Down the rabbit hole…
Enjoy your stay.
Expect this to get plenty of attention.
“HFTs know the price of everything and the value of nothing.”
“But we see several reasons to worry that ‘markets themselves’ are becoming a bigger source of market risk than fundamentals.”
Notably, Goldman says this has nothing to do with today being the first trading day of MiFID II.
“There is a non-trivial chance that structural changes in our social worlds of politics and markets have made it impossible to identify predictive/ derivative patterns.”
“The room fell silent, the enormity of this unexpected crisis sinking in.”