29 September 2017, 21:00 - 23:00
@ Eastern Bloc [7240 Clark]
- RYBN [FR]
On May 6th 2010 at 2:40 p.m. sharp, a 20-minute crash on the New York Stock Exchange took place. Its losses are estimated at around 1000.000.000.000 USD. This event, known as the "Flashcrash," is one of the most significant events to shed light on the uncanny mechanism of automated finance and high-frequency trading.
At 3 p.m, all NYSE trading sites were closed. Transactions carried out between 2:40 p.m. and 3 p.m. were cancelled. The cause of the crash can be traced back to the operational procedures of high frequency trading algorithms. These robots, conducting micro-second transactions, hide their actual exchanges in a steady stream of false transactions. As a result, they triggered a powerful feedback system, which generated a global market depreciation. The raw data of the crash, recorded on the 9 NYSE stock exchanges, is relived, sonified and visualized, as an audioviusal performance.