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  • Hardcover
  • 264
  • Darkness by Design
  • Walter Mattli
  • English
  • 14 September 2018
  • 9780691180663

Walter Mattli ☆ 2 Free read

Read & download Darkness by Design Walter Mattli ☆ 2 Free read Darkness by Design Free download ¼ 102 Rom the weak to the powerfulWalter Mattli traces the fall of the traditional exchange model of the NYSE the world’s leading stock market in the twentieth century showing how it has come to be supplanted by fragmented markets whose governance is freuently set up to allow unscrupulous operators to exploit conflicts of interest at the expense of an unsuspecting public Market makers have few obligations market surveillance is neglected or impossible enforcement is ineffective and new technologies are not necessarily used to improve oversight but to offer lucrative preferential market access to select clients in. A hyper controlled market is not controlled enough Just give the mike to the new prophet Sinful Pleasures neglected or impossible enforcement is ineffective and Gilgamesh new technologies are Bombshell not Ιστορία της Νεοελληνικής Λογοτεχνίας necessarily used to improve oversight but to offer lucrative preferential market access to select clients in. A hyper controlled market is Lorca in a Green Dress not controlled enough Just give the mike to the Broken Record new prophet

Summary á PDF, DOC, TXT, eBook or Kindle ePUB free ☆ Walter MattliDarkness by Design

Read & download Darkness by Design Walter Mattli ☆ 2 Free read Darkness by Design Free download ¼ 102 Ways that are often hidden Mattli argues that power politics is central in today’s fragmented markets He sheds critical light on how the redistribution of power and influence has created new winners and losers in capital markets and lays the groundwork for sensible reforms to combat shady trading schemes and reclaim these markets for the long term benefit of everyoneEssential reading for anyone with money in the stock market Darkness by Design challenges the conventional view of markets and reveals the troubling implications of unchecked market power for the health of the global economy and society as a whol. I think Walter Mattli thoroughly researched this book I really enjoyed the in depth knowledge of High Freuency Trading He made me realize that there are certain circumstances where high freuency trading can be a nuisance Most clearly he explains how a bid order can be second in line even though it arrived at the exchange first with the best price That s not good But honestly the issues he picks on come off to the layman like peccadillos rather than catastrophic problemsLike every other industry maybe electronic trading needs additional regulation What it really sounds like is that there has been massive technological changes that haven t been completely sorted out yet Maybe the heyday of the old NYSE is over I have to be honest The screwing from Wall Street is probably less now than it was in the past Retail commissions are about zero Spreads are lower So yeah maybe a few people are making out like bandits and shouldn t be Time will sort that out What I found particularly disingenuous was that he separates customers and proprietary traders Aren t they both customers He refers to proprietary traders as market makers They have clout because they bought expensive euipment Still they are just sophisticated customers Stock trading is inherently greedy and capitalistic No one has the moral high groundThe author laments the death of the Specialist He compares the profit motive of the market makers to unethical Specialists of old The good Specialist kept order Now there is no order I guess I m old enough to remember when Specialist was a sought after position because it was easy money At that time it was already starting to sound like an outdated position The average investor never dealt with the Specialist so the average investor doesn t miss himMattli describes the governance issues that ruined the fairness of the NYSE Big banks came to dominate after partnerships with one vote each had dominated for over a century This went hand in hand with the IPOs of century old Wall Street partnerships I m not sure how this could have played out differently once the big public bank came to be Risk taking without personal downside risk was the resultI think Mattli s research ignores that high freuency trading is helping to move stock trading profits outside of the big banks That doesn t sound so bad It seems Mattli would rather go back to a few hundred club gentlemen running the show like in Trading Places instead of a bunch of computer nerds My point is that someone has always been profiting from euity trading There was no golden age when no one was getting screwed ie where are the customer yachts I bet there was a time when horse drawn carriage fares were extremely well regulated fair and efficient No one wants to give up Uber to go back to that time While I m bashing the conclusions this is still a great book to learn about high freuency trading Mattli wants a stock exchange to be like a public utility He wants consolidation to make it easier to regulate He wants the exchange to be a monopoly so they don t have to worry about getting customers In effect he wants a return to the gentlemen s club No thanks

Read & download Darkness by Design

Read & download Darkness by Design Walter Mattli ☆ 2 Free read Darkness by Design Free download ¼ 102 An exposé of fragmented trading platforms poor governance and exploitative practices in today’s capital marketsCapital markets have undergone a dramatic transformation in the past two decades Algorithmic high speed supercomputing has replaced traditional floor trading and human market makers while centralized exchanges that once ensured fairness and transparency have fragmented into a dizzying array of competing exchanges and trading platforms Darkness by Design exposes the unseen perils of market fragmentation and “dark” markets some of which are deliberately designed to enable the transfer of wealth f. I wrote this review as a piece also considering Paul Collier s The Future of Capitalism Discussion of Mattli s book is in the second half of the reviewThe Oxford economist Paul Collier has felt the need to revitalise the revisionist cause with a book that takes its cue from Ricard Crosland s opus But where the old Labourite had envisioned a future for socialism his acolyte admits that what he is really looking forward to is a future for capitalismHis new book asks us to accept that capitalism has done a remarkable job in creating wealth and raising the living standards of those lucky enough to live in its heartland countries But it has gone wrong in recent times and is now dominated by a drive and an ethic which is bent on the rent seeking activity grabbing monopoly control of an asset and milking it for all value that can be extracted Collier regrets that image of a vampire suid forcing its feeding tube down the throat of society to suck nutrition out the system isn t a half way bad analogy for the way things have turned outBut how do this happen The myth of a golden age of ethical capitalism is invoked in which firms worked hard to produce the goods and services which everyone needs working happily with government to make sure the resources where available to educate house and care for the health of their workforces and generally get along with everyone At some point a serpent appeared in this Garden of Eden and things have been going to hell in a handcart ever sinceActually there were two snakes involved one named utilitarianism and the other human rights culture The first worked to undermine the morality of communitarian capitalism by detaching rationality from our instinctive value systems It ignored the role that the reward that came from winning the esteem of one s fellow citizens played in cementing self interested individuals together in ways that allowed them to function in coherent societies It presumed that the pursuit of self interest in a world where social good emerged as an accidental by product was the real driving force towards progressHuman rights culture added to the unhappiness that ensued by offering remedies which centred on the individual being empowered to take a stand against the impersonal forces unleashed by rational choice Added together the turn towards turbocharged individualism facilitated changes to the structures of the market and institutions of government which dragged down the ethical state and ethical firm and simultaneously doing untold damaged to the ethical family and the individuals it produced As people ceased to care about each other divisions opened up which changed the character of neighbourhoods and communities the work of selfish immigrants here separated cities and regions wrecked capacity to provide basic housing as well as undermining the social obligation to provide rescue to people who genuinely merited it refugees get a positive look in on at this pointWith such an analysis of the reasons for our fall from grace Collier believes he can deduce a route to salvation Utilitarianism and human rights culture are not intrinsic to capitalism What has emerged in recent decades as an unwelcome intrusion can be exorcised by pushing back to get ethics and community back into the system The second half of the book reads like an anthology of recent Fabian pamphlets dealing with issues like taxation policy education and security in retirement which he thinks would get social democracy back on track and returning capitalism into the sort of tamed beast he imagines it once was The objection to Collier s perspective is the standard one of how he managed to invert cause and effect making what is in fact entirely epiphenomenal to social and economic developments the driving force of the moment in history In short capitalism did not become selfish and individualistic because a particular set of ideologues came out on top at some point in time on the contrary the neo utilitarianism of Friedman and Hayek and Rawlsian rights gained ascendency because the temporary convergence of the nation state and corporate capitalism had been unpicked by profound changes to the way markets had come to operate from the 1970s onwardsCollier s account can be usefully contrasted with the exploration of the changes in the ways in which securities are traded in stock markets provided by Walter Mattli in his book Darkness by Design Looking at the trading floor of the NYSE at any date prior to 1970 is is uite possible to believe that once upon a time capitalists did things different and with a degree of honour in the way they conducted their businesses Securities stocks and shares were traded in a transparent public market place with brokers bound together in a mutual association which made underhand behaviour a severe reputational risk not to mention costlyThe old ways did not last because utilitarians and human rights lawyers snuck up on the brokers to demand they change their values It was rather the disembodied logic of capital accumulation which did the deed asserting pressure for change because the old markets were running short on the liuidity needed to grow their markets The cash that was needed was locked up in the big banks which had historically been barred from participating in the security exchanges In the 1970s the barriers to their participation began to come down and once admitted as member organisations their sheer size and the vast resources they could draw on edged the small traditional broker partnerships out the waySo why couldn t they carry on with the same ethical standards that had been upheld by the specialist brokers who oversaw trade on the floor of the exchange Mattli explains that they brought with them a pre existing tradition of off floor trading which made use of the large pools of clients already on their books as customers Without having to pay scrupulous heed to the discovered price of securities being traded in the open the banks worked through dark pools to manufacture deals which directly served their interests Markets thus became fragmented and devoid of the forms of transparent oversight which were supposed to keep them honestFrom there the whole sorry story of predatory financialised capitalism takes over The uest of self serving advantage through up the whole gamut of special or special order trading which moving deals out of the ueues the old system had confined them to with volumes of trade and price determining who got what The rapacious appetite of the trader displaced investors who were looking for securities which could be expected to grow in value over longer periods of time Prices were manipulated through uote stuffing strategies which worked to the advantage of the banks but exacted a price from investors The high speed trading came along which is a whole other story of predatory asset grabbing and milking altogetherHow can the utilitarian philosopher or the jobbing human rights lawyer be blamed for any of this Is it any event a predicament that can be remedied by Collier s mix of Fabian enthusiasm for pragmatic policies and nostalgia for the time when we all lived in tight knit communities in which people looked out for one anotherThe appeal for ethical behaviour recalls the admonishment of another great socialist RH Tawney who also rooted his work in an obligation of people to behave better towards one another But Tawney had less illusion in the merit of the capitalist system than Collier You can peel an onion layer by layer but you can t skin a live tiger claw by claw he famously opined Capitalism is a tiger and it will not be rendered passive and useful by bit by bit pragmatism If it not to be permitted to skin us all it will need to be put in a cage and permanently subdued