In the early nineties Wall Street started to automate the trading process. Today, many Wall Street firms make thousands of trades a second from computer terminals, not the floor of the stock exchange.
Nevertheless, deployed properly, complex algorithms can give traders an advantage. But as they are also expensive and complex, it may come as no surprise that big Wall Street firms are the only ones that can afford the latest technologies and the "quants" behind them.
This week on New Tech City, reporter Galen Druke introduces us to a local company that wants to give everyone a chance to trade fast — and maybe take back some power from the larger players on Wall Street.
Plus, we meet a serial entrepreneur working in tech here in New York who calls himself "Overworked Asian." Andrew Young talks to host Manoush Zomorodi about what it's like to watch your start-up fail and then start over.
"There's so much opportunity out there to really continue on reinventing yourself and building something that other people need," he says.