Dark Pools

The Rise of the Machine Traders and the Rigging of the U.S. Stock Market

By: Scott Patterson

Narrated by: Byron Wagner

Length: 11 hrs and 36 mins

Publisher's summary

A news-breaking account of the global stock market's subterranean battles, Dark Pools portrays the rise of the "bots" - artificially intelligent systems that execute trades in milliseconds and use the cover of darkness to out-maneuver the humans who've created them.

In the beginning was Josh Levine, an idealistic programming genius who dreamed of wresting control of the market from the big exchanges that, again and again, gave the giant institutions an advantage over the little guy. Levine created a computerized trading hub named Island where small traders swapped stocks, and over time his invention morphed into a global electronic stock market that sent trillions in capital through a vast jungle of fiber-optic cables.

By then, the market that Levine had sought to fix had turned upside down, birthing secretive exchanges called dark pools and a new species of trading machines that could think and that seemed, ominously, to be slipping the control of their human masters.

Dark Pools is the fascinating story of how global markets have been hijacked by trading robots - many so self-directed that humans can't predict what they'll do next.

©2012 Scott Patterson (P)2012 Random House Audio

Like after watching Jaws...you won't get back in

If you've been following stock market news in the 21st century then you're well aware of the massive swings that have been happening. After listening to this book you'll be well aware that an individual stock investor is gonna get creamed. Written much like the Big Short, Patterson chronicles a handful of quant characters through their careers. Some technical street and computer jargon but not enough to turn me off. Even though people have life vests, flippers, oxygen masks, etc. they're not getting back in for a reason...maybe not even with a bigger boat.

So good

Better than flashboys. They're both good but I enjoyed this book after reading Lewis's book

required reading

required reading for stock market professionals - illuminating perspective and insights on a quiet and misunderstood revolution in the underlying framework of how stock markets behave and work

Great listening

I really enjoyed this book. It was a good history/overview of how the markets have changed. The content was great and the narration was excellent.

Not an easy digest. A Must for Investors

Where does Dark Pools rank among all the audiobooks you’ve listened to so far?

A great listen. The characters in the story have some amazing stories. Interesting moto was that a problem was identified. Then that problem was resolved with a solution. A genuine solution. And then the genuine solution warped into a problem too. Just like the ultimate truth, there's no ultimate solution

Who was your favorite character and why?

Josh Ravine - hands down.

Which scene was your favorite?

Stories about Josh Ravine

if you love day trading a great book

this is a good story if you love day trading and it's origin. Certainly a good book to get your brain moving before the trading day.

Global Capitalism on the XBox

I remember reading in the New York Times not long ago about a Russian charged with stealing computer code from Goldman Sachs. To dramatize the crime, the U.S. authorities charged that the code could be used ???to manipulate world financial markets.??? My immediate thought: So, what the hell was Goldman Sachs doing with it in the first place! I was gratified to hear this mysterious little incident described again in this eye-opening work. This audiobook isn???t perfect. The writing is standard-issue, people-centered journalism, there is little critical analysis or theory, and the otherwise fine reading can hit a slightly silly note here and there. But overall I found it excellent, extremely informative, easy to listen to. The author develops a detailed history of the rise of unregulated, computerized market trading, from its earliest, nerd-driven origins to the flash crash. He focuses on key individuals (often unheralded innovators), at times to the detriment of clear chronology and critical judgment. There isn???t a lot of technical depth, but enough for me. I knew practically nothing, and had all my darkest suspicions amply confirmed. I only hope the author, or perhaps someone slightly more analytical, is working on the sequel. This is really a brave new world that no one seems able to fully grasp, let alone manage or regulate. I agree with the author???s sense that, yes, the other shoe will definitely drop. You might want to keep a few dollars under the mattress.

Very very very good audio book.

Very informative book and definitely a book you have to listen 2 more than once. I just wanted him to discuss the different types of orders and how are they looked that in the process. I feel like he touched on the subject but I would have like more info on routing and order types.

Surprisingly Interesting

Had to read for a college course. I was reluctant to read if because I thought I was going to be extremely dry and hard to stay focused. I was completely mistaken. I found myself wanting to read/listen and thinking about the story when I wasn't. It was the first book of the genre I have read.

book was realy good

Fastest book I ever finish kept my intrest whole time. I learned a lot about modern stock exchange.