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Does having greater dependence on computational algorithms make the market more rational?
Does having greater dependence on computational algorithms make the market more rational?
I had thought that the main advantage was response times. This article (referring to a study) suggests that the wall street traders are at times highly irrational due to hormonal influences. Maybe it is best to have programs handle all trades?
Jon Miller- I AM.CANADIAN
GENERATION 35: The first time you see this, copy it into your sig on any forum and add 1 to the generation. Social experiment.
A friend of mine writes trading software. Their best ever bug was a bug that reversed the behaviour of buy and sell.
Jon Miller: MikeH speaks the truth
Jon Miller: MikeH is a shockingly revolting dolt and a masturbatory urine-reeking sideshow freak whose word is as valuable as an aging cow paddy. We've got both kinds
It's never been clear to me why people see this particular labor-saving performance-improving automation as fundamentally different from all the other automation that goes on in other industries.
It's never been clear to me why people see this particular labor-saving performance-improving automation as fundamentally different from all the other automation that goes on in other industries.
Trading doesn't add value, but I see your point.
Regarding the OP, the programs aren't designed to make the market efficient, but to make money. If you can make more trades you increase the danger of crash, not decrease.
I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett Kavanaugh
It's never been clear to me why people see this particular labor-saving performance-improving automation as fundamentally different from all the other automation that goes on in other industries.
Are other industries so prone to hormonal decision making?
JM
Jon Miller- I AM.CANADIAN
GENERATION 35: The first time you see this, copy it into your sig on any forum and add 1 to the generation. Social experiment.
It's never been clear to me why people see this particular labor-saving performance-improving automation as fundamentally different from all the other automation that goes on in other industries.
Heh. This isn't labor-saving work JM is referring to.
I presume he's referring to algo trading, or probably high-frequency trading in particular. The market is supposed to be based on human actors and there's a lot of risks that can come from algorithm-based trading. It has changed the market structure in a dramatic way. Calling it labor-saving is a bit misleading.
I'd argue it makes the market more predictable but not more rational. If anything it's irrational in different ways (like the Flash Crash last year).
"The issue is there are still many people out there that use religion as a crutch for bigotry and hate. Like Ben."
Ben Kenobi: "That means I'm doing something right. "
I also think it contributed to the downfall of Lehman and Bear Sterns. Traders innately trust these black boxes that use largely flawed or "good enough" algorithms for risk analysis and purchasing decisions. Layer enough of those flawed algorithms on top of eachother and you get a house of cards.
"The issue is there are still many people out there that use religion as a crutch for bigotry and hate. Like Ben."
Ben Kenobi: "That means I'm doing something right. "
And at the end of the day they are programmed by humans, see my first post in this thread.
Jon Miller: MikeH speaks the truth
Jon Miller: MikeH is a shockingly revolting dolt and a masturbatory urine-reeking sideshow freak whose word is as valuable as an aging cow paddy. We've got both kinds
I wrote a tool at Lehman to unwind trades the computers made in error and communicate that with the DTCC. It was fairly common.
"The issue is there are still many people out there that use religion as a crutch for bigotry and hate. Like Ben."
Ben Kenobi: "That means I'm doing something right. "
Mind you we also had traders call us in a panic because they put an extra zero or two in trades for tens or hundreds of millions of dollars. We had to cancel those retroactively also.
"The issue is there are still many people out there that use religion as a crutch for bigotry and hate. Like Ben."
Ben Kenobi: "That means I'm doing something right. "
Could you unwind 'error' trades that happened to be all the money losing ones?
Jon Miller: MikeH speaks the truth
Jon Miller: MikeH is a shockingly revolting dolt and a masturbatory urine-reeking sideshow freak whose word is as valuable as an aging cow paddy. We've got both kinds
No, that's not how unwinding works. I'm sure they'd do it if so.
"The issue is there are still many people out there that use religion as a crutch for bigotry and hate. Like Ben."
Ben Kenobi: "That means I'm doing something right. "
Jon Miller: MikeH speaks the truth
Jon Miller: MikeH is a shockingly revolting dolt and a masturbatory urine-reeking sideshow freak whose word is as valuable as an aging cow paddy. We've got both kinds
"The issue is there are still many people out there that use religion as a crutch for bigotry and hate. Like Ben."
Ben Kenobi: "That means I'm doing something right. "
Heh. This isn't labor-saving work JM is referring to.
I presume he's referring to algo trading, or probably high-frequency trading in particular. The market is supposed to be based on human actors and there's a lot of risks that can come from algorithm-based trading.
This is precisely the argument I object to. Why is the market "supposed" to be based on human actors any more than any other profession?
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