Article du FT :
October 16, 2012 6:57 pm
Markets: Rage against the
machine
By Michael Mackenzie, Arash Massoudi and Stephen Foley in New York
While technology has made trading cheaper, investors fear the system is too complex to manage it has been 25 years since Black Monday, when stock markets crashed around the globe and Wall Street woke up to the risks of computerised trading.
Since then, computing power has grown exponentially and so have the risks. It may not take a full trading day for the markets to lose 25 per cent today – it could happen in moments. And while traders knew trouble was brewing when they arrived for work on October 19 1987, today firms can lose hundreds of millions of dollars out of nowhere, the consequence of a badly written piece of code or the unpredictable interaction of thousands of algorithms, or “algos”, flickering across America’s fragmented markets.
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