Andy Haldane
speaker
76 appearances
3 recordings
1 series
first heard Dec 2010
last heard Aug 2012
Andy Haldane’s voice in public audio — every appearance, attributed to the second.
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Appearances
complex array of multiple mutating, interacting machines, algorithms.
The half-life of an algorithm might be as little as a few weeks.
So this is a system that's constantly evolving, that's traveling at ever higher velocities.
And it's just difficult to know what will pop out next.
And that's not an accident waiting to happen.
That's an accident that has been happening with increasing frequency over the last few years.
We shouldn't wait for the equivalent of the space shuttle disaster before remedying the situation.
We already have enough lights on the dashboard flashing red to want to do something differently.
There's at least two or three relatively simple things that could be done.
I think one of the most straightforward would be on occasions when things are spiralling out of control, we ought to be able to stop the clock.
That timeout period will allow prices to be reset.
algorithms to be adjusted, perhaps even turned off, and the market to restore some semblance of stability.
So circuit breakers, when spiraling is happening, can help prevent a bad situation becoming calamitous.
What we have out there now is this
complex array of multiple mutating, interacting machines, algorithms.
The half-life of an algorithm might be as little as a few weeks.
So this is a system that's constantly evolving, that's traveling at ever higher velocities.
And it's just difficult to know what will pop out next.
And that's not an accident waiting to happen.
That's an accident that has been happening with increasing frequency over the last few years.
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