Black Box Pink Slip
IT SQUAWKBOX
Like the alchemy of medieval times, black box trading, which, according to most definitions, encompasses program trading and algorithmic executions, is seen by the media as having the power to spin dreams into gold. What we're not hearing is that often it can yield permanent changes and harsh consequences.
For starters, algorithmic trading is changing the relationship between sell- and buy-side firms. On the surface, it appears that computers are battling it out in much the same manner as human
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