Maybe This Automated Stock Market Is Not Such A Good Thing

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December, 2011

Buried deep in the UK Foresight report on computer trading in financial markets is a paper titled “Impersonal efficiency and the dangers of a fully automated securities exchange”  by Daniel Beunza of the London School of Economics . This is what you may call a “common sense” paper. Rather than rattling off streams of mathematical formulas like most academic papers on high frequency trading love to do, this paper takes a step back and identifies new types of risk that have entered the market now that humans have basically

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