Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street Are Destroying Investor Confidence and Your Portfolio

摘要

During an astonishing 10-minute span on 6 May 2010, the Dow Jones Industrial Average plunged 1,000 points and then turned around and recouped its loss. In the time required to cook a hamburger (medium), some $700 billion in equity market value evaporated and rematerialized. Accenture's market value, which began the session at more than $30 billion, briefly approached zero as its stock plummeted to $0.01 a share. Concurrently, Sotheby's stock soared from $34 to $100,000 a share, temporarily giving it a market capitalization of $6 trillion, roughly equivalent to the gross domestic product of China.