Name: From 90 Seconds to 3 Milliseconds: How Tech Has Transformed Trading
Uploaded: 2025-03-18T13:28:00Z
Duration: 3 min 29 s
Description: Technology enables traders to execute market orders faster than any human can blink, said Tiger Williams, managing partner of Williams Trading, in a conversation with Barron's Andy Serwer.

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Technology enables traders to execute market orders faster than any human can blink, said Tiger Williams, managing partner of Williams Trading, in a conversation with Barron's Andy Serwer.

https://m.wsj.net/video/20250318/56a38c99-1c81-44ed-9864-98dcd103a04a/1/hls/manifest-hd-wifi.m3u8

From 90 Seconds to 3 Milliseconds: How Tech Has Transformed Trading

And final question, Tiger. I want to ask you about technology and how that's changed what you've done over the years and in particular right now. Are you using AI? What's sort of the latest in terms of technology in stock trading?

So again, back in the '80s, stock trading was voice. A guy from a trading desk called a clerk on the floor, me, who wrote something in terrible handwriting on a piece of paper, handed it to a floor broker, who walked out to a specialist, they made a trade, walked back. And back then you had 90 seconds to execute a market order. Today, most market orders are traded in three milliseconds.

Three milliseconds?

Yes. By comparison, the fastest thing a human can do is blink, which is about 20 milliseconds. So technology has created a massive acceleration in speed. And when you go from 90 seconds to three milliseconds, I don't know how you do the math of it, nothing else in the world has changed in speed, right? The car drive home, the plane ride to Europe, your time for running a mile has nothing like that. So everything happens extraordinarily fast, and that's a result of technology. And speed, when things get messed up, can create a phenomenal amount of disruption and that disruption is risk. So with it, the technology has created a level of complexity in trading that is so mind-numbingly boring, I won't get into it, but with it, there's complexity to how retail orders are entered with payment for order flow, how you can enter an order with different exchanges or use dark pools. But technology, I'm never a believer of trying to restrict the advancements of a technology. You have to accept it. It's a bit of trial and error. We rely heavily on technology, and the simplest metaphor is that, you know, if you use a "Top Gun" metaphor, Tom Cruise isn't actually flying that F16, the computer is, and he's giving the computer instructions. That's what a trader does today. You give the computer and the algorithms and the systems instructions, and the computer very, very quickly follows those instructions. It enables a much deeper and larger pool of liquidity, but it does sometimes create volatility. But you can't get in the way. As far as AI, AI's a little tricky because that's the beauty of what's happened is we've taken something very complicated, very broad-based, and distilled it down to two letters, A and I. A and I is just a combination of machine learning, large language models that layers enough data into a system that you can use that machine to help you as a human make decisions or perhaps at some point replace you. And what our clients do, they're beta testing it to see if it actually adds value. But there's not currently enough data that you can distill fast enough that isn't arbed away by just normal investing mechanisms. So AI's coming, I think AI has a role. I don't think it's as large in investing as it will be in healthcare or in education, but it has a role. But in the end, there is someone who is going to be making those decisions with a lot of tools that I don't think is gonna be replaced.

From 90 Seconds to 3 Milliseconds: How Tech Has Transformed Trading

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