Automated Trading Quotes

human traders who are not psychologically prepared will often override their automated trading systems' decisions, especially when there is a position or day with abnormal profit or loss.

(one study found that 88 percent of the loss of US manufacturing jobs between 2006 and 2013 was due to automation and related factors),69 it is easy to blame trade with other countries for hollowing out industrial towns and throwing workers onto the unemployment line.

Automation won’t take your job, but the self-inflicted imprisonment of industrial isolation will.

Specialists will continue to lose not because of automation, but because of the imprisonment of industrial isolation. Leaders and innovators who stay relevant see the interconnectedness of a broad use of skillsets that specialists can’t see and use creativity to solve problems in times of complexity.

His early research wasn’t especially original. Ax identified slight upward trends in a number of investments and tested if their average price over the previous ten, fifteen, twenty, or fifty days was predictive of future moves. It was similar to the work of other traders, often called trenders, who examine moving averages and jump on market trends, riding them until they peter out. Ax’s predictive models had potential, but they were quite crude. The trove of data Simons and others had collected proved of little use, mostly because it was riddled with errors and faulty prices. Also, Ax’s trading system wasn’t in any way automated—his trades were made by phone, twice a day, in the morning and at the end of the trading day.

Preventing job losses altogether is an unattractive and probably untenable strategy, because it means giving up the immense positive potential of AI and robotics. Nevertheless, governments might decide to deliberately slow down the pace of automation, in order to lessen the resulting shocks and allow time for readjustments. Technology is never deterministic, and the fact that something can be done does not mean it must be done. Government regulation can successfully block new technologies even if they are commercially viable and economically lucrative. For example, for many decades we have had the technology to create a marketplace for human organs, complete with human ‘body farms’ in underdeveloped countries and an almost insatiable demand from desperate affluent buyers. Such body farms could well be worth hundreds of billions of dollars. Yet regulations have prevented free trade in human body parts, and though there is a black market in organs, it is far smaller and more circumscribed than what one could have expected.22

If Jim was back at the imaginary dinner party, trying to explain what he did for a living, he'd have tried to keep it simple: clearing involved everything that took place between the moment someone started at trade — buying or selling a stock, for instance — and the moment that trade was settled — meaning the stock had officially and legally changed hands. Most people who used online brokerages thought of that transaction as happening instantly; you wanted 10 shares of GME, you hit a button and bought 10 shares of GME, and suddenly 10 shares of GME were in your account. But that's not actually what happened. You hit the Buy button, and Robinhood might find you your shares immediately and put them into your account; but the actual trade took two days to complete, known, for that reason, in financial parlance as 'T+2 clearing.' By this point in the dinner conversation, Jim would have fully expected the other diners' eyes to glaze over; but he would only be just beginning. Once the trade was initiated — once you hit that Buy button on your phone — it was Jim's job to handle everything that happened in that in-between world. First, he had to facilitate finding the opposite partner for the trade — which was where payment for order flow came in, as Robinhood bundled its trades and 'sold' them to a market maker like Citadel. And next, it was the clearing brokerage's job to make sure that transaction was safe and secure. In practice, the way this worked was by 10:00 a.m. each market day, Robinhood had to insure its trade, by making a cash deposit to a federally regulated clearinghouse — something called the Depository Trust & Clearing Corporation, or DTCC. That deposit was based on the volume, type, risk profile, and value of the equities being traded. The riskier the equities — the more likely something might go wrong between the buy and the sell — the higher that deposit might be. Of course, most all of this took place via computers — in 2021, and especially at a place like Robinhood, it was an almost entirely automated system; when customers bought and sold stocks, Jim's computers gave him a recommendation of the sort of deposits he could expect to need to make based on the requirements set down by the SEC and the banking regulators — all simple and tidy, and at the push of a button.

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If, if we get our heads straight about money, I predict that by ad 2000, or sooner, no one will pay taxes, no one will carry cash, utilities will be free, and everyone will carry a general credit card. This card will be valid up to each individual’s share in a guaranteed basic income or national dividend, issued free, beyond which he may still earn anything more that he desires by an art or craft, profession or trade that has not been displaced by automation. (For detailed information on the mechanics of such an economy, the reader should refer to Robert Theobald’s Challenge of Abundance and Free Men and Free Markets, and also to a series of essays that he has edited, The Guaranteed Income. Theobald is an avant–garde economist on the faculty of Columbia University.)

The labor arbitrage view of global trade, a model that goes back to the dawn of the First Industrial Revolution, assumes that manufacturing will always flow to low-cost countries. But the new automation view suggests that the advantages of cheap labor are shrinking while other factors—closeness to the ultimate consumer, transportation costs (including possible carbon taxes), flexibility, quality, and reliability—are rising.

The Paris Climate Accord in 2015 was nothing more than an international ruling class trade deal committing to crimes against humanity.[28] In principle, it agreed to aim to limit warming to 1.5ºC, but none of the commitments were legally binding and the IPCC said that the actual commitments made still amounted to 3.2ºC by 2100. Even if they were honoured, annual carbon emissions would rise from 50 billion tonnes to 55-60 billion tonnes by 2030 when they need to be cut by at least 36 billion tonnes just for a 50/50 chance of avoiding the 2ºC tipping point. Even the expense of these minimal commitments proved too much for the US, which pulled out of the Accord in 2017, having never ratified the Kyoto Protocol that it signed up to in 1998 either. In July 2019 it was revealed that only 20 of 160 of the biggest emitting companies had been meeting the targets agreed in Paris.[29

Since The Great Recession, the global financial crash of 2008-09, the debt-fuelled post-recession recovery has been the weakest in the post-war era (since the end of World War Two). Whereas total outstanding credit in the US after the Wall Street Crash grew from 160% to 260% of GDP between 1929 and 1932, the figure rose from 365% in 2008 to 540% in 2010. (And this does not include derivatives, whose nominal outstanding value is at least four times GDP).[34] A long depression and rising right-wing populism have followed, including the stunning ascendency of property tycoon and TV celebrity demagogue Donald Trump as the President of the US in 2016.[35] The British public’s vote in June 2016 to leave the EU delivered another shock of global significance. A chronic drift towards trade wars and protectionism is accelerating and in January 2018, US Defence Secretary Jim Mattis said that “great power competition, not terrorism, is now the primary focus of US national security”, putting Russia, China and – yes – Europe in the crosshairs of the world’s long-time dominant economic and military power. Adding to this age of anxiety is the accelerating automation revolution. What should be an emancipatory and utopian development only generates insecurity at the prospect of unprecedented mass unemployment. It can be no coincidence that all these crises are converging at exactly the same time. They cannot be explained away by cynical and shallow generalisations about ‘human nature’. In the course of this investigation we will see that in fact all of these crises have a common root cause: the decaying nature of capitalism and its tendency towards breakdown. Indeed, average Gross Domestic Product (GDP) growth rates in the world’s richest countries have fallen in every decade since the 1960s and are clearly closing in on zero. Rates of profit, manufacturing costs and commodity prices are also trending towards zero. Drawing on Henryk Grossman’s vital clarification of Karl Marx’s methodology, we shall see that capitalism is heading inexorably towards a final, insurmountable breakdown that is destined to strike much earlier than a zero rate of profit. Indeed, we shall also see that the next, imminent economic crash will result in worldwide hyperinflation. We will also show that the economic crisis is intensifying competition between nation-states, forcing them into a situation which threatens the most destructive world war to date.

Senile imperialism What we are seeing then is this: the highest stage of capitalism has gone past its own high point and is elapsing as a historical epoch – automation is undoing the economic relations that underpin imperialism. The productive forces now demand a higher mode of production altogether. Monopoly capitalism had a chance of surviving despite the turmoil it wrought 100 years ago because it was still in its infancy, when the law of value still had plenty of life left in it given that full automation was a distant reality. Today imperialism is old and senile with nowhere left to go but ‘home’, and highly developed automation has brought the expiration of the law of value into view. This is being expressed, even as the world economy becomes increasingly integrated technologically, through the weakening of ‘globalisation’, which, contrary to neoliberal propaganda, was in retreat before the emergence of Britain’s ‘Brexit’ from the EU and the election of Trump. In 2015-16, the G20 economies introduced a record number of trade-restrictive measures, at 21 per month.[236] More precisely, the rising organic composition of capital in developing countries is undermining imperialist economic relations. Over-accumulations of capital are now so great that it is becoming more and more unprofitable to invest at home or overseas.

A somewhat provocative example of the interconnections between the gaming industry and finance. A technologist working for a large London hedge fund hinted this to me in interview. Trained in computer science and engineering, this interviewee first worked as a network programmer for large online multiplayer games. His greatest challenge was the fact that the Internet is not instantaneous: when a player sends a command to execute in action, it takes time for the signal to reach the computer server and interact with the commands of other players. For the game to be realistic, such delays have to be taken into account when rendering reality on the screen. The challenge for the network programmer is to make these asymmetries as invisible as possible so that the game seem 'equitable to everyone.' The problem is similar in finance, where the physical distance from the stock exchange's matching engines matters tremendously, requiring a similar solution to the problem of latency: simulating the most likely state of the order book on the firm's computers in order to estimate the most advantageous strategies or the firm's trading algorithms. Gaming and finance are linked not through an institutional imperative of culture or capital - or even a strategy, as such - but rather through the more mundane and lowly problems of how to fairly manage latency and connectivity.

Your conscience, dammit - doesn't it ever bother you?" "Why should it? I've never done anything dishonest." "Let me put it another way: do you agree things are a mess?" "Between us?" "Everywhere! The world!" She could be appallingly nearsighted. Whenever possible, she liked to reduce any generalization to terms of herself and persons she knew intimately. "Homestead, for instance." "What else could we possibly give the people that they haven't got?" "There! You made my point for me. You said, what else could we give them, as though everything in the world were ours to give or withhold." "Somebody's got to take responsibility, and that's just the way it is when somebody does." "That's just it: things haven't always been that way. It's new, and it's people like us who've brought it about. Hell, everybody used to have some personal skill or willingness to work or something he could trade for what he wanted. Now that the machines have taken over, it's quite somebody who has anything to offer. All most people can do is hope to be given something." "If someone has brains," said Anita firmly, "he can still get to the top. That's the American way, Paul, and it hasn't changed." She looked at him appraisingly. "Brains and nerve, Paul." "And blinders." The punch was gone from his voice, and he felt drugged, a drowsiness from a little too much to drink, from scrambling over a series of emotional peaks and pits, from utter frustration.

Learning requires inefficiency. Businesses, which seek to maximize productivity and profit, would rarely, if ever, accept such a trade-off.

Europe and America’s populist right wants to turn the clock back to the days when men were men and the West ruled. It is prepared to sacrifice the gains of globalisation – and risk conflict with China – to protect jobs that have already vanished. Populists have little to say about automation, though it is a far larger threat to people’s jobs than trade. The left urges incremental steps such as better worker training, smarter schools and infrastructure. These are worthy causes. But they are a bit like prescribing aspirin for cancer.

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Table Of Contents Introduction The Problem With Contracts The Smart Solution Distinctive Properties What You Need to Know What Is A Smart Contract? Blockchain and Smart Contracts Vitalik Buterin On Smart Contracts Digital and Real-World Applications How Smart Contracts Work Smart Contracts' Historical Background A definition of Smart Contracts The promise What Do All Smart Contracts Have in Common? Elements Of Smart Contracts Characteristics of Smart Contracts Capabilities of Smart Contracts Life Cycle Of A Smart Contract Why Are Smart Contracts Important? How Do Smart Contracts Work? What Does Smart Contract Code Look Like In Practice? The Structure of a Smart Contract Interaction with Traditional Text Agreements Are Smart Contracts Enforceable? Challenges With the Widespread Adoption of Smart Contracts Non-Technical Parties: How Can They Negotiate, Draft, and Adjudicate Smart Contracts? Smart Contracts and the Reliance on “Off-chain” Resources What is the "Final" Agreement Reached by the Parties? The Automated Nature of Smart Contracts Are Smart Contracts Reversible? Smart Contract Modification and Termination The Difficulties of Integrating Specified Ambiguity Into Smart Contracts Do Smart Contracts Really Guarantee Payment? Allocation of Risk for Attacks and Failures Governing Law and Location Best Practices for Smart Contracts Types Of Smart Contracts A Technical Example of a Smart Contract Smart Contract Use-Cases Smart Contracts in Action Smart Contracts and Blockchains In the Automobile Industry Smart Contracts and Blockchains in Finance Smart Contracts and Blockchains In Governments Smart Contracts And Blockchains In Business Management Smart Contracts and Blockchains in Initial Coin Offerings (ICOs) Smart Contracts and Blockchains In Rights Management (Tokens) Smart Contracts And Blockchains In NFTs - Gaming Technology Smart Contracts and Blockchains in the Legal Industry Smart contracts and Blockchains in Real Estate Smart Contracts and Blockchains in Corporate Structures - Building DAOs Smart Contracts and Blockchains in Emerging Technology Smart Contracts and Blockchains In Insurance Companies Smart Contracts and Blockchains in Finance Smart Contracts And Blockchains In Powering DEFI Smart Contracts  and Blockchains In Healthcare Smart Contracts and Blockchains In Other Industries What Smart Contracts Can Give You How Are Smart Contracts Created? Make Your Very Own Smart Contract! Are Smart Contracts Secure?

The fund’s computers told the banks which stocks to place in the basket and how they should be traded. Brown himself helped create the code to make it all happen. All day, Medallion’s computers sent automated instructions to the banks, sometimes an order a minute or even a second. After a year or so, Medallion exercised its options, claiming whatever returns the shares generated, less some related costs.

What is an IDO? How can IDO be attacked? The IDO is portrayed as the replacement for fundraising models like ICO, STO, and IEO as it provides greater liquidity for crypto assets and more fast, transparent, and equitable trading. IDO is one of many inventive ways for raising funds. However,the Initial Coin Offering (ICO), was the first method of raising funds in the cryptocurrency industry and it caused a lot of controversy in 2017. Just about any ICO project could offer huge returns, and many did. Many ICO ventures turned out to be illusions or, worse, scams in an effort to make easy money. They also damaged the reputation of the cryptocurrency market and discouraged many potential new investors from joining. To know more about ICO read-Evaluating ICOs: Importance of Soft Cap and Hard Cap Decentralized finance (DeFi) uses several fundraising strategies to try to solve this issue. The IDO model is one such example. Crypto investors now have access to a different, more inclusive crowdfunding model due to DEXs. However, hacking assaults can cause significant financial and reputational harm during the Initial Dex Offerings (IDOs). This is why token issuers should prioritize protection against these sorts of assaults. Preventative interventions allow for the reduction of the hazards associated with these assaults. In order to understand how these hacking attacks pose a risk to an IDO's reputation, we must first understand how an IDO works. How does an IDO work? The decentralized exchange is used by an IDO to carry out the token sale. The DEX receives tokens from a cryptocurrency project, customers deposit money through the platform, and DEX handles the ultimate distribution and transfer. The blockchain's smart contracts enable this automated operation. The IDO regulations follow these standard methods. After the screening process, they approve a project to run on an IDO, and after they issue a supply of tokens for a fixed price, the users can lock their money in exchange for these tokens. To be included in the investor whitelist, you must do marketing activities, or you can provide your wallet address.

By now, though, it had been a steep learning curve, he was fairly well versed on the basics of how clearing worked: When a customer bought shares in a stock on Robinhood — say, GameStop — at a specific price, the order was first sent to Robinhood's in-house clearing brokerage, who in turn bundled the trade to a market maker for execution. The trade was then brought to a clearinghouse, who oversaw the trade all the way to the settlement. During this time period, the trade itself needed to be 'insured' against anything that might go wrong, such as some sort of systemic collapse or a default by either party — although in reality, in regulated markets, this seemed extremely unlikely. While the customer's money was temporarily put aside, essentially in an untouchable safe, for the two days it took for the clearing agency to verify that both parties were able to provide what they had agreed upon — the brokerage house, Robinhood — had to insure the deal with a deposit; money of its own, separate from the money that the customer had provided, that could be used to guarantee the value of the trade. In financial parlance, this 'collateral' was known as VAR — or value at risk. For a single trade of a simple asset, it would have been relatively easy to know how much the brokerage would need to deposit to insure the situation; the risk of something going wrong would be small, and the total value would be simple to calculate. If GME was trading at $400 a share and a customer wanted ten shares, there was $4000 at risk, plus or minus some nominal amount due to minute vagaries in market fluctuations during the two-day period before settlement. In such a simple situation, Robinhood might be asked to put up $4000 and change — in addition to the $4000 of the customer's buy order, which remained locked in the safe. The deposit requirement calculation grew more complicated as layers were added onto the trading situation. A single trade had low inherent risk; multiplied to millions of trades, the risk profile began to change. The more volatile the stock — in price and/or volume — the riskier a buy or sell became. Of course, the NSCC did not make these calculations by hand; they used sophisticated algorithms to digest the numerous inputs coming in from the trade — type of equity, volume, current volatility, where it fit into a brokerage's portfolio as a whole — and spit out a 'recommendation' of what sort of deposit would protect the trade. And this process was entirely automated; the brokerage house would continually run its trading activity through the federal clearing system and would receive its updated deposit requirements as often as every fifteen minutes while the market was open. Premarket during a trading week, that number would come in at 5:11 a.m. East Coast time, usually right as Jim, in Orlando, was finishing his morning coffee. Robinhood would then have until 10:00 a.m. to satisfy the deposit requirement for the upcoming day of trading — or risk being in default, which could lead to an immediate shutdown of all operations. Usually, the deposit requirement was tied closely to the actual dollars being 'spent' on the trades; a near equal number of buys and sells in a brokerage house's trading profile lowered its overall risk, and though volatility was common, especially in the past half-decade, even a two-day settlement period came with an acceptable level of confidence that nobody would fail to deliver on their trades.

A key characteristic of the engineering culture is that the individual engineer’s commitment is to technical challenge rather than to a given company. There is no intrinsic loyalty to an employer as such. An employer is good only for providing the sandbox in which to play. If there is no challenge or if resources fail to be provided, the engineer will seek employment elsewhere. In the engineering culture, people, organization, and bureaucracy are constraints to be overcome. In the ideal organization everything is automated so that people cannot screw it up. There is a joke that says it all. A plant is being managed by one man and one dog. It is the job of the man to feed the dog, and it is the job of the dog to keep the man from touching the equipment. Or, as two Boeing engineers were overheard to say during a landing at Seattle, “What a waste it is to have those people in the cockpit when the plane could land itself perfectly well.” Just as there is no loyalty to an employer, there is no loyalty to the customer. As we will see later, if trade-offs had to be made between building the next generation of “fun” computers and meeting the needs of “dumb” customers who wanted turnkey products, the engineers at DEC always opted for technological advancement and paid attention only to those customers who provided a technical challenge.

New Deal legislation undoubtedly saved thousands of lives and prevented destitution for millions. New labor laws led to a flourishing of unions and built a strong white middle class. The Social Security Act of 1935 established the principle of cash payments in cases of unemployment, old age, or loss of a family breadwinner, and it did so as a matter of right, not on the basis of individual moral character. But the New Deal also created racial, gender, and class divisions that continue to produce inequities in our society today. Roosevelt’s administration capitulated to white supremacy in ways that still bear bitter fruit. The Civilian Conservation Corps capped Black participation in federally supported work relief at 10 percent of available jobs, though African Americans experienced 80 percent unemployment in northern cities. The National Housing Act of 1934 redoubled the burden on Black neighborhoods by promoting residential segregation and encouraging mortgage redlining. The Wagner Act granted workers the right to organize, but allowed segregated trade unions. Most importantly, in response to threats that southern states would not support the Social Security Act, both agricultural and domestic workers were explicitly excluded from its employment protections. The “southern compromise” left the great majority of African American workers—and a not-insignificant number of poor white tenant farmers, sharecroppers, and domestics—with no minimum wage, unemployment protection, old-age insurance, or right to collective bargaining.

A few days later, Pellegrini took his wife on vacation in Anguilla. Stopping at an automated-teller machine in the hotel lobby on New Year's Eve to withdraw some cash, she checked the balance of their checking account. She was immediately taken aback. On the screen before her was a figure she had never seen before, at least not on an ATM. It's not clear how many others ever had, either: $45 million, newly deposited in their joint account. It was Pellegrini's bonus for the year, including some deferred compensation. He was still special to John Paulson, after all. In truth, Pellegrini had withheld more from his bonus than he needed in order to pay the year's taxes, so the figure in the bank account that day was skimpier than it could have been. Paulson paid him about $175 million for his work in 2007. Pellegrini would never again have to worry about finding a career, keeping a job, or stretching his savings. "Wow," his wife said quietly, still staring at the ATM. Then they left, arm in arm, to meet a chartered boat to take them to nearby St. Barts. Paulson did quite well for himself as well. His hedge fund got to keep 20 percent of the $15 billion or so gains of all his funds. He also was a big investor in the credit funds. His personal tally for 2007: nearly $4 billion. It was the largest one-year payout in the history of the financial markets.

the technical ignorance of elected politicians who are hardly credible in providing oversight or contemplating regulation; profound disagreements about what we value and how trade-offs should be made, whether in regard to data privacy, free speech, and content moderation or automation and the future of work; the slow, painstaking consideration of legislation that seems to generate competing bills—so that everyone has his or her name on one—without generating significant progress, especially in a highly polarized political environment; and the strong status quo bias of democratic institutions, which means that policy change is slow and sticky, making it difficult for regulators to respond flexibly and adaptably to new developments in technology.