file-o file-word file-excel file-powerpoint file-image file-archive file-audio file-movie file-code file-openoffice file-css menu googleplus facebook instagram twitter feed youtube vimeo2 lanyrd flickr picassa deviantart github wordpress blogger tumblr yahoo soundcloud skype linkedin lastfm delicious stumbleupon stackoverflow pinterest foursquare cross arrow-left arrow-down arrow-up arrow-right arrow-left2 arrow-down2 arrow-up2 arrow-right2 arrow-left3 arrow-down3 arrow-up3 arrow-right3 search

Close

Close

Menu

Menu

FIA

Global Reach. Regional Expertise.

You are here

Michael Lewis' HFT Book: More of a Dark Market Than a Lit One

Michael Lewis' HFT Book: More of a Dark Market Than a Lit One

Craig Pirrong, the author of the Streetwise Professor blog, comments that “Flash Boys” is essentially a morality tale that does not capture the “true complexity” of markets or high-frequency trading. Pirrong comments that the trading activities described in the book are not a new phenomenon but rather the latest iteration of a long-running contest between large institutional investors who want to execute large trades without moving the market and intermediaries who try to figure out when big orders are entering the market. Pirrong argues that the problems with HFT in equities are directly related to the fragmented market structure, which itself is the result of regulations aimed at promoting competition.

Close

Close

Menu

Menu

Back to FIA