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Seth Merrin Wired Wall Street Trading and Simplified Asset Management (Forbes)

Appeared in Forbes February 2017

The Power Of Positive Destruction is an amazing book. Firstly, because Seth Merrin, who created the first electronic order management system to automate equity trade management, walks the reader through his businesses successes and failure, analyzes what worked and what didn’t and often draws some broad lessons from his experience.

Secondly, because this is a history of technology on Wall Street and it is astounding to see how little there was of it when he started at Oppenheimer in 1982. The trading desk would hand him a paper ticket for each trade and he would “manually write a separate ticket for each of those accounts, totaling 50 manual steps per trade. These tickets then had to be entered into separate accounting and clearing systems. The account information was kept in a loose-leaf binder. It wasn’t even alphabetized.”

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