become captured by giant machines run by highly complex artificial intelligence systems.
What happens when the two mix?
The amazing and unlikely story behind this dramatic transformation will be revealed in my new book, Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System. The book will hit bookstore shelves around the country on June 12. Already, there’s buzz about it. I know because people in the industry keep asking me (at times rather nervously) “when is your book coming out?”
It will make news. It will make people angry. It will incite controversy. And it will, no doubt, be attacked by the very people whose livelihoods depend on the status quo.
Which is ironic. That’s because, as I show in Dark Pools, these people–the new cyber-kings of the market–were the very same game changers who took down the previous privileged elite, the Nasdaq market makers, the New York Stock Exchange specialists, the powerful broker dealers at the giant banks, all the while championing a level playing field. The truth is, they’ve made the playing field anything but level.
The history of that transformation–and a chilling look at a possible future in which the human element of the market is forever erased–is told in the pages of Dark Pools. Stay tuned.