A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial markets
In today's financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading-automated high-frequency trading or HFT-began and then spread throughout the world. HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms.
In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal-light in a vacuum-can travel only thirty centimetres, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges' systems and to the location of the microwave towers that carry signals between computer data centres. Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how exchanges sometimes engineer technical systems to favour certain types of algorithms over others.
Focusing on the material, political, and economic characteristics of high-frequency trading, Trading at the Speed of Light offers a unique glimpse into its influence on global finance and where it could lead us in the future.
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A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial markets
In today's financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading-automated high-frequency trading or HFT-began and then spread throughout the world. HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms.
In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal-light in a vacuum-can travel only thirty centimetres, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges' systems and to the location of the microwave towers that carry signals between computer data centres. Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how exchanges sometimes engineer technical systems to favour certain types of algorithms over others.
Focusing on the material, political, and economic characteristics of high-frequency trading, Trading at the Speed of Light offers a unique glimpse into its influence on global finance and where it could lead us in the future.
This compact volume is a practical guide for anyone interested in Trade Credit Insurance. The International Credit Insurance & Surety Association (ICISA) presents an approachable but detailed guide written collaboratively by carefully selected...
A riveting look at the perpetrators, victims, and whistleblowers behind financial crimes, from forensic accounting expert and documentarian Kelly Richmond Pope.Have you ever wondered why Bernie Madoff thought he could brazenly steal his clients'...
Lead through the crisis and prepare for recovery. As the Covid-19 pandemic is exacting its toll on the global economy, forward-looking organisations are moving past crisis management and positioning themselves to leap ahead when the worst is...
Is your business playing it safe - or taking the right risks? Risk is a regular part of business, but knowing which risks to take and when to step back is often unclear. Whether you're assessing a new opportunity for innovation or thinking about...
Long-term value creation - the board's new agenda.A big shift in public ownership has created a new set of challenges for boards. Much of the $14 trillion of assets that firms like Vanguard, BlackRock, and State Street manage is now held in...
Australia is in the midst of a major social and economic experiment that centres on financial risks being shifted onto ordinary people. We are being asked to manage ourselves as if we are businesses, and these businesses are being squeezed tighter and...
An essential new guide to navigating macroeconomic risk.The shocks and crises of recent years pandemic, recession, inflation, war have forced executives and investors to recognise that the macroeconomy is now a risk to be actively managed. Yet unreliable...
How financial crises are inherent features of macroeconomic dynamics.There are no bigger disruptions in the functioning of economies than financial crises. Yet prior to the crash of 20072008, macroeconomics incorporated financial crises simply as bad...
This compact volume is a practical guide for anyone interested in Trade Credit Insurance. The International Credit Insurance & Surety Association (ICISA) presents an approachable but detailed guide written collaboratively by carefully selected...
A riveting look at the perpetrators, victims, and whistleblowers behind financial crimes, from forensic accounting expert and documentarian Kelly Richmond Pope.Have you ever wondered why Bernie Madoff thought he could brazenly steal his clients'...
Lead through the crisis and prepare for recovery. As the Covid-19 pandemic is exacting its toll on the global economy, forward-looking organisations are moving past crisis management and positioning themselves to leap ahead when the worst is...
Is your business playing it safe - or taking the right risks? Risk is a regular part of business, but knowing which risks to take and when to step back is often unclear. Whether you're assessing a new opportunity for innovation or thinking about...
Long-term value creation - the board's new agenda.A big shift in public ownership has created a new set of challenges for boards. Much of the $14 trillion of assets that firms like Vanguard, BlackRock, and State Street manage is now held in...
Australia is in the midst of a major social and economic experiment that centres on financial risks being shifted onto ordinary people. We are being asked to manage ourselves as if we are businesses, and these businesses are being squeezed tighter and...
An essential new guide to navigating macroeconomic risk.The shocks and crises of recent years pandemic, recession, inflation, war have forced executives and investors to recognise that the macroeconomy is now a risk to be actively managed. Yet unreliable...
How financial crises are inherent features of macroeconomic dynamics.There are no bigger disruptions in the functioning of economies than financial crises. Yet prior to the crash of 20072008, macroeconomics incorporated financial crises simply as bad...
This compact volume is a practical guide for anyone interested in Trade Credit Insurance. The International Credit Insurance & Surety Association (ICISA) presents an approachable but detailed guide written collaboratively by carefully selected...
A riveting look at the perpetrators, victims, and whistleblowers behind financial crimes, from forensic accounting expert and documentarian Kelly Richmond Pope.Have you ever wondered why Bernie Madoff thought he could brazenly steal his clients'...
BookLoop is your trusted local Australian destination for books, games, toys, puzzles, tarot cards, stationery, and thoughtful gifts, offering a huge range of carefully curated products for curious minds of all ages. As a proudly Australian-owned bookstore, we are passionate about connecting our community with inspiring reads, creative play, and unique finds that bring joy, spark imagination, and support lifelong learning. Whether you're shopping for bestselling fiction, children’s picture books, educational resources, or non-fiction titles that encourage mental health, mindfulness, and personal growth, our ever-expanding book collection has something for everyone—including titles from local Australian authors that celebrate homegrown talent and storytelling. But we’re more than just a bookstore—our diverse range includes engaging puzzles for solo or family fun, educational and screen-free toys designed to develop skills and creativity, and family-friendly board games that bring people together. If you're looking for something with a little extra meaning, our beautifully illustrated tarot cards and oracle decks are perfect for beginners and seasoned readers alike, with options chosen for their artistry, symbolism, and accessibility. We also carry a range of gifts and stationery, from handcrafted journals and high-quality pens to bookmarks, greeting cards, candles, and calming tools, making it easy to find the perfect present for birthdays, celebrations, or simply because. Every product on our shelves is selected with care, quality, and purpose, making BookLoop a one-stop shop for thoughtful, meaningful shopping that supports creativity and wellbeing. We believe in the value of small business and community connection, which is why we’re committed to sourcing products that reflect our values and offering the kind of friendly, personalised service that big retailers can’t match. When you shop with us, you’re not only choosing beautifully curated items—you’re supporting a local Australian business that genuinely cares. We ship Australia-wide with a flat rate to keep things simple and affordable, and every order is carefully packed and quickly dispatched by our small, dedicated team. Our online shopping experience is safe, easy, and user-friendly, making it convenient to explore our wide range of books, gifts, and games from the comfort of home. We’ve seen a growing demand for titles and toys that support mental health, especially in children and teens, and we’re proud to stock a growing number of books on ADHD, emotional regulation, positive thinking, and self-esteem, as well as calming puzzles and sensory-friendly gifts that are both fun and supportive. Whether you're looking to inspire a young reader, encourage imaginative play, find your next favourite novel, or gift someone something truly special, BookLoop has you covered. Thank you for choosing to shop local and support a business that believes in the power of stories, creativity, and connection—explore our full collection today and experience the difference of thoughtful, heart-led retail with BookLoop.
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