Posted by Less99 on April 02, 2014 at 12:50:03:
In Reply to: Re: New book “Flash Boys: A Wall Street Revolt" posted by Len on April 02, 2014 at 11:23:10:
: : A new book “Flash Boys: A Wall Street Revolt by Michael Lewis says the U.S. stock market is rigged to hurt the average investor and benefit high frequency traders. He says computer-based high-speed trading gives them the ability to identify your desire to buy shares in any stock, buy the shares fractions of milliseconds in front of you, and then sell them back to you at a higher price.
: Man, did this book get the attention of Wall Street. Every TV channel that has anything about investing has been putting on special programs about it: Bloomberg, CNBC, CNN, even pro-business FOX news. They all seem to be in a panic.
Yes, and a lot of the Wall Streeters are desperately trying to discredit the book (and him). They are trotting out HFC
experts" who try to obfuscate and/or change the subject. They whine, "Well, it used to be a lot worse before we started using computers for trading." Or, "Our HFC computers make the market a lot more liquid." In other words, they don't want investors to focus on what the book is actually saying, which is that the HFC companies are using their computers to intercept orders and resell them to the suckers (us) at a higher price.