Access to this page has been denied because we believe you are using automation tools to browse the website. What’s it like to live on London’s iconic Barbican estate? Can I get broadband without a landline? What next for bitcoin and will forex trading robot video kids rise again?
Gatehouse Bank lands latest blow in the best buy savings battle with table-topping fixed rates of up to 2. 5million cost of failure: As sacked BT boss is stripped of lucrative share deal, we look at who will replace him? How good are people in your job at saving into a pension? Money Morals: What should I charge a friend to rent my spare room? Computer programs which trade on fear were last night blamed for turmoil on the global markets as a stock sell-off entered its second day.
A handful of largely anonymous firms are thought to have made millions by selling stocks as volatility spiked after trading floors were gripped by fears of returning inflation. Many of these computerised deals are also made by secretive high-frequency traders which run algorithms to buy and sell huge volumes of stock in microseconds to make money out of sudden market moves. Two of the biggest players, Dutch-based Flow Traders and American Virtu Financial, saw their share prices rise 10. 1 per cent respectively yesterday as investors indicated they would be one of the major beneficiaries from the market chaos. Virtu, based in New York, was founded by Wall Street billionaire and philanthropist Vincent Viola.
The firm has previously been quizzed by the US watchdog over its trading activities. At the same time more than a dozen tracker funds which had bet on low levels of turmoil were forced into an emergency shutdown to prevent collapse. US Treasury Secretary Steve Mnuchin warned that robot traders are contributing to the chaos by making the price swings worse. Since the financial crisis, traditional trading houses have been replaced by computer systems which automatically buy and sell stocks at certain levels. Savers welcomed the rise of the robots as fees are much lower than traditional stock pickers. But as the funds come to dominate more and more of the industry, they are making market moves increasingly pronounced.