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U.S. markets recover from steep losses
NEW YORK, Aug. 24 (UPI) -- Software programs that allow for ultra-fast computerized stock trading have proven highly lucrative but also controversial, analysts say.
Wall Street firms use their proprietary software to jump quickly onto even small market changes, moving millions of shares in milliseconds. But some say the advent of the programs can worsen stock swings that are more severe, The New York Times reported Monday.
The newspaper said financial markets research firm the Tabb Group estimates the programs will generate $8 billion this year for Wall Street firms.
"It is certainly growing," Larry Tabb, founder of the Tabb Group, told the Times. "There's more talent around, and the technology is getting cheaper."
Traders are also reportedly dangling huge amounts of money in front of software engineers. The newspaper said a lawsuit revealed that the $12 billion hedge fund Citadel Investment Group has paid tens of millions to two top programmers since 2002.
In one case, a computer programmer who once worked for Goldman Sachs was charged last month with taking parts of the code for the firm's ultra-fast trading program with him when he quit the company, the newspaper said.
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