Dark Pools by Scott Patterson

100%

6 Critic Reviews

Patterson's prose sometimes has the overly breathless air of an airport thriller. But it is underpinned by an invaluable piece of timely journalism that should be read by regulators and anyone with a cent in the stock market.
-LA Times

Synopsis

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.
 

About Scott Patterson

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SCOTT PATTERSON is a staff reporter at The Wall Street Journal covering the latest cutting-edge technological advances on Wall Street. This is his first book.From the Hardcover edition.
 
Published June 12, 2012 by Crown Business. 370 pages
Genres: Business & Economics, Computers & Technology. Non-fiction
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Critic reviews for Dark Pools
All: 6 | Positive: 6 | Negative: 0

LA Times

Excellent
Reviewed by Jeremy Grant on Jul 22 2012

Patterson's prose sometimes has the overly breathless air of an airport thriller. But it is underpinned by an invaluable piece of timely journalism that should be read by regulators and anyone with a cent in the stock market.

Read Full Review of Dark Pools | See more reviews from LA Times

Book Geeks

Excellent
Reviewed by John Redfearn on Sep 21 2012

This isn’t about the IT or how the programs work, it’s about the people who created the world of algo-trading, their motivations and their ethics.

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Seeking Alpha

Excellent
Reviewed by Hazel Henderson on Jul 14 2012

Dark Pools is a page-turning, fascinating account of how computerized algorithmic high-frequency trading (HFT) and electronic platforms evolved, took over financial markets...

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CNN Money

Excellent
Reviewed by Scott Cendrowski on Jun 22 2012

...explains how we got into this mess. The Flash Crash was the first major symptom of a problem that has been spreading across Wall Street for more than a decade.

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Spear's

Excellent
Reviewed by Christopher Silvester on Nov 09 2012

Patterson is adept at explaining the abstruse strategies of the trading machines and at sketching the characters of the men behind the machines. If his prose is a little lurid and frantic, it befits his subject.

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Forbes India.

Excellent
Reviewed by Pravin Palande on Aug 10 2012

Dark Pools is a fascinating book that will bring home to the reader how close we are to the world of William Gibson’s Neuromancer.

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Vikas 5 Sep 2013

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