Everyone has their head in a book. You know the one.
Chances are you have read it by now, or at least waiting for the weekend to submerge yourself.
Regardless, at this point you may feel you already know the book's complete contents. A week of lively debates have taken a close look at the information and theories Lewis lays out in Flash Boys.
Is there going to be substantially less tweeting tomorrow as everyone reads the Michael Lewis book? #flashboys— Dave Lauer (@DLauer) March 30, 2014
Debate has been strong, with influential market participants and talking heads rushing to decry or defend high frequency trading's value to the markets. Naturally, Twitter has been a colorful battle ground. We've curated a list of Tweeters who have stepped into the ring.
Two voices outspoken against illegal HFT conduct are Themis Trading co-founders Joe Saluzzi's and Sal Arnuk, authors of Broken Markets: How HFT and Predatory Practices on Wall Street are Destroying Investor Confidence and Your Portfolio.
In a blog post, Saluzzi writes, "The pro-HFT community was well-prepared and launched a consolidated effort to undermine the book even before most of them had even read it."
This week will be all like brokers like "I love IEX" and "I love IEX too" and "no... I realllly love IEX the most" #flashboys— Sal Arnuk (@ThemisSal) March 29, 2014
In 2010, the SEC published a Concept Release on Equity Market Structure. They knew then about all these issues. https://t.co/vfCCbznXn2— Joe Saluzzi (@JoeSaluzzi) April 4, 2014
Larry Tabb, founder and CEO of TABB Group has been stirring the pot. In favor of HFT in the marketplace, he argues there is less front running now than 10 years ago, and without HFT technology traders are simply bringing a knife to a gunfight.
@nanexllc do you really think the market is rigged? Yes there's leakage but do you think its worse than it was 10 years ago or 5?— Larry Tabb (@ltabb) March 30, 2014
Yes Larry, the data makes it clear. It's what Brad found. What Haim Bodeck found. What Lewis found. It's freaking rigged. @ltabb— Eric Scott Hunsader (@nanexllc) March 30, 2014
Better Markets, a nonpartisan organization that promotes the public interest in financial reform, has entered the conversation in full swing against HFT. President and CEO Dennis Kelleher has long pushed for regulations and policy to curtail predatory HFT activity. On several occasions Better Markets testified before the Senate and to that effect.
Justin Schack, partner at Rosenblatt Securities has objected to Flash Boys, and has addressed several parts of the books where he questions the "facts" laid out by Lewis.
If you're watching @BloombergTV right now and you know anything at all about market structure you can see what a dilettante Michael Lewis is— Justin Schack (@JustinRBLT) April 2, 2014
Pete Najarian, CNBC Fast Money contributor and co-founder of TradeMONSTER and Mark Cuban are disturbed by the bigger regulatory issues they feel are not being properly addressed.
Modern Markets is an advocacy effort focused on demonstrating the benefits of high frequency trading to the modern public markets.
New York State Attorney General Eric Schneiderman has been increasingly vocal about the need to eliminate unfair advantages given to high frequency trading firms.
[For more on this, read: Attorney General Calls HFT Advantages "Insider Trading 2.0"]
Jacob Bunge, reporter for the Wall Street Journal, makes a great point about the top debaters - where are the real executives?
Just like Lewis says in the book, it seems all the people who claim to know what's going on are not the people touching the actions. Finding someone who really knows what's going on is proving difficult. Will we ever hear from those players?
Where are the #HFT CEOs this week? Gorton and Manoj have been out there, and guess Virtu's in quiet period, but the industry's under seige..— Jacob Bunge (@jacobbunge) April 4, 2014
It must be said that for all the excitement the commentary has been generally free of the hyperbole that often clouds complex discussions.
Or maybe not...
#flashboys the anti-hft cult act like jihadists. irrational holy war. consequence could be transaction tax, which sets our mkt back decades.— Rishi Narang (@rishiknarang) April 4, 2014
Becca Lipman is Senior Editor for Wall Street & Technology. She writes in-depth news articles with a focus on big data and compliance in the capital markets. She regularly meets with information technology leaders and innovators and writes about cloud computing, datacenters, ... View Full Bio