In the high-speed world of automated financial trading, milliseconds matter. So much so, in fact, that a saving of just six milliseconds in transmission time is all that is required to justify the laying of the first transatlantic communications cable for 10 years at a cost of more than $300m.
A view from my office (well, one of my offices). They’re making fast work on One World Trade, maybe a floor a week. It’s astounding, after so many years of nothing, to see much something.
BLOKE FLOATS North Carolina resident Jonathan Trappe has become the first person to cross the Alps using helium-filled balloons as his method of transport, making the historic trip in just under 12 hours. (Photo: Trappe / Barcroft Media via the Telegraph)
Regulation won’t make a lick of difference. Most people who claim to regulate can barely understand half of what I see pass my screens every day. Reactive legislation means nothing when the damage has already been done.
It is the individual company’s (and futher, the trader’s supervisor’s) responsibility to understand what controls are currently in place to monitor trading activity, and to either place a collar on tradeable volume, or have others sign off on daily P&L so that they are forced to acknowledge they are also accountable.
Lastly, one bad business model should not sully the entire industry’s name. $2B in volume sounds like a hell of a lot of money until you remember just how huge daily trading volume can be (~$150 - $200B just on the NYSE).
I gotta make one of these Chris-sized.
Anybody else immediately picture that scene in Fear and Loathing in Las Vegas when he wakes up in a haze to find his hotel suite trashed and he’s wearing that awesome lizard tail?
The sun sets over the water lily field in the Main Ring of Fermi Lab on Saturday, Aug. 27.