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Old 06-03-2016, 05:56 PM
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Lightbulb Robots Are Coming for Wall Street

Quote:
The progression of Goldman’s stock-trading operations also illustrates that automation is not an on-off switch. When Chou first joined Goldman, after graduating from M.I.T., part of his job involved logging onto dozens of trading systems and checking on what the algorithms were spitting out to make sure they weren’t making any mistakes before the trades were executed. Chou sat near a woman who had been doing phone-based trading for years. She helped Chou and his young colleagues learn what to look for in a good trade. Over time, though, the programs proved themselves more error-proof than the humans. The woman left Goldman. And then Chou himself created a new program that logged into all the trading systems and pulled everything into a single screen. When he first got it going, he remembers his boss, a programmer himself, turning to Chou and saying, ‘‘I don’t even know why I show up to work anymore.’’

http://www.nytimes.com/2016/02/28/ma...ll-street.html
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