High-Frequency Trading Pioneer: Today’s Drive For Speed ‘Has Absolutely No Social Value’

The man who built what was possibly the first stock-trading robot now worries they have too much sway over the market. In other news, Victor Frankenstein is starting to rethink that whole reanimating-the-dead thing.

High-Frequency Trading Pioneer: Today's Drive For Speed 'Has Absolutely No Social Value'

High-Frequency Trading Pioneer: Today’s Drive For Speed ‘Has Absolutely No Social Value’

Starting in the 1970s, Thomas Peterffy, the billionaire founder of the Connecticut brokerage firm Interactive Brokers, was a pioneer in getting computers to perform the trading of stocks and options and whatsits, so that humans could spend the rest of eternity sipping drinks and collecting checks. In a fascinating interview with NPR, he tells how his efforts culminated in a rubber-fingered robot that typed rapid-fire orders on the Nasdaq electronic stock exchange in 1987.

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About yocijourney

God does not play dice
This entry was posted in Business, Finance, High Frequency Trading, high-frequency journalism, Insider Trading, Market Making, SEC, U.S. Economy, Wall Street and tagged , , , , , , , , , , , , , . Bookmark the permalink.

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