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Guide A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation

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Inside markets, innovation, and risk Why do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street-from Morgan Stanley to Salomon and Citigroup-and a member of some of the world's largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think.

The very things done to make markets safer, have, in fact, created a world that is far more dangerous. From the crash to Citigroup closing the Salomon Arb unit, from staggering losses at UBS to the demise of Long-Term Capital Management, Bookstaber gives readers a front row seat to the management decisions made by some of the most powerful financial figures in the world that led to catastrophe, and describes the impact of his own activities on markets and market crashes.

But for it to work effectively, the markets had to be liquid. The word insurance was a great marketing hook, but it was a misnomer — there was no insurance company standing behind the portfolio, ready to step in if anything went wrong. Fast, complex systems that are tightly entwined can go into runaway mode.

Bookstaber argues, for example, that the stock market crash occurred simply because the fast-paced futures market was more liquid than the slower-cycling market for stocks. When futures dropped sharply, arbitragers transmitted that decline to the stock market. Instead of lower prices being interpreted as a signal to buy, they were seen as a warning that bad news was coming. As a result, liquidity suppliers were paralyzed just when they should have acted. Prices fell precipitously, triggering more programmed selling.

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