Sunday, July 5, 2015

Meet the man building a stock exchange that doesn’t screw people over

Welcome to our new series — How did you get that job? — where we’ll run interviews with interesting people about their work and how they came to be doing it.

When Brad Katsuyama came to the US in 2002 to run the trading desk for the Royal Bank of Canada, he thought he understood the game. If he wanted to purchase a block of shares for a client, he could find an amount at a certain price and buy it. But around 2007 something began to change. Increasingly he could no longer get what he saw offered on his screen. A purchase order would get him only a fraction of the shares he wanted, and when he went to buy the rest, the price had suddenly gone up.

As Katsuyama dug into this issue, he found a deep, dark world of high-frequency trading...

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