Summary of Michael Lewis's Flash Boys , livre ebook

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32 pages

English

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Description

Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 By 2009, the line had a life of its own, and two thousand men were digging and boring the strange home it needed to survive. They were just happy for the work.
#2 The speed at which trades can be made between two different exchanges is limited by the speed of light in fiber, which is about 12 milliseconds. However, the trading speed that is available between exchanges is much slower than that.
#3 Spivey’s plan entailed digging a secret tunnel through the Alleghenies that would connect Chicago to New York. He wanted to cross the line that separated Wall Street traders from people who knew how to dig holes and lay fiber.
#4 The construction of the fiber optic cable was a challenge, as the rock in Pennsylvania was hard limestone. It took a lot of work to dig through it.

Informations

Publié par	Everest Media LLC
Date de parution	23 mars 2022
Nombre de lectures	0
EAN13	9781669358916
Langue	English
Poids de l'ouvrage	1 Mo

Informations légales : prix de location à la page 0,0150€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

Extrait

Insights on Michael Lewis's Flash boys
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7 Insights from Chapter 8
Insights from Chapter 1

#1

By 2009, the line had a life of its own, and two thousand men were digging and boring the strange home it needed to survive. They were just happy for the work.

#2

The speed at which trades can be made between two different exchanges is limited by the speed of light in fiber, which is about 12 milliseconds. However, the trading speed that is available between exchanges is much slower than that.

#3

Spivey’s plan entailed digging a secret tunnel through the Alleghenies that would connect Chicago to New York. He wanted to cross the line that separated Wall Street traders from people who knew how to dig holes and lay fiber.

#4

The construction of the fiber optic cable was a challenge, as the rock in Pennsylvania was hard limestone. It took a lot of work to dig through it.

#5

When Spivey took the risk of building the line, he did not consider that Wall Street would not want to buy it. Instead, he believed that the line would be the site of a gold rush, and that it would be worth a lot of money.

#6

In early 2010, Spread Networks had not informed a single prospective client about their existence. They had to wait until March 2010 to sell the line, three months before the line was due to be completed, before they could inform the rich and powerful men whose businesses they were about to disrupt.

#7

The financial markets were changing in ways even professionals didn’t fully understand. The new ability to move at computer rather than human speed had given rise to a new class of Wall Street traders, engaged in new kinds of trading.

#8

The view inside the post-crisis financial world became even more intriguing. The biggest Wall Street banks were jumping onto the line, but the line stopped in its tracks when it reached Goldman Sachs.

#9

The technical problems were just the beginning of the social problems that the project faced. The road just stopped near a sign beside a levee that said, Welcome to Sunbury. Blocking the line’s path were two big parking lots.

#10

The line was sold to a Wall Street firm that wanted it to cut travel times between Chicago and New Jersey. Its price was $10. 6 million plus costs if the company paid up front, or $20 million or so if it was paid in installments. The boss asked if Spivey could double the price.
Insights from Chapter 2

#1

Until the collapse of the American financial system, Brad could claim that he was not responsible for it. He worked for the Royal Bank of Canada, a stable and reputable bank. But even the homeless in New York City were profligate.

#2

In the United States, Brad noticed, he was expected to accept distinctions between himself and others that he had simply ignored in Canada. He had always resisted the forces that sought to separate him from any group to which he felt he belonged.

#3

For his first few years on Wall Street, Brad traded US tech and energy stocks. He had some fairly abstruse ideas about how to create perfect markets, and they worked so well that he was promoted to run the equity trading department.

#4

In buying Carlin, Brad got a crash course in working with American traders who were completely different from RBC’s culture. The first Christmas after the two firms merged, Jeremy Frommer organized the office party. It was as if a tribe of 1980s Wall Street alpha males had stumbled upon a time machine and teleport themselves into Canada.

#5

The stock market began to behave oddly in 2007, and Brad’s main role as a trader was to provide liquidity between investors and the public markets. But he couldn’t judge market risks, and was less willing to take them.

#6

In 2007, a investor called Brad and asked him to buy 5 million shares of Solectron, a smaller rival company, for $3. 65 a share. When he turned to the public markets, the share price instantly moved. It was as if the market knew what he was doing.

#7

Brad had a difficult time getting his stock trading system to work in New York, as the market was actually in New Jersey. The developers told him that it was because there were thousands of people trading in the market.