GIF of the day: Skynet is in your stock exchanges, taking your money

High frequency trading has experienced a boom in the last five years. What next?

Reuters' finance blogger Felix Salmon presents the above animated gif, which shows the quantity of high frequency trades happening throughout the day in 14 American stock exchanges, charted between 2007 and 2012.

Watch to the end, to see the enormous spike in activity in 2011, particularly following the US downgrade in August that year, then read Felix's analysis:

Back in 2007, I wasn’t a fan of a financial-transactions tax; today, I am. And this chart shows better than anything why my opinion has changed. The stock market is clearly more dangerous than it was in 2007, with much greater tail risk; meanwhile, in return for facing that danger, society as a whole has received precious little utility.

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Gordon Brown contemplated making Alastair Campbell a minister

The move is revealed in Ed Balls' new book.

Gordon Brown contemplated making Alastair Campbell, a sports minister. Campbell had served as Tony Blair’s press chief from 1994 to 2003, Ed Balls has revealed.

Although the move fell through, Campbell would have been one of a number of high-profile ministerial appointments, usually through the Lords, made by Brown during his tenure at 10 Downing Street.

Other unusual appointments included the so-called “Goats” appointed in 2007, part of what Brown dubbed “the government of all the talents”, in which Ara Darzi, a respected surgeon, Mark Malloch-Brown, formerly a United Nations diplomat,  Alan West, a former admiral, Paul Myners, a  successful businessman, and Digby Jones, former director-general of the CBI, took ministerial posts and seats in the Lords. While Darzi, West and Myners were seen as successes on Whitehall, Jones quit the government after a year and became a vocal critic of both Brown’s successors as Labour leader, Ed Miliband and Jeremy Corbyn.

The story is revealed in Ed Balls’ new book, Speaking Out, a record of his time as a backroom adviser and later Cabinet and shadow cabinet minister until the loss of his seat in May 2015. It is published 6 September.