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When can you supply us with the five years of audited financial statements that we require before we do business with any firm? (Um, in five years.)
“Round-trip travel time from Chicago to New Jersey has been cut to 13 milliseconds.” They’d set a goal of coming in at under 840 miles and beaten it; the line was 827 miles long. “It was the biggest what-the-fuck moment the industry had had in some time,”
The best way to manage people, he thought, was to convince them that you were good for their careers. He further believed that the only way to get people to believe that you were good for their careers was actually to be good for their careers.
Frommer actually said, “It’s not just enough that I’m flying in first class. I have to know my friends are flying in coach.”
“People think pushing a button is as simple as pushing a button. It’s not.
knew that he was being front-run—that some other trader was, in effect, noticing his demand for stock on one exchange and buying it on others in anticipation of selling it to him at a higher price. He’d identified a suspect: high-frequency traders.
couldn’t quite believe how ordinary the people on Wall Street were. “It’s a whole industry of bullshit,” he said.
“It’s hard to be forward-thinking when the whole of corporate America is about the next quarter’s earnings,”
Zoran Perkov
Born in Croatia,
The price for the new pipe was $40,000 a month, up from the $25,000 a month the HFT firms had been paying for the old, smaller pipe. The increase in speed was two microseconds.
“Someone must have nothing to hide. My prediction was six or seven out of the forty-four would have done it. None. Zero. There are now forty-five markets. On forty-four of them no one has any idea how they trade.
(The standard 3x3-inch cube he could solve in under thirty seconds, and so he kept it oiled with WD-40 to make it spin faster.
The banks all published their own self-generated stats on their own dark pools: Every bank ranked itself #1.
Levine and Morgan did what everyone on Wall Street did when they wanted to find out what was going on inside a rival bank: They invited some of its employees in for job interviews.
