The Alarming Rise of Algorithms as Heroes of the Stock Recovery
- Market winners include firms that rely heavily on automation
- Equity benchmark makeup leans away from worst-hit industries
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Ari Rubenstein knows it’s an opinion people don’t want to hear. That two decades of computer takeovers on exchanges, advancements that put thousands of people out of work and left high-frequency traders like him in control, are what kept markets humming during the coronavirus.
The co-founder and CEO of electronic market maker GTS, whose own career began in commodities pits at the World Trade Center, is blunt when asked what would have happened had it still been necessary to get an army of floor traders to Lower Manhattan in March and April.