Flash Crash: A Trading Savant, a Global Manhunt, and the Most Mysterious Market Crash in History
by Liam Vaughan · 11 May 2020 · 268pp · 81,811 words
LLC. Cover image by Jun / iStock / Getty Images Cover design by Gray318 Library of Congress Cataloging-in-Publication Data Names: Vaughan, Liam, 1979– author. Title: Flash crash : a trading savant, a global manhunt, and the most mysterious market crash in history / Liam Vaughan. Description: First edition. | New York : Doubleday, [2020] Identifiers: LCCN
…
of controversial methods and who, in the American government’s reckoning, had helped precipitate the most dramatic market collapse in recent history, the so-called “Flash Crash” of 2010. The Americans had been monitoring Sarao from afar for months, reading his emails, tracing his assets, interviewing his associates, and observing his
…
the United Kingdom today on U.S. wire fraud and commodities fraud and manipulation charges in connection with his alleged role in the May 2010 ‘Flash Crash,’ ” the DOJ statement said. Sarao “used an automated trading program to manipulate the market,” it went on, earning “significant profits” and contributing to a “
…
drop in the U.S. stock market.” For a multitude of reporters and finance professionals, the announcement was shocking and bizarre. For one thing, the Flash Crash—that apocalyptic half-hour spell when markets around the world collapsed before bouncing back again, and stocks temporarily changed hands at 0.0001 cents—had
…
hole, the government was under pressure to reassure the public that it had matters under control. Throughout the next day and into the weekend, the Flash Crash dominated the press, and the consensus was that the rise in algorithmic trading was to blame. “High-Speed Trading Glitch Costs Investors Billions,” wrote the
…
CFTC portion was given to Cyrus Amir-Mokri, an urbane former partner at the elite law firm Skadden, Arps. The goal was to get the Flash Crash investigation wrapped up as quickly as possible while demonstrating that they’d taken the matter seriously. Amir-Mokri formed a team of around twenty attorneys
…
the afternoon of the crash, the majority of HFT firms had either shut down or joined the selling frenzy, pushing prices down further. “During the Flash Crash, the trading behavior of HFTs appears to have exacerbated the downward move in prices,” Kirilenko and his colleagues wrote. “We believe that technological innovation is
…
market makers in a given stock to provide quotes at all times, regardless of conditions. The stipulation was supposed to help prevent events like the Flash Crash by guaranteeing there was always somebody willing to trade, but, as ever on Wall Street, some dealers had found a way around it by leaving
…
s 60 Minutes aired a segment on the “math wizards” who secretly controlled the market, and scarcely a day passed without reports of another “mini flash crash” involving unexplained blips in stocks like Cisco Systems and the Washington Post Company. On December 8, 2010, two months after the CFTC and SEC published
…
their report, the Senate’s Banking Committee held a hearing titled “Stock Market Flash Crash: Causes and Solutions.” Kicking off the proceedings, the Democrat Carl Levin said: “Today U.S. capital markets, which traditionally have been the envy of
…
latest, fastest technology. Our regulators are riding the equivalent of mopeds going 20 miles per hour chasing traders whose cars are going 100.” As the Flash Crash had demonstrated, regulators weren’t just unable to monitor in real time what was going on in their markets. Even seven months on, the SEC
…
pose it.” “It’s not a naïve question at all,” Schapiro replied. “It’s sort of the fundamental question we’re all grappling with.” The Flash Crash had laid bare the regulators’ limitations, but more than that, it had awoken the wider population to the fact that the entire structure of the
…
a cult following on Twitter by posting charts and videos that he said showed spoofing and other forms of cheating. A few weeks after the Flash Crash, Hunsader and his colleagues were scouring data when they noticed that some exchanges were intermittently being bombarded with huge volumes of orders in short bursts
…
s mind the reason was clear: it was a whitewash. He persuaded Waddell & Reed to send him its trading records and published his own alternative Flash Crash report that vindicated the Kansas City fund manager and said it had been made a scapegoat for the HFT industry. “Why would SEC regulators deny
…
just stopped meeting up,” recalls one elderly committee member. On the fourth floor of the CFTC, one unlikely glimmer of resistance still flickered. After the Flash Crash report, Kirilenko had been promoted to chief economist, and, with little budget at his disposal, he focused on attracting students from the best universities to
…
discussing some new Viking metal band.” When Mr. X called and told Stevenson that he’d uncovered evidence of manipulation on the day of the Flash Crash, the lawyer was skeptical. For one thing, he estimates he takes on about one case for every fifty inquiries he receives. “You don’t
…
completed or partially filled trade. Kirilenko and his colleagues had relied on TCR to identify Waddell & Reed’s errant algo in the days after the Flash Crash, and had used it as the foundation of their joint report with the SEC. But modern trading was as much about canceled orders as consummated
…
all conversations around Sarao had an unspoken subtext: How would it look if the CFTC turned around and suggested that spoofing had helped cause the Flash Crash, when three years earlier it published a report that didn’t even mention it as a factor? By fall 2013, the team had verified
…
Nav. CHAPTER 20 ◼ MINDGAMES The clock was ticking for Jessica Harris and her colleagues at the CFTC. More than four years had passed since the Flash Crash, and the agency was subject to a five-year statute of limitations, meaning if they were going to charge Sarao for his actions that day
…
to execute and there is no clear business motivation for wanting those orders to execute,” he concluded in a report. On the subject of the Flash Crash, he was more circumspect. Resisting pressure from the CFTC to tie the day’s events to Sarao, Hendershott would only note, somewhat tortuously, that “
…
the layering algorithm contributed to the overall Order Book imbalances and market conditions that the regulators say led to the liquidity deterioration prior to the Flash Crash.” Having a renowned finance professor testify that Sarao’s trading was consistent with spoofing was helpful, but there were still some big holes in the
…
how useful the criminal authorities’ powers could be. At this point, Commodity Exchange Act violations were rarely charged as felonies, but the reverberations of the Flash Crash were felt around the world. “I wanted the deterrent effect of putting an actual human being in jail,” says Goelman. “It’s much more effective
…
Meanwhile, Goelman, the new head of enforcement, was navigating more political waters. Throughout the investigation, the CFTC had been aware that linking Sarao to the Flash Crash might leave the agency open to criticism, and with Nav’s arrest looming, such considerations came to the fore. “You’re faced with a choice
…
-up to Sarao’s arrest, there had been extensive discussions at both the CFTC and the DOJ about how much emphasis to place on the Flash Crash. Some argued that pinning the events of May 6, 2010, on Sarao was unnecessary and risked weakening the whole case, particularly since the “disruptive
…
office sent out a release with the headline “Futures Trader Charged with Illegally Manipulating Stock Market, Contributing to the May 2010 Market ‘Flash Crash.’ ” Sarao was duly dubbed the “Flash Crash Trader,” and much of the subsequent debate about his innocence or guilt disregarded the hundreds of other days he was trading. The prosecutors
…
, busy preparing for trial, discounted the media’s fixation with the Flash Crash as an unfortunate sideshow, but the truth was, for Nav, it was profoundly important. Historically, spoofers and manipulators were handled civilly, with fines or
…
prove. It looks like grandstanding.” His comments reflect a schism that opened up in the days after the arrest between the authors of the original Flash Crash report and those involved in Nav’s case. Andrei Kirilenko, one of the leaders of the 2010 probe, rejected the notion that Sarao had any
…
bearing on the Flash Crash at all. Speaking to the Wall Street Journal, the economist described the impact of Sarao’s layering orders as “statistically insignificant” and pointed out that
…
said, it was “highly unlikely that, as alleged by the United States Government, Navinder Sarao’s spoofing orders, even if illegal, could have caused the Flash Crash or that the crash was a foreseeable consequence of his spoofing activity.” Four years after the spoofing rules came into force, questions were once again
…
had an interest in the integrity of the marketplace. Among the independent trading community, Nav’s reputation didn’t turn on whether he caused the Flash Crash or the ethical merits of spoofing. To the dwindling army of day traders, Nav was nothing short of a god, the lone trader who took
…
junior, Joel Smith, took on Sarao’s case, they planned to attack the DOJ’s assertion that the trader had anything to do with the Flash Crash, arguing in a pretrial hearing that the association was unsubstantiated and would make it impossible to get a fair trial. Since then, the Americans had
…
March 23, 2016, the judge approved Sarao’s extradition. “I note this case has attracted much publicity under the banner headlines of involvement in the Flash Crash,” he wrote, but “complaint of involvement in this emotively named event is but a small part of the conduct alleged here.” On the subject of
…
may have treated markets like a computer game, she said, but “that does not impact the seriousness of what happened” on the day of the Flash Crash. “Your actions contributed to abusing the integrity of the market, something that’s essential to maintaining a healthy economy.” Kendall was adamant that Sarao face
…
own reporting, I relied extensively on the work of academics, authors, lawyers, finance professionals, and fellow journalists, particularly in the sections on HFT and the Flash Crash. They are cited in the notes. Before I wrote a word I read Michael Lewis’s Flash Boys, Scott Patterson’s Dark Pools and The
…
Michael Maiello, Daily Beast, April 22, 2015. “I don’t know about computers”: Marcus Leroux and Harry Wilson, “British Trader Accused of Sparking Wall St ‘Flash Crash’ from West London Semi,” The Times (London), April 22, 2015. CHAPTER 1: WORK WELL UNDER PRESSURE “Wanted. Trainee Futures Traders”: Classified ad in the Evening
…
Wall Street? More Like Hound of Hounslow,” Daily Mail, April 23, 2015. “prankster” who “got away with things”: Camilla Turner, James Titcomb, and Gordon Rayner, “Flash Crash Trader a ‘Prankster Who Always Got Away with It,’ Friends Say,” Daily Telegraph, April 22, 2015. burgeoning number of arcades: The terms “trading arcade” and
…
million. CHAPTER 5: RISE OF THE ROBOTS The term is somewhat vague and ill-defined: A. Kirilenko, A. Kyle, M. Samadi, and T. Tuzun, “The Flash Crash: The Impact of High Frequency Trading on an Electronic Market,” Working Paper, October 1, 2010. The first HFT firms: Getco—the Global Electronic Trading Company
…
Plunge,” by Herbert Lash and Jonathan Spicer. Waddell & Reed’s flagship investment vehicle was: E. S. Browning and Jenny Strasburg, “The Mutual Fund in the ‘Flash Crash,” Wall Street Journal, October 6, 2010. Normally, the firm’s head trader: Jenny Strasburg and Jeanette Neumann, “As Markets Sank, Waddell Traders Were at an
…
“Preliminary Findings,” CFTC and SEC, May 18, 2010, www.sec.gov. “no evidence to suggest”: Carey Gillam, “Waddell & Reed Says Not Cause of May 6 Flash Crash,” Reuters, May 17, 2010. “Who puts in a $4.1bn order without a limit price?”: Courtney Comstock, “Read the Email an HFT Chairman Is Forwarding
…
Around About Firm That Caused Flash Crash,” Business Insider, October 4, 2010. CHAPTER 12: MILKING MARKETS Nav signed up for a plan: The dividend scheme was later closed down by HMRC,
…
Post Company: The Washington Post Company changed its name to the Graham Holdings Company in 2013 after it was acquired by Jeff Bezos. “Stock Market Flash Crash: Causes and Solutions”: A video of the hearing is available on https://c-span.org. To remedy the issue: As of November 2019, the
…
. The SEC undertook its own review: The SEC had actually already begun an overarching review of the equity market structure in January 2010, before the Flash Crash. funneled donations to their political allies: “Emanuel’s Rare Political Reach Fuels Fundraising Machine,” Chicago Tribune, February 2, 2015. Within the CFTC itself: Bart
…
“splash crash” was coined by John Bates, a senior director at Progress Software and an adviser to the CFTC, to describe a situation whereby a Flash Crash–type event spills over into markets and asset classes around the world with potentially catastrophic effects. The CME and other exchanges: The CME increased the
…
offering to pay them on the full amount. CHAPTER 21: WHERE’S THE MONEY, NAV? “Nav was always going to be the kind of person”: “Flash Crash Trader ‘Potentially Legendary’: Rossi,” Bloomberg, April 24, 2015. Wandsworth houses roughly 1,700 inmates: Wandsworth Prison information, www.justice.gov.uk. Nav’s funds
…
Molehill,” Streetwise Professor, April 24, 2015, www.streetwiseprofessor.com. After analyzing e-mini and SPY trading data: Eric Aldrich, Joseph Grundfest, and Gregory Laughlin, “The Flash Crash: A New Deconstruction,” January 25, 2016. Aldrich is at the Department of Economics, University of California, Santa Cruz; Grundfest is at the School of Law
…
. the complaint alleged that Garcia: IXE and Garcia declined to comment on a detailed list of facts sent to them in advance of publication of Flash Crash, including on the allegations made by the Mongolian Central Bank. Martha Forcucci, a spokesperson for the company, described the facts as “tendentious.” Greenberg and
…
. He then pleaded guilty to two of the twenty-two counts: “Futures Trader Pleads Guilty to Illegally Manipulating the Futures Market in Connection with 2010 ‘Flash Crash,’ ” November 9, 2016, www.justice.gov. For Nav, this exercise resulted in: Court transcripts of Sarao plea hearing, U.S. District Court for the
The Age of AI: And Our Human Future
by Henry A Kissinger, Eric Schmidt and Daniel Huttenlocher · 2 Nov 2021 · 194pp · 57,434 words
error. In the financial world, such errors devastate portfolios but do not take lives. In the strategic domain, however, an algorithmic failure analogous to a “flash crash” could be catastrophic. If strategic defense in the digital realm requires tactical offense, if one side errs in its calculations or its actions, an escalatory
Learn Algorithmic Trading
by Sebastien Donadio · 7 Nov 2019
send any more order flow to the live markets. This risk violation would only be triggered during periods of extremely unexpected events, such as a flash crash market condition. This severity of risk violation basically means that the algorithmic trading strategy is not designed to deal with such an event automatically and
Money: Vintage Minis
by Yuval Noah Harari · 5 Apr 2018 · 97pp · 31,550 words
when super-fast computer programs are in charge of our money. Experts have been trying ever since to understand what happened in this so-called ‘Flash Crash’. They know algorithms were to blame, but are still not sure exactly what went wrong. Some traders in the USA have already filed lawsuits against
The New Depression: The Breakdown of the Paper Money Economy
by Richard Duncan · 2 Apr 2012 · 248pp · 57,419 words
QE1 came to an end. Quantitative Easing: Round Two Five weeks after QE1 ended on March 31, 2010, the U.S. stock market experienced a flash crash when, in one day, stock prices plummeted 10 percent before recovering to close down only 3 percent on the day. By early July the stock
New Laws of Robotics: Defending Human Expertise in the Age of AI
by Frank Pasquale · 14 May 2020 · 1,172pp · 114,305 words
about $30.43 A computer glitch destroyed the firm Knight Capital, automatically generating tens of thousands of money-losing trades for the firm.44 The flash crash of 2010 has been put down to unexpected interactions among far more complex trading algorithms.45 The abstract patterns in any of these examples—of
Filterworld: How Algorithms Flattened Culture
by Kyle Chayka · 15 Jan 2024 · 321pp · 105,480 words
of artists who were critical of automated surveillance and data collection. While algorithmic feeds had only just begun entering mainstream experience, events like the 2010 Flash Crash, caused by algorithmic stock trading, and technology like facial recognition had implanted the word in news headlines. By the middle of the decade, when she
Geek Sublime: The Beauty of Code, the Code of Beauty
by Vikram Chandra · 7 Nov 2013 · 239pp · 64,812 words
delivering doses of radiation a hundred times more intense than required, resulting in the agonizing deaths of five people and injuries to many others; the “Flash Crash” of 2010, when the Dow Jones suddenly plunged a thousand points and recovered just as suddenly, apparently as a result of automatic trading programs reacting
Surviving AI: The Promise and Peril of Artificial Intelligence
by Calum Chace · 28 Jul 2015 · 144pp · 43,356 words
of the 2008 credit crunch to around 50% in 2012. (8) There is still confusion about the impact of this on the financial markets. The “flash crash” of 2010, in which the Dow Jones lost almost 10% of its value in a few minutes was initially blamed on high-frequency trading, but
The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse
by Mohamed A. El-Erian · 26 Jan 2016 · 318pp · 77,223 words
unconventional policies and is periodically subject to discomforting bouts of financial instability. Examples include the “taper tantrum” of May–June 2013, the U.S. Treasury “flash crash” in October 2014, the Swiss currency shock of January 2015, the volatility in German bond rates in May–June 2015, and the surprise China currency
CIOs at Work
by Ed Yourdon · 19 Jul 2011 · 525pp · 142,027 words
Who Gets What — and Why: The New Economics of Matchmaking and Market Design
by Alvin E. Roth · 1 Jun 2015 · 282pp · 80,907 words
Unhappy Union: How the Euro Crisis - and Europe - Can Be Fixed
by John Peet, Anton La Guardia and The Economist · 15 Feb 2014 · 267pp · 74,296 words
Corporate Finance: Theory and Practice
by Pierre Vernimmen, Pascal Quiry, Maurizio Dallocchio, Yann le Fur and Antonio Salvi · 16 Oct 2017 · 1,544pp · 391,691 words
Smarter Than Us: The Rise of Machine Intelligence
by Stuart Armstrong · 1 Feb 2014 · 48pp · 12,437 words
Whiplash: How to Survive Our Faster Future
by Joi Ito and Jeff Howe · 6 Dec 2016 · 254pp · 76,064 words
The Clash of the Cultures
by John C. Bogle · 30 Jun 2012 · 339pp · 109,331 words
Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else
by Chrystia Freeland · 11 Oct 2012 · 481pp · 120,693 words
Moneyland: Why Thieves and Crooks Now Rule the World and How to Take It Back
by Oliver Bullough · 5 Sep 2018 · 364pp · 112,681 words
Human Compatible: Artificial Intelligence and the Problem of Control
by Stuart Russell · 7 Oct 2019 · 416pp · 112,268 words
The Long Good Buy: Analysing Cycles in Markets
by Peter Oppenheimer · 3 May 2020 · 333pp · 76,990 words
Ghost Road: Beyond the Driverless Car
by Anthony M. Townsend · 15 Jun 2020 · 362pp · 97,288 words
Pound Foolish: Exposing the Dark Side of the Personal Finance Industry
by Helaine Olen · 27 Dec 2012 · 375pp · 105,067 words
Stress Test: Reflections on Financial Crises
by Timothy F. Geithner · 11 May 2014 · 593pp · 189,857 words
Augmented: Life in the Smart Lane
by Brett King · 5 May 2016 · 385pp · 111,113 words
Radicalized
by Cory Doctorow · 19 Mar 2019 · 444pp · 84,486 words
Boom: Bubbles and the End of Stagnation
by Byrne Hobart and Tobias Huber · 29 Oct 2024 · 292pp · 106,826 words
Handbook of Modeling High-Frequency Data in Finance
by Frederi G. Viens, Maria C. Mariani and Ionut Florescu · 20 Dec 2011 · 443pp · 51,804 words
Homo Deus: A Brief History of Tomorrow
by Yuval Noah Harari · 1 Mar 2015 · 479pp · 144,453 words
Rise of the Robots: Technology and the Threat of a Jobless Future
by Martin Ford · 4 May 2015 · 484pp · 104,873 words
Destined for War: America, China, and Thucydides's Trap
by Graham Allison · 29 May 2017 · 518pp · 128,324 words
Nexus: A Brief History of Information Networks From the Stone Age to AI
by Yuval Noah Harari · 9 Sep 2024 · 566pp · 169,013 words
Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts
by David Gerard · 23 Jul 2017 · 309pp · 54,839 words
Profiting Without Producing: How Finance Exploits Us All
by Costas Lapavitsas · 14 Aug 2013 · 554pp · 158,687 words
The Formula: How Algorithms Solve All Our Problems-And Create More
by Luke Dormehl · 4 Nov 2014 · 268pp · 75,850 words
Thinking Machines: The Inside Story of Artificial Intelligence and Our Race to Build the Future
by Luke Dormehl · 10 Aug 2016 · 252pp · 74,167 words
The Creativity Code: How AI Is Learning to Write, Paint and Think
by Marcus Du Sautoy · 7 Mar 2019 · 337pp · 103,522 words
Finding Alphas: A Quantitative Approach to Building Trading Strategies
by Igor Tulchinsky · 30 Sep 2019 · 321pp
Cogs and Monsters: What Economics Is, and What It Should Be
by Diane Coyle · 11 Oct 2021 · 305pp · 75,697 words
What to Think About Machines That Think: Today's Leading Thinkers on the Age of Machine Intelligence
by John Brockman · 5 Oct 2015 · 481pp · 125,946 words
Architects of Intelligence
by Martin Ford · 16 Nov 2018 · 586pp · 186,548 words
Pinpoint: How GPS Is Changing Our World
by Greg Milner · 4 May 2016 · 385pp · 103,561 words
The Spider Network: The Wild Story of a Math Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scams in Financial History
by David Enrich · 21 Mar 2017 · 513pp · 141,153 words
The Price of Inequality: How Today's Divided Society Endangers Our Future
by Joseph E. Stiglitz · 10 Jun 2012 · 580pp · 168,476 words
Rage Inside the Machine: The Prejudice of Algorithms, and How to Stop the Internet Making Bigots of Us All
by Robert Elliott Smith · 26 Jun 2019 · 370pp · 107,983 words
The Euro and the Battle of Ideas
by Markus K. Brunnermeier, Harold James and Jean-Pierre Landau · 3 Aug 2016 · 586pp · 160,321 words
The Filter Bubble: What the Internet Is Hiding From You
by Eli Pariser · 11 May 2011 · 274pp · 75,846 words
The Stack: On Software and Sovereignty
by Benjamin H. Bratton · 19 Feb 2016 · 903pp · 235,753 words
Hedge Fund Market Wizards
by Jack D. Schwager · 24 Apr 2012 · 272pp · 19,172 words
Vulture Capitalism: Corporate Crimes, Backdoor Bailouts, and the Death of Freedom
by Grace Blakeley · 11 Mar 2024 · 371pp · 137,268 words
Antifragile: Things That Gain From Disorder
by Nassim Nicholas Taleb · 27 Nov 2012 · 651pp · 180,162 words
In Our Own Image: Savior or Destroyer? The History and Future of Artificial Intelligence
by George Zarkadakis · 7 Mar 2016 · 405pp · 117,219 words
The Rise of Carry: The Dangerous Consequences of Volatility Suppression and the New Financial Order of Decaying Growth and Recurring Crisis
by Tim Lee, Jamie Lee and Kevin Coldiron · 13 Dec 2019 · 241pp · 81,805 words
The Infinite Machine: How an Army of Crypto-Hackers Is Building the Next Internet With Ethereum
by Camila Russo · 13 Jul 2020 · 349pp · 102,827 words
The Blockchain Alternative: Rethinking Macroeconomic Policy and Economic Theory
by Kariappa Bheemaiah · 26 Feb 2017 · 492pp · 118,882 words
Superintelligence: Paths, Dangers, Strategies
by Nick Bostrom · 3 Jun 2014 · 574pp · 164,509 words
Terms of Service: Social Media and the Price of Constant Connection
by Jacob Silverman · 17 Mar 2015 · 527pp · 147,690 words
Team of Teams: New Rules of Engagement for a Complex World
by General Stanley McChrystal, Tantum Collins, David Silverman and Chris Fussell · 11 May 2015 · 409pp · 105,551 words
Humble Pi: A Comedy of Maths Errors
by Matt Parker · 7 Mar 2019
Other People's Money: Masters of the Universe or Servants of the People?
by John Kay · 2 Sep 2015 · 478pp · 126,416 words
WTF?: What's the Future and Why It's Up to Us
by Tim O'Reilly · 9 Oct 2017 · 561pp · 157,589 words
The Mysterious Mr. Nakamoto: A Fifteen-Year Quest to Unmask the Secret Genius Behind Crypto
by Benjamin Wallace · 18 Mar 2025 · 431pp · 116,274 words
Fluke: Chance, Chaos, and Why Everything We Do Matters
by Brian Klaas · 23 Jan 2024 · 250pp · 96,870 words
The Permanent Portfolio
by Craig Rowland and J. M. Lawson · 27 Aug 2012
Humans Need Not Apply: A Guide to Wealth and Work in the Age of Artificial Intelligence
by Jerry Kaplan · 3 Aug 2015 · 237pp · 64,411 words
How to Speak Money: What the Money People Say--And What It Really Means
by John Lanchester · 5 Oct 2014 · 261pp · 86,905 words
The Asylum: The Renegades Who Hijacked the World's Oil Market
by Leah McGrath Goodman · 15 Feb 2011 · 553pp · 168,111 words
Algorithms to Live By: The Computer Science of Human Decisions
by Brian Christian and Tom Griffiths · 4 Apr 2016 · 523pp · 143,139 words
The Glass Cage: Automation and Us
by Nicholas Carr · 28 Sep 2014 · 308pp · 84,713 words
Our Final Invention: Artificial Intelligence and the End of the Human Era
by James Barrat · 30 Sep 2013 · 294pp · 81,292 words
Model Thinker: What You Need to Know to Make Data Work for You
by Scott E. Page · 27 Nov 2018 · 543pp · 153,550 words
The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance
by Eswar S. Prasad · 27 Sep 2021 · 661pp · 185,701 words
Why I Left Goldman Sachs: A Wall Street Story
by Greg Smith · 21 Oct 2012 · 304pp · 99,836 words
Crashed: How a Decade of Financial Crises Changed the World
by Adam Tooze · 31 Jul 2018 · 1,066pp · 273,703 words
Click Here to Kill Everybody: Security and Survival in a Hyper-Connected World
by Bruce Schneier · 3 Sep 2018 · 448pp · 117,325 words
Automate This: How Algorithms Came to Rule Our World
by Christopher Steiner · 29 Aug 2012 · 317pp · 84,400 words
Warnings
by Richard A. Clarke · 10 Apr 2017 · 428pp · 121,717 words
Throwing Rocks at the Google Bus: How Growth Became the Enemy of Prosperity
by Douglas Rushkoff · 1 Mar 2016 · 366pp · 94,209 words
The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order
by Paul Vigna and Michael J. Casey · 27 Jan 2015 · 457pp · 128,838 words
A Hacker's Mind: How the Powerful Bend Society's Rules, and How to Bend Them Back
by Bruce Schneier · 7 Feb 2023 · 306pp · 82,909 words
Bad Data Handbook
by Q. Ethan McCallum · 14 Nov 2012 · 398pp · 86,855 words
Designing Data-Intensive Applications: The Big Ideas Behind Reliable, Scalable, and Maintainable Systems
by Martin Kleppmann · 16 Mar 2017 · 1,237pp · 227,370 words
The Unwinding: An Inner History of the New America
by George Packer · 4 Mar 2014 · 559pp · 169,094 words
The Perfect Bet: How Science and Math Are Taking the Luck Out of Gambling
by Adam Kucharski · 23 Feb 2016 · 360pp · 85,321 words
Site Reliability Engineering: How Google Runs Production Systems
by Betsy Beyer, Chris Jones, Jennifer Petoff and Niall Richard Murphy · 15 Apr 2016 · 719pp · 181,090 words
What They Do With Your Money: How the Financial System Fails Us, and How to Fix It
by Stephen Davis, Jon Lukomnik and David Pitt-Watson · 30 Apr 2016 · 304pp · 80,965 words
Designing Data-Intensive Applications: The Big Ideas Behind Reliable, Scalable, and Maintainable Systems
by Martin Kleppmann · 17 Apr 2017
Overcomplicated: Technology at the Limits of Comprehension
by Samuel Arbesman · 18 Jul 2016 · 222pp · 53,317 words
Swimming With Sharks: My Journey into the World of the Bankers
by Joris Luyendijk · 14 Sep 2015 · 257pp · 71,686 words
Thank You for Being Late: An Optimist's Guide to Thriving in the Age of Accelerations
by Thomas L. Friedman · 22 Nov 2016 · 602pp · 177,874 words
The Black Box Society: The Secret Algorithms That Control Money and Information
by Frank Pasquale · 17 Nov 2014 · 320pp · 87,853 words
This Will Make You Smarter: 150 New Scientific Concepts to Improve Your Thinking
by John Brockman · 14 Feb 2012 · 416pp · 106,582 words
AIQ: How People and Machines Are Smarter Together
by Nick Polson and James Scott · 14 May 2018 · 301pp · 85,126 words
These Strange New Minds: How AI Learned to Talk and What It Means
by Christopher Summerfield · 11 Mar 2025 · 412pp · 122,298 words
The Price of Time: The Real Story of Interest
by Edward Chancellor · 15 Aug 2022 · 829pp · 187,394 words
Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud
by Ben McKenzie and Jacob Silverman · 17 Jul 2023 · 329pp · 99,504 words
The Payoff
by Jeff Connaughton · 202pp · 66,742 words
Why Aren't They Shouting?: A Banker’s Tale of Change, Computers and Perpetual Crisis
by Kevin Rodgers · 13 Jul 2016 · 318pp · 99,524 words
Fed Up!: Success, Excess and Crisis Through the Eyes of a Hedge Fund Macro Trader
by Colin Lancaster · 3 May 2021 · 245pp · 75,397 words
What Algorithms Want: Imagination in the Age of Computing
by Ed Finn · 10 Mar 2017 · 285pp · 86,853 words
The Death of Money: The Coming Collapse of the International Monetary System
by James Rickards · 7 Apr 2014 · 466pp · 127,728 words
The Behavioral Investor
by Daniel Crosby · 15 Feb 2018 · 249pp · 77,342 words
The Fear Index
by Robert Harris · 14 Aug 2011 · 312pp · 91,538 words
Adaptive Markets: Financial Evolution at the Speed of Thought
by Andrew W. Lo · 3 Apr 2017 · 733pp · 179,391 words
Fed Up: An Insider's Take on Why the Federal Reserve Is Bad for America
by Danielle Dimartino Booth · 14 Feb 2017 · 479pp · 113,510 words
New Dark Age: Technology and the End of the Future
by James Bridle · 18 Jun 2018 · 301pp · 85,263 words
Planet Ponzi
by Mitch Feierstein · 2 Feb 2012 · 393pp · 115,263 words
Expected Returns: An Investor's Guide to Harvesting Market Rewards
by Antti Ilmanen · 4 Apr 2011 · 1,088pp · 228,743 words
Present Shock: When Everything Happens Now
by Douglas Rushkoff · 21 Mar 2013 · 323pp · 95,939 words
Smart Money: How High-Stakes Financial Innovation Is Reshaping Our WorldÑFor the Better
by Andrew Palmer · 13 Apr 2015 · 280pp · 79,029 words
Wait: The Art and Science of Delay
by Frank Partnoy · 15 Jan 2012 · 342pp · 94,762 words
The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution
by Gregory Zuckerman · 5 Nov 2019 · 407pp · 104,622 words
A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History
by Diana B. Henriques · 18 Sep 2017 · 526pp · 144,019 words
Rigged Money: Beating Wall Street at Its Own Game
by Lee Munson · 6 Dec 2011 · 236pp · 77,735 words
Advances in Financial Machine Learning
by Marcos Lopez de Prado · 2 Feb 2018 · 571pp · 105,054 words
Efficiently Inefficient: How Smart Money Invests and Market Prices Are Determined
by Lasse Heje Pedersen · 12 Apr 2015 · 504pp · 139,137 words
The Road to Ruin: The Global Elites' Secret Plan for the Next Financial Crisis
by James Rickards · 15 Nov 2016 · 354pp · 105,322 words
The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction
by Richard Bookstaber · 1 May 2017 · 293pp · 88,490 words
The Alchemists: Three Central Bankers and a World on Fire
by Neil Irwin · 4 Apr 2013 · 597pp · 172,130 words
Kings of Crypto: One Startup's Quest to Take Cryptocurrency Out of Silicon Valley and Onto Wall Street
by Jeff John Roberts · 15 Dec 2020 · 226pp · 65,516 words
Flash Boys: Not So Fast: An Insider's Perspective on High-Frequency Trading
by Peter Kovac · 10 Dec 2014 · 200pp · 54,897 words
Trading at the Speed of Light: How Ultrafast Algorithms Are Transforming Financial Markets
by Donald MacKenzie · 24 May 2021 · 400pp · 121,988 words
Lone Survivor: The Eyewitness Account of Operation Redwing and the Lost Heroes of SEAL Team 10
by Marcus Luttrell and Patrick Robinson · 11 Jun 2006 · 373pp · 121,086 words
Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis
by Scott Patterson · 5 Jun 2023 · 289pp · 95,046 words
Flash Boys: A Wall Street Revolt
by Michael Lewis · 30 Mar 2014 · 250pp · 87,722 words
Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown
by Philip Mirowski · 24 Jun 2013 · 662pp · 180,546 words
Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market
by Scott Patterson · 11 Jun 2012 · 356pp · 105,533 words
The Man Who Knew: The Life and Times of Alan Greenspan
by Sebastian Mallaby · 10 Oct 2016 · 1,242pp · 317,903 words
Future Crimes: Everything Is Connected, Everyone Is Vulnerable and What We Can Do About It
by Marc Goodman · 24 Feb 2015 · 677pp · 206,548 words
Stocks for the Long Run 5/E: the Definitive Guide to Financial Market Returns & Long-Term Investment Strategies
by Jeremy Siegel · 7 Jan 2014 · 517pp · 139,477 words
Alpha Trader
by Brent Donnelly · 11 May 2021
Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street Are Destroying Investor Confidence and Your Portfolio
by Sal Arnuk and Joseph Saluzzi · 21 May 2012 · 318pp · 87,570 words
The Crisis of Crowding: Quant Copycats, Ugly Models, and the New Crash Normal
by Ludwig B. Chincarini · 29 Jul 2012 · 701pp · 199,010 words
Crapshoot Investing: How Tech-Savvy Traders and Clueless Regulators Turned the Stock Market Into a Casino
by Jim McTague · 1 Mar 2011 · 280pp · 73,420 words
High-Frequency Trading
by David Easley, Marcos López de Prado and Maureen O'Hara · 28 Sep 2013
Army of None: Autonomous Weapons and the Future of War
by Paul Scharre · 23 Apr 2018 · 590pp · 152,595 words