It's not as boolean as good/evil, but certainly there are ethical challenges to be faced in this particular field. There are many roles to play, so this comment isn't necessarily directed at the parent comment or risk management.
We all know the incredible power of technology. Applying engineering practices and automation to financial markets can be a dangerous game, where the full scope of risk is not yet clear and the repercussions can be disastrous [1][2].
With very few peer-reviewed academic entries and in the wake of the financial crisis of 2008, I would be very uncomfortable applying my skills in this domain. I feel that engineering, if it is to be applied to financial markets, should be centered around bolstering security and reducing risk, not profiteering.
The recession was triggered by a clever system of alleviating risk [3]. When this architecture blew up, financial executives testified before congress citing the "highly complex" nature of the industry as an excuse. I personally do not want to work for this class of people, let alone implement or analyze their trading strategies.
Software is supremely flexible, it can be applied in nearly any industry. We have the ability to wield and program the electromagnetic force of the universe. We can push bits around to genuinely create a better world. That, to me, holds so much more value than a digit in my bank account.
I apologize for the off topic discussion, just wanted to get this out.
We all know the incredible power of technology. Applying engineering practices and automation to financial markets can be a dangerous game, where the full scope of risk is not yet clear and the repercussions can be disastrous [1][2].
With very few peer-reviewed academic entries and in the wake of the financial crisis of 2008, I would be very uncomfortable applying my skills in this domain. I feel that engineering, if it is to be applied to financial markets, should be centered around bolstering security and reducing risk, not profiteering.
The recession was triggered by a clever system of alleviating risk [3]. When this architecture blew up, financial executives testified before congress citing the "highly complex" nature of the industry as an excuse. I personally do not want to work for this class of people, let alone implement or analyze their trading strategies.
Software is supremely flexible, it can be applied in nearly any industry. We have the ability to wield and program the electromagnetic force of the universe. We can push bits around to genuinely create a better world. That, to me, holds so much more value than a digit in my bank account.
I apologize for the off topic discussion, just wanted to get this out.
[1] http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1695041
[2] http://en.wikipedia.org/wiki/2010_Flash_Crash
[3] http://mitworld.mit.edu/video/861
Edit: formatting.