Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

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Market making and high-frequency trading

Business models

Providing liquidity for a spread, now industrialized; the literature pairs microstructure theory with reporting on the arms race for speed.

Books 10Experts 3Recommenders 2

Start here

  1. Flash BoysMichael Lewis, 2014
  2. Dark PoolsScott Patterson, 2012
  3. Inside the Black BoxRishi K. Narang, 2009
  4. Trading and ExchangesLarry Harris, 2002
Trading and ExchangesTrading and Exchanges
T1 Trading and Exchanges
Larry Harris · 2002
Open LibraryGoodreads

How markets work: who trades, why, and how exchanges and orders set prices.

Flash BoysFlash Boys
T1 Flash Boys
Michael Lewis · 2014
Open LibraryGoodreads

How a trader uncovered high-frequency front-running and built the IEX exchange.

Recommended by: Mohnish Pabrai, Nat Eliason

Market Microstructure TheoryMarket Microstructure Theory
T2 Market Microstructure Theory
Maureen O'Hara · 1995
Open LibraryGoodreads

How prices form through the mechanics of trading: dealers, orders and information.

Dark PoolsDark Pools
T2 Dark Pools
Scott Patterson · 2012
Open LibraryGoodreads

How electronic trading and off-exchange venues took over.

Flash CrashFlash Crash
T2 Flash Crash
Liam Vaughan · 2020
Open LibraryGoodreads

A trader in his parents' London house, and his link to the 2010 flash crash.

Inside the Black BoxInside the Black Box
T3 Inside the Black Box
Rishi K. Narang · 2009
Open LibraryGoodreads

Plain-language description of what quant trading systems do.

Algorithmic Trading and DMAAlgorithmic Trading and DMA
T3 Algorithmic Trading and DMA
Barry Johnson · 2010
Open LibraryGoodreads

Execution algorithms and direct market access, from the desk.

The Antisocial NetworkThe Antisocial Network
T3 The Antisocial Network
Ben Mezrich · 2021
Open LibraryGoodreads

GameStop and Citadel Securities' order flow; dramatised.

Automate ThisAutomate This
T4 Automate This
Christopher Steiner · 2012
Open LibraryGoodreads

Popular account of algorithms taking over trading and other trades.

The Problem of HFTThe Problem of HFT
T4 The Problem of HFT
Haim Bodek · 2013
Open LibraryGoodreads

Collected writings by the whistleblower on order-type abuse.

More business models

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