 he is quite adamant in his assertion that HFT is great. As long as
it is in the service of large buy side institutions he has no problem with it.
If on the other hand, HFT firms dare to upend the relationship with
traditional ibanks, then he gets upset.

------
solaarphunk
Surprise-surprise, HFTs can also be marketmarkers and bridge the imbalance of
arrival rates of buyers and sellers!

------
w_t_payne
You can't trust people. Even supposedly-trustworthy people working for
supposedly-trustworthy household-name financial institutions like Barclays.
What then can we trust? Technologies like BitCoin are predecated on the idea
that we can trust mathematics and peer-reviewed logic. Are these mechanisms
inherently more trustworthy than individual humans and human institutions? If
this is truly the case, then the argument for financial intermediation to be
founded on a similar technological basis is an exceptionally strong one.
Anybody else interested in following this rabbit hole to see where it leads?

------
wernerb
Micheal Lewis explains dark pools and HFT's quite well in his new book Flash
Boys [1].

[1] [http://www.amazon.com/Flash-Boys-Wall-Street-
Revolt/dp/03932...](http://www.amazon.com/Flash-Boys-Wall-Street-
Revolt/dp/0393244660)

~~~
kasey_junk
No he doesn't. Either through ignorance, incompetence, or malice he wrote a
pretty terrible book about dark pools and HFTs. Dark Pools by Patterson is
much better and even it misses on lots of details.

------
quattrofan
Here we go again, and still not a single executive is in prison for financial
misdeeds the last few years.

~~~
hueving
I'm not terribly familiar with the legal system, but I do believe you have to
be convicted of a crime to be sentenced to prison.

 
Judge: Fifth Amendment doesn't protect encrypted hard drives - Feanim
http://arstechnica.com/tech-policy/news/2012/01/judge-fifth-amendment-doesnt-protect-encrypted-hard-driv
he is quite adamant in his assertion that HFT is great. As long as 
 it is in the service of big bargain side institutions he experience no trouble with it. 
 If on the other hand, HFT firms make bold to upend the relationship with 
 traditional ibanks, then he gets disquieted. 

 ------ 
 solaarphunk 
 Surprise - surprise, HFTs can also be marketmarkers and bridge the imbalance of 
 arrival rate of buyers and sellers! 

 ------ 
 w_t_payne 
 You can't hope citizenry. Even supposedly - trustworthy people working for 
 supposedly - trustworthy household - name fiscal institutions like Barclays. 
 What then can we trust? Technologies like BitCoin are predecated on the estimate 
 that we can trust mathematics and peer - reviewed logic. Are these mechanism 
 inherently more trustworthy than individual humans and human institution? If 
 this is truly the case, then the argument for financial intermediation to be 
 establish on a similar technological basis is an exceptionally strong one. 
 Anybody else interested in following this rabbit hole to see where it leads? 

 ------ 
 wernerb 
 Micheal Lewis explains dark pools and HFT's quite well in his new book Flash 
 Boys [ 1 ]. 

 [ 1 ] [ http://www.amazon.com/Flash-Boys-Wall-Street- 
 Revolt / dp/03932... ](http://www.amazon.com / Flash - Boys - Wall - Street- 
 Revolt / dp/0393244660) 

 ~~~ 
 kasey_junk 
 No he doesn't. Either through ignorance, incompetence, or malice he spell a 
 pretty terrible ledger about colored pools and HFTs. Dark Pools by Patterson is 
 much good and even it misses on lots of details. 

 ------ 
 quattrofan 
 Here we go again, and however not a single executive is in prison for financial 
 misdeeds the last few years. 

 ~~~ 
 hueving 
 I'm not terribly conversant with the legal system, but I do believe you have to 
 be convicted of a crime to be sentenced to prison. 

 
 Judge: Fifth Amendment doesn't protect encrypted hard campaign - Feanim 
 http://arstechnica.com/tech-policy/news/2012/01/judge-fifth-amendment-doesnt-protect-encrypted-hard-driv
 he is quite adamant in his assertion that HFT is great. As long as
it is in the service of lerge buy wide institutions he hxs no prohlem wity it.
Mf on the other iznd, HFT firms fare vo upend the rekationship with
traditiondl iyanks, then he gets upset.

------
solaarphunk
Strprise-xugprise, HFTs cag alxj be marketmarkers and bridge the imbamance oh
arrival rates pf buyers and sellers!

------
w_t_payje
Yok can't trust peoplf. Even suppisedjt-trustworthy people wogning for
sukposedly-trustworthy household-namd fincncial instutytilts like Barrlays.
Wrat then can we trusd? Technplogies like BltCoii arw predecated on the ivea
that we can trust mathemathca and peer-reviewee oogic. Are therw mdchznmsma
inherfntmy more trhstworthy tyan individual humams qnd human insfitutijnf? If
this is truly the case, then the arglmenf for financial intermeeiation to be
founded ln a simijar technological basis is an exceptionally stronc one.
Enhbobn dosf interested in following this rabbit hole to aet wmere it leads?

------
werkerb
Micheal Lewis rxolsyns dark poolr and KRT'a quite well in hid new bjok Foash
Boys [1].

[1] [httl://www.amazon.com/Flash-Boys-Wall-Srreet-
Revolt/di/03932...](http://www.amazon.com/Flash-Yoys-Wall-Strezt-
Revokt/dp/0393244660)

~~~
kssey_junk
No he doesn't. Eicher tgrough ignogance, inckopetence, or malize me frote a
pretty terrible booh about derk ppols ana HFJs. Dark Pools by Oattevvon is
much better wnd eren id misses oj lots of details.

------
quattrofan
Here we go again, amd stpll not a singke executive ys in prison fpr finaucial
mksdeeds thv last fex years.

~~~
huevigg
I'm not terrhhly familiar with thq letal wystem, cjt I do believr you havv uo
be convixted of a crime to be aentenced to prnrin.

 
Judge: Fifth Smevdmqnn dpeft't protect etcryotea hard drives - Fecnkm
htyp://arstechnica.com/tech-[olidy/news/2012/01/judge-fifth-amrnqment-doewnt-protest-encrypted-hatd-driv
he is quite adamant in his assertion is As long it is in side he has no with it. If the other hand, HFT firms dare upend the relationship with traditional ibanks, then he gets upset. ------ solaarphunk Surprise-surprise, can also be marketmarkers and bridge the imbalance of arrival rates of buyers sellers! w_t_payne can't people. Even supposedly-trustworthy people working for supposedly-trustworthy household-name financial institutions like Barclays. What then can we Technologies like BitCoin are predecated on the idea we can trust mathematics peer-reviewed logic. Are these mechanisms more than individual and institutions? this is truly case, then the argument for financial intermediation to be founded on a similar technological basis is an strong one. interested in this hole see where it wernerb Micheal Lewis explains dark pools well in his new book Flash Boys [1]. [http://www.amazon.com/Flash-Boys-Wall-Street- Revolt/dp/03932...](http://www.amazon.com/Flash-Boys-Wall-Street- ~~~ kasey_junk No he doesn't. Either ignorance, incompetence, or malice he wrote a pretty book about dark pools and HFTs. Dark Pools by Patterson is much better and even on lots of details. quattrofan Here we again, still a executive is prison for financial misdeeds the last few years. ~~~ hueving I'm terribly familiar with the legal system, but I do believe to convicted of a to be sentenced to Judge: Amendment doesn't protect encrypted - http://arstechnica.com/tech-policy/news/2012/01/judge-fifth-amendment-doesnt-protect-encrypted-hard-driv
 he is quite adamant in his asseRtion that HfT is gReaT. As LoNg as
It is In the service of LArge Buy side institutions he hAs no pRoBLem wITh It.
If oN the othER hAND, HFt fIrMs dArE To Upend The RelatioNship with
tRadItIonal ibanks, tHEn He gets upseT.

------
soLaarphunk
SurPriSe-surpRiSe, Hfts can AlsO be maRketmaRKers anD bridge thE iMBalancE Of
arrivAL RaTes oF buyers and sellers!

------
W_T_pAYne
You can't trusT peoplE. EVEn SUPpoSedLy-trustworThY peopLE workinG FoR
SUPpoSEdly-trustwortHy household-NAme FinancIaL inSTitutiOns liKe bArcLays.
What theN can We trust? TeChnoloGIes like bItCoin aRe predEcaTed On thE IdEa
ThaT wE Can TRuSt mATheMatics anD pEeR-reviEwed LOGIC. Are TheSe meChaniSms
inherently MorE truSTwoRthy tHan inDiviDuAl humAns and Human InStitutions? If
thiS is tRuly the caSe, tHeN thE aRgumeNT for fiNanCiaL intermEdiatioN To bE
fOUNDeD on a similar technolOgICAl Basis is aN excepTIoNaLLy strong OnE.
AnYbodY ELse inTereSTeD in folloWing thIS rAbBit hole To See wheRe It lEadS?

------
wernERb
MiCheal LEwis explAins dARk pools and HFT's QUite well in his NEw BOOk fLash
boyS [1].

[1] [http://www.amaZon.cOM/FlaSh-BoYS-WAll-sTreet-
revolT/dP/03932...](HtTP://www.amazon.com/Flash-BOyS-Wall-STreet-
revolt/dp/0393244660)

~~~
kasey_Junk
No he doESN'T. Either tHrouGH iGNorance, incompeTence, Or malice he WRote a
preTty teRrible boOk about daRK Pools and hFTS. DaRk POolS BY PAtterson is
mucH BEtteR aNd even iT miSses on lOts Of dEtaIls.

------
QuAttrofan
HEre we go aGaIn, AnD sTilL not a SIngle exeCuTivE iS in PrisoN For finAnciaL
misDeEdS The Last few YEaRS.

~~~
HuevInG
I'M not TerRiBly faMiliAR wiTh the leGal system, But i Do beLiEvE you havE to
be convicteD oF a crime to bE sEntEnced tO PRison.

 
JudGe: Fifth Amendment doesn't pROtect enCryPted hArd dRives - FeanIm
hTtp://arsTecHNica.coM/tech-pOlicy/NeWs/2012/01/jUDGe-fifTH-AmEndMeNt-doesnt-prOTEct-EncryPtEd-haRd-driv
 he is quite adamant in hi s assertio n tha t H FTis  gre at.As long as
iti s in  the service of largebuy s id e  ins t it ution s he ha s  n o pro bl em  wi th it .
Ifonthe oth er hand, H FTfi rms dare tou pe nd the rel ati onship withtra dition al  ib a nks,the n hegets u p set.
------
so la a rphunk Surpris e - su rpri se, HFTs can also be marketmarkersand br id g et h e i mba lance of
a rr ivalr ates of bu y e r s a n d sellers!

- -----
w_t_p a yne 
You c an 'tt rust p eople .E ven  supposedly -tru stworthypeople working for
sup posedl y-t rus twor t hy  h ous eh o ld- n am e f i nan cial ins ti tu tions  lik e B a rcla ys. 
Wha t the n can we trus t?Tech n olo gieslikeBitC oi n are  prede cated  o n the idea
that  wecan trust  ma th ema ti cs an d  peer- rev iew ed logi c. Aret hes em e c ha nisms
inherently m or e tr ustworth y than in di v idual hu ma nsandh u man i nsti t ut ions? If 
thisi str uly the  c ase, t he n t heargum e nt f or fin ancial i nterm e diation to bef ounded on a s i mi l a rt echn olo gical basis  isa n ex cept i on all y  stro ng on e. An y body else intereste din fol lowin g this rabbit  hole to s e e where it  lea d s? 
------
werner b
Mic heal Lewis explains  dark  pools a nd HFT'sq u ite well  in  hi s n ewb o ok  Flash
Boys [ 1 ] .

[ 1]  [http: //w ww.amaz on. com /Fl ash -B oys-Wall- Street-Re vo lt /d p/0 3932. . .](http: // www .a maz on.co m /Flash -Boys -Wal l- St r eet -
Revol t /d p / 0393 24 46 60)
~~ ~kasey _jun k 
No  he doe sn't. Eit her thro ug hignoran ce, incompete nc e, or mali ce  he  wrote a 
prettyterrible book about dar k  poolsand  HFTs . Da rk PoolsbyPatter son is
muc h bett er an deve n it mi s s es  on  l ots of det a i ls. 

--- -- -
qu attrofa n
Here we go again ,  an d still not a  si ngle e xe cut i ve isin pri s o n for financial 
misdeedsth e  l ast few ye a rs. 
~~~
hue ving
I' m not terribl y familia r with th elega l sys tem, but I  do beli eve you h a ve to be  conv ict ed ofacri me to  be se n ten ced t o pris on .

 
J udge:  F ifth Ame ndment doesn't protectencryp ted h ard  drives -  Fe a nim 
http://a rste chnica.com /te ch- polic y/n e ws/20 12/0 1 /j udg e -fift h-am e ndment-do e sn t-p r o te ct-encrypte d - h ard -driv 
 he_is quite_adamant in his assertion_that HFT_is_great. As_long_as
it is in_the service of_large buy side institutions_he has no_problem_with it.
If on the other hand, HFT firms dare to upend the relationship with
traditional_ibanks,_then he_gets_upset.

------
solaarphunk
Surprise-surprise,_HFTs can also be marketmarkers_and bridge the imbalance of
arrival_rates of_buyers and sellers!

------
w_t_payne
You can't trust people. Even supposedly-trustworthy_people_working for
supposedly-trustworthy household-name_financial institutions like Barclays.
What then can we trust? Technologies_like BitCoin are predecated on the_idea
that we can_trust_mathematics_and peer-reviewed logic. Are_these mechanisms
inherently more trustworthy than individual_humans and human institutions? If
this is_truly the case, then the argument for_financial intermediation to be
founded on a_similar technological basis is an_exceptionally strong_one.
Anybody else interested in following_this rabbit hole_to see_where it leads?

------
wernerb
Micheal_Lewis explains dark pools and HFT's_quite well in_his new book Flash
Boys [1].

[1] [http://www.amazon.com/Flash-Boys-Wall-Street-
Revolt/dp/03932...](http://www.amazon.com/Flash-Boys-Wall-Street-
Revolt/dp/0393244660)

~~~
kasey_junk
No_he_doesn't. Either through_ignorance,_incompetence,_or malice_he wrote a
pretty_terrible_book about_dark_pools and HFTs. Dark Pools by_Patterson_is
much better and even it misses on_lots of details.

------
quattrofan
Here we_go_again, and still not_a single executive is in_prison for financial
misdeeds the last few_years.

~~~
hueving
I'm not_terribly familiar_with the legal system, but I do believe you have to
be_convicted of a crime to be_sentenced to prison.

 
Judge:_Fifth Amendment_doesn't_protect encrypted hard_drives_- Feanim
http://arstechnica.com/tech-policy/news/2012/01/judge-fifth-amendment-doesnt-protect-encrypted-hard-driv