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
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 playing, and there's a lot of unpredictable stuff.
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.
And when they all went away, what that meant was you had some crazy trades being done.
You had stocks being sold for literally one penny.
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