alkemical
08-12-2009, 12:13 PM
Is the Singularity already happening at Goldman Sachs? (http://hplusmagazine.com/articles/ai/singularity-already-happening-goldman-sachs)
"We are just mice dancing" between the supercomputers of Wall Street giants, complains one trading executive, and an investment manager notes computers are already making 73% of all stock trades on U.S. exchanges. One former NYSE chairman admitted to the New York Times that "This is where all the money is getting made." (Between April and June, Goldman Sachs earned $100 million in one day — on 46 different days.)
High-speed algorithms use 30-millisecond trades to probe market conditions, and can buy and sell with a nearly omniscient knowledge of every other investor's price point. The Times notes that already these algorithms "execute millions of orders a second and scan dozens of public and private marketplaces simultaneously..."
"We are just mice dancing" between the supercomputers of Wall Street giants, complains one trading executive, and an investment manager notes computers are already making 73% of all stock trades on U.S. exchanges. One former NYSE chairman admitted to the New York Times that "This is where all the money is getting made." (Between April and June, Goldman Sachs earned $100 million in one day — on 46 different days.)
High-speed algorithms use 30-millisecond trades to probe market conditions, and can buy and sell with a nearly omniscient knowledge of every other investor's price point. The Times notes that already these algorithms "execute millions of orders a second and scan dozens of public and private marketplaces simultaneously..."