Felix Salmon
speaker
72 appearances
4 recordings
1 series
first heard Aug 2012
last heard Dec 2013
Felix Salmon’s voice in public audio — every appearance, attributed to the second.
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Appearances
We were all sitting around in the middle of the afternoon on a relatively slow news day.
And suddenly the Dow Jones Industrial Average was down 600 points in a matter of five minutes.
There was this huge crash in the stock market for no reason.
And then 10 minutes after that, it went back up again.
And no one knew what had happened.
A whole bunch of high frequency traders saw a lot of weird stuff going on in the market, which didn't make any sense.
And they said, you know what?
We don't know how to make money in this.
This is outside what our algorithms are used to.
We're all just going to hit our off buttons at the same time.
And what that did was it meant there was no what's known as liquidity in the market.
There was no one in the market buying and selling because the market has become reliant on these high frequency traders to buy and sell stocks whenever anybody wants to trade.
There was some problem with the program.
We don't know exactly what.
They switched it on and immediately they started losing literally $10 million a minute.
It looks like what they were doing was they were buying high and selling low many, many times per second and losing $10 or $15 each time.
And this went on for 45 minutes and at the end of it all they wound up having lost $440 million.
We were all sitting around in the middle of the afternoon on a relatively slow news day.
And suddenly the Dow Jones Industrial Average was down 600 points in a matter of five minutes.
There was this huge crash in the stock market for no reason.
Showing 41–60 of 72 · page 3 of 4
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