Automate or Perish
Wed, July 4, 2012 - 09:00pm
Successful businesses will be those that optimize the mix of humans, robots, and algorithms.
In Automate This, a book due out next month, author and entrepreneur Christopher Steiner tells the story of stockbroker Thomas Peterffy, the creator of the first automated Wall Street trading system. Using a computer to execute trades, without humans entering them manually on a keyboard, was controversial in 1987—so controversial that Nasdaq pressured him to unplug from its network. Then, with a wink, Peterffy built an automated machine that could tap out the trades on a traditional keyboard—technically obeying Nasdaq rules. Peterffy made $25 million in 1987 and is now a billionaire.