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Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System | [Scott Patterson]

Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System

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.
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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

What Members Say

Average Customer Rating

4.4 (299 )
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Performance
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  •  
    muckdart alpha centauri 05-07-15
    muckdart alpha centauri 05-07-15 Member Since 2013
    ratings
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    7
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    "Great book!"

    Fantastic research and great storytelling. Lays bare how Wall Street can rip-off average investors. Now what I'd like to see is the sequel.

    0 of 0 people found this review helpful
  •  
    Roger Smith Orlando, Florida United States 05-05-15
    Roger Smith Orlando, Florida United States 05-05-15 Member Since 2007

    Say something about yourself!

    HELPFUL VOTES
    269
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    111
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    "Beyond Flash Boys"

    If you read Michael Lewis' "Flash Boys" you were introduced to the high frequency trading world. But that book left out a lot of the details and covered none of the history. This book will explain how the current, computer driven stock market came from and fill in the details on how it works. Fascinating and dangerous.

    0 of 0 people found this review helpful
  •  
    Tim Thacker 03-04-15
    Tim Thacker 03-04-15 Member Since 2014
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    5
    1
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    "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.

    0 of 0 people found this review helpful
  •  
    Bobby 02-26-15
    Bobby 02-26-15 Member Since 2015
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    11
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    "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.

    0 of 0 people found this review helpful
  •  
    H. Workman Idaho, USA 02-22-15
    H. Workman Idaho, USA 02-22-15 Member Since 2015

    Lover of all great nonfiction books

    ratings
    REVIEWS
    5
    3
    Overall
    Performance
    Story
    "No ending?"

    This didn't really seem to have an ending. It just sort of stopped. The author was overly fond of some phrases - he would use the same phrasing again and again throughout the book, giving it a repetitive feel. I did learn a lot and the author managed to make a very dense, complicated subject understandable, hence the rating I did give.

    It was worth listening to once, but never again.

    0 of 0 people found this review helpful
  •  
    D. Niewood 01-22-15
    D. Niewood 01-22-15 Member Since 2013
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    2
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    "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

    0 of 0 people found this review helpful
  •  
    Zach 07-25-14
    Zach 07-25-14
    ratings
    REVIEWS
    5
    1
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    Performance
    Story
    "Author needs to check his facts."
    What disappointed you about Dark Pools?

    The author didn't correctly depict the charges and arrest of the programmer from Goldman Sachs, as I listened I made the assumption he doesn't know what he is talking about. He also made a reference to a" Lamborghini Testerossa" last I checked those cars are made by Ferrari.


    Would you ever listen to anything by Scott Patterson again?

    No


    What about Byron Wagner’s performance did you like?

    The narrator was Good.


    If you could play editor, what scene or scenes would you have cut from Dark Pools?

    The description of the details and intent of the Goldman programmer that was arrested.


    0 of 0 people found this review helpful
  •  
    MWR 07-14-14
    MWR 07-14-14
    ratings
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    17
    1
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    Story
    "Great, but..."
    What did you like best about this story?

    Very compelling inside look.


    Any additional comments?

    Terrific book, but there are parts that are incorrect/missing information. i.e. the part where they spoke about the rogue GS programmer who stole proprietary computer code.. The court system and other programmers alike concluded the code was no more than useless free source code, and the story was embellished a lot.

    0 of 0 people found this review helpful
  •  
    MG San Francisco, CA 01-22-13
    MG San Francisco, CA 01-22-13 Member Since 2014
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    "Not factual"
    What disappointed you about Dark Pools?

    Patterson makes the reader feel that they are on a behind the scenes tour of Wall Street. Unfortunately, it is more fiction than fact.


    Would you be willing to try another book from Scott Patterson? Why or why not?

    No, after completing this book and then going back reading the reviews for "The Quants" it is clear that Patterson relies on hyperbole instead of research.


    What didn’t you like about Byron Wagner’s performance?

    Byron Wagner put an exclamation point at the end of every sentence, as if every paragraph was detailing a scandal on the order of Watergate. If you listen to more than ten minutes of this, it sounds downright silly, particularly as Patterson waffles between inconsistent conclusions.


    If you could play editor, what scene or scenes would you have cut from Dark Pools?

    I would have sent the book back for further research.


    Any additional comments?

    The story of Josh Levine and the rise of Island is mostly true, however the rest of the book is speculative and misguided.

    0 of 0 people found this review helpful
  •  
    fred greensboro nc 01-12-13
    fred greensboro nc 01-12-13 Member Since 2005
    HELPFUL VOTES
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    4
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    "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.

    0 of 0 people found this review helpful

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