❰PDF / Epub❯ ✅ Flash Crash Author Liam Vaughan – Golanvideoagency.info

Excellent Too crazy not to be trueFinancial investigative journalist Liam Vaughan seems to have had the time of his life putting together Flash Crash But then, the story is so rich with characters and so bizarre in its nature, that as he admits at the end someone had to write a book on it It is a case of truth stranger than fiction That cost investors billions, one memorable spring day.The Flash Crash was an afternoon in 2010 when the financial markets suddenly melted into almost nothing, then bounced back to almost where they started that morning For a short time minutes , shares of major corporations traded for a penny or less, while others shot to 100,000 a share Blame was needed, and investigations led to a Kansas City financial house which put in a huge sell order, rather inexpertly But things are never that simple In this case, it transpired that a single man, working from the edge of his bed in his parents house in Hounslow outside London, was manipulating the markets, abusing the system until it broke.Navinder Sarao was in his early thirties and unemployed He still lived with his parents, and spent his weekdays playing the SP futures for all they were worth, and He would routinely place trades worth billions of dollars, canceling most of them, and walking away with six figures of pure profit for half a day s work.Bizarrely, he wasn t in it for the wealth He lived at home, had an ordinary computer, drove a moped, and let no one know what he was doing His parents, one ill and one working a counter in a store, never knew what he did all day They had no clue he had run up profits approaching a hundred million dollars from his childhood bedroom Perhaps even bizarrely, he proceeded to lose it all on Ponzi schemes and shady con men, and when he was caught, he couldn t make bail or pay lawyers.Sarao had adapted trading software to stack his orders at the back of their price point, and any time the market traded close by, the software would cancel his orders So he never had to actually buy In this way he could make it appear there was either huge demand which would send the market up, or huge selling pressure which would send it down Either way, he was ready to profit with actual purchase orders he would hold for seconds before cashing out.None of this is exaggerated Here s what Vaughn says about Sarao s trading By any measure, NAVSAR was an outlier In the twelve days the CFTC ended up selecting to illustrate the entity s activity, its layering algorithm canceled or modified orders 182,000 times, corresponding to 35 trillion in notional trades double the size of America s gross domestic product On eight of those days, not a single one of those orders was hit The size of the orders was also immense an average of 504 contracts, where the average across the market was seven Contracts were 75,000 each.Four years after the event, after every American agency had its crack at assigning blame, a trader looked a the record and proved everyone including himself wrong I got pretty obsessed, he still known as Mr X today says Based on the data I guessed it had to be the work of a large prop trading firm, maybe with an internal clearing arm to shield it from the authorities The scale and the audacity of the behavior were so massive I couldn t imagine it was one individual As it turned out I was very wrong He became a whistleblower, reopening the case just before the statute of limitations kicked in, and that led to Sarao and an international effort to bring him to justice.Sarao never thought he did anything wrong He thought of himself as a victim of High Frequency Trading algorithms This was just him fighting to level the playing field He proudly videoed his screen while trading providing hours of fascinating insights for investigators who seized his computer All these attitudes, approaches, tactics and sheer thoughtlessness, along with crudeness, rudeness and total lack of respect for anyone he dealt with, led to a diagnosis of Aspberger s, once he was in custody It made some sense out of the crazy story His math skills were awesome, his instincts spot on, and his reaction time lightning quick He was a fearless trader, but a failing human being.The book is fast paced, extremely engaging, and an easy read, despite the complexity of futures trading Vaughan has done an excellent job of making it accessible and even exciting It s a hard one to put down And it s not over In January 2020, after this book was completed and after the American authorities were finally finished with Sarao as a co operating source, the court finally sentenced him to two years at home Not only is this ridiculous for all the damage he did, but it is really all Sarao wanted anyway to be left alone at home in his familiar bedroom where he was in control and productively engaged Worse, the US court has no enforcement power in the UK, so the sentence is meaningless It is the perfect capstone to a story beyond belief.David Wineberg The Riveting Story Of A Trading Prodigy Who Amassed Million From His Childhood Bedroom Until The Government Accused Him Of Helping Trigger An Unprecedented Market CollapseSoon To Be A Feature Film Starring Dev Patel On May Financial Markets Around The World Tumbled Simultaneously And Without Warning In The Span Of Five Minutes, A Trillion Dollars Of Valuation Was Lost The Flash Crash, As It Became Known, Represented The Fastest Drop In Market History When Share Values Rebounded Less Than Half An Hour Later, Experts Around The Globe Were Left Perplexed What Had They Just Witnessed Navinder Singh Sarao Hardly Seemed Like A Man Who Would Shake The World S Financial Markets To Their Core Raised In A Working Class Neighborhood In West London, Nav Was A Preternaturally Gifted Trader Who Played The Markets Like A Computer Game By The Age Of Thirty, He Had Left Behind London S Trading Arcades, Working Instead Out Of His Childhood Home For Years The Money Poured In But When Lightning Fast Electronic Traders Infiltrated Markets And Started Eating Into His Profits, Nav Built A System Of His Own To Fight Back It Worked Until , When The FBI Arrived At His Door Depending On Whom You Ask, Sarao Was A Scourge, A Symbol Of A Financial System Run Horribly Amok, Or A Folk Hero Who Took On The Tyranny Of Wall Street And The High Frequency TradersA Real Life Financial Thriller, Flash Crash Uncovers The Remarkable, Behind The Scenes Narrative Of A Mystifying Market Crash, A Globe Spanning Investigation Into International Fraud, And The Man At The Center Of Them Both Flash Crash

About the Author: Liam Vaughan

Is a well-known author, some of his books are a fascination for readers like in the Flash Crash book, this is one of the most wanted Liam Vaughan author readers around the world.

Leave a Reply

Your email address will not be published. Required fields are marked *