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"When pigs fly" is an adynaton, a way of saying that something will never happen. The phrase is often used for humorous effect, to scoff at over-ambition. There are numerous variations on the theme; when an individual with a reputation for failure finally succeeds, onlookers may sarcastically claim to see a flying pig. ("Hey look! A flying pig!") [1] Other variations on the phrase include "And pigs will fly," this one in retort to an outlandish statement.
text courtesy of Wikipedia
“The downside with these systems is their black box-ness,” Mr. Williams said. “Traders have intuitive senses of how the world works. But with these systems you pour in a bunch of numbers, and something comes out the other end, and it’s not always intuitive or clear why the black box latched onto certain data or relationships.” [33]
“The Financial Services Authority has been keeping a watchful eye on the development of black box trading. In its annual report the regulator remarked on the great benefits of efficiency that new technology is bringing to the market. But it also pointed out that ‘greater reliance on sophisticated technology and modelling brings with it a greater risk that systems failure can result in business interruption’.” [44]
UK Treasury minister Lord Myners has warned that companies could become the "playthings" of speculators because of automatic high-frequency trading. Lord Myners said the process risked destroying the relationship between an investor and a company. [45]
Other issues include the technical problem of latency or the delay in getting quotes to traders,[46] security and the possibility of a complete system breakdown leading to a market crash. [47]
"Goldman spends tens of millions of dollars on this stuff. They have more people working in their technology area than people on the trading desk...The nature of the markets has changed dramatically." [48]
On 1st of August 2012 Knight Capital Group experienced a technology issue in their automated trading system (Knight Capital Group Provides Update Regarding August 1st Disruption To Routing In NYSE-listed Securities), causing a loss of $440 million.
This issue was related to Knight's installation of trading software and resulted in Knight sending numerous erroneous orders in NYSE-listed securities into the market. This software has been removed from the company's systems. [..] Clients were not negatively affected by the erroneous orders, and the software issue was limited to the routing of certain listed stocks to NYSE. Knight has traded out of its entire erroneous trade position, which has resulted in a realized pre-tax loss of approximately $440 million.
Algorithmic and HFT were shown to have contributed to volatility during the May 6, 2010 Flash Crash, [11][13] when the Dow Jones Industrial Average plunged about 600 points only to recover those losses within minutes. At the time, it was the second largest point swing, 1,010.14 points, and the biggest one-day point decline, 998.5 points, on an intraday basis in Dow Jones Industrial Average history. [49]
http://t.co/CRbBw17z links to our July Charts
http://t.co/qjSjqjI3 August charts
http://t.co/6EE0DK5f here are links to more September charts
http://t.co/Rurra1Kv October charts
