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A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial markets

In today's financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading -- automated high-frequency trading or HFT -- began and then spread throughout the world. HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms.

In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal -- light in a vacuum -- can travel only thirty centimeters, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges' systems and to the location of the microwave towers that carry signals between computer datacenters. Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how exchanges sometimes engineer technical systems to favor certain types of algorithms over others.

Focusing on the material, political, and economic characteristics of high-frequency trading, Trading at the Speed of Light offers a unique glimpse into its influence on global finance and where it could lead us in the future.

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Price Summary

  • We started tracking this book on March 16, 2021.
  • This book was $16.17 when we started tracking it.
  • The price of this book has changed 7 times in the past 1,593 days.
  • The current price of this book is $20.75 last checked 14 hours ago.
  • This lowest price this book has been offered at in the past year is $14.72.
  • The lowest price to date was $14.72 last reached on April 22, 2022.
  • This book has been $14.72 one time since we started tracking it.
  • The highest price to date was $23.70 last reached on July 6, 2025.
  • This book has been $23.70 one time since we started tracking it.

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  • Text-to-Speech: Disabled
  • Lending: Disabled
  • File Size: 142 KB

We last verified the price of this book about 14 hours ago. At that time, the price was $20.75. This price is subject to change. The price displayed on the Amazon.com website at the time of purchase is the price you will pay for this book. Please confirm the price before making any purchases.