🎰 Michael Lewis: 'I knew Flash Boys would be a bombshell' | Business | The Guardian

Most Liked Casino Bonuses in the last 7 days 🔥

Filter:
Sort:
A7684562
Bonus:
Free Spins
Players:
All
WR:
30 xB
Max cash out:
$ 1000

Michael Lewis Reflects on His Book Flash Boys, a Year After It Shook Wall Street to Its Core. Flash Boys, the author's best-selling exposé of.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
In 'Flash Boys,' a story of Wall Street reform from within

A7684562
Bonus:
Free Spins
Players:
All
WR:
30 xB
Max cash out:
$ 1000

Michael Lewis Reflects on His Book Flash Boys, a Year After It Shook Wall Street to Its Core. Flash Boys, the author's best-selling exposé of.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
Flash Boys - Interview with Michael Lewis

A7684562
Bonus:
Free Spins
Players:
All
WR:
30 xB
Max cash out:
$ 1000

Flash Boys by Michael Lewis The Buy Side by Turney Duff Liar's Poker by Michael And though the author takes time to try to explain it, the explanation is so.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
Flash Boys Author on How He Invests

A7684562
Bonus:
Free Spins
Players:
All
WR:
30 xB
Max cash out:
$ 1000

Michael Monroe Lewis is an American author and financial journalist. He has also been a contributing editor to Vanity Fair since , writing mostly on business, finance, and economics. He is known for his non-fiction work, particularly his.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
What 'Flash Boys' Brad Katsuyama thinks is killing Wall Street trade

A7684562
Bonus:
Free Spins
Players:
All
WR:
30 xB
Max cash out:
$ 1000

Michael Monroe Lewis is an American author and financial journalist. He has also been a contributing editor to Vanity Fair since , writing mostly on business, finance, and economics. He is known for his non-fiction work, particularly his.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
Michael Lewis: Nobody Understands the Stock Market

A7684562
Bonus:
Free Spins
Players:
All
WR:
30 xB
Max cash out:
$ 1000

Michael Lewis Reflects on His Book Flash Boys, a Year After It Shook Wall Street to Its Core. Flash Boys, the author's best-selling exposé of.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
\

A7684562
Bonus:
Free Spins
Players:
All
WR:
30 xB
Max cash out:
$ 1000

Flash Boys by Michael Lewis The Buy Side by Turney Duff Liar's Poker by Michael And though the author takes time to try to explain it, the explanation is so.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
The Market Impact of 'Flash Boys'

🖐

Software - MORE
A7684562
Bonus:
Free Spins
Players:
All
WR:
30 xB
Max cash out:
$ 1000

Michael Monroe Lewis is an American author and financial journalist. He has also been a contributing editor to Vanity Fair since , writing mostly on business, finance, and economics. He is known for his non-fiction work, particularly his.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
'Flash Boys' want to rebuild trust

🖐

Software - MORE
A7684562
Bonus:
Free Spins
Players:
All
WR:
30 xB
Max cash out:
$ 1000

Michael Lewis is a financial journalist and author. In this exclusive interview, he talks about writing Flash Boys, a thrilling exposé of high.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
Michael Lewis on 'Flash Boys' - Charlie Rose

🖐

Software - MORE
A7684562
Bonus:
Free Spins
Players:
All
WR:
30 xB
Max cash out:
$ 1000

Flash Boys by Michael Lewis The Buy Side by Turney Duff Liar's Poker by Michael And though the author takes time to try to explain it, the explanation is so.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
The Great HFT Debate With Michael Lewis On CNBC

On it went.

I was far more interested in the characters and the situation in which they found themselves. In January the S.

This so-called slippage amounted to nearly a third of 1 percent. At times the noise has sounded like preparations for the demolition of a hazardous building. Then came an unfortunate episode on CNBC, during which Brad Katsuyama was verbally assaulted by the president of the BATS exchange, who wanted the audience to believe that Katsuyama had dug up dirt on the other stock exchanges simply to promote his own, and that he should feel ashamed.

This line has been picked up and repeated by stock-exchange executives, paid high-frequency-trading spokespeople, and even journalists.

It had enabled a massive amount of predatory trading and had institutionalized a systemic and totally unnecessary unfairness in the market and, in flash boys author bargain, rendered it less stable and more prone to flash boys author crashes and flash boys author and other unhappy events.

The nation of investors was appalled—a poll of institutional investors in late Aprilconducted by the brokerage firm ConvergEx, discovered that 70 percent of them thought that the U.

On the other hand, it took only a few weeks for a consortium of high-frequency traders to marshal an army of lobbyists and publicists to make their case for them. They cannot be charmed or cajoled into doing this.

In the end they figured out that the complexity, though it may have arisen innocently enough, served read article interest of financial intermediaries rather than the investors and corporations the market is meant to serve.

The rigging of the stock market cannot be dismissed as a dispute between rich hedge-fund guys and clever techies. I spoke with high-frequency traders and people just click for source big banks, and Link toured the public exchanges.

The Flash Boys story put in jeopardy billions of dollars of Wall Street profits and a way of financial life.

One big bank, Bank of America, shuttered its high-frequency-trading operation, and two others, Citigroup and Wells Fargo, closed their dark pools. At other times it has sounded like a desperate bid by a slumlord to gussy the place up to distract inspectors.

Of course I checked their understanding of the market. The closest thing flash boys author my writing life to the response of Wall Street to Brad Katsuyama was the response of Major Flash boys author Baseball to Billy Beane after Moneyball was published, inand it became clear that Beane had made his industry look foolish.

I wrote about them because they were admirable.

The initial explosion was soon followed by a steady fallout of fines and lawsuits and complaints, which, I assume, has really only just begun. That feeling was eventually shared by the BATS president. It went something like this: O. The authorities evidently saw the need to leap into action, or to appear to. And since late , as a study published in early by the investment-research broker ITG has neatly shown, the cost to investors of trading in the U. In a paper published in July , Hunsader was able to show what exactly happens when an ordinary professional investor submits an order to buy an ordinary common stock. The full issue is available March 11 in the digital editions and March 17 on national newsstands. One can only imagine how the little guy felt. Good question! Back in , I stumbled upon Katsuyama and his team of people, who knew more about how the stock market actually worked than anyone then being paid to serve as a public expert on market structure. The narrow slice of the financial sector that makes money off the situation that Flash Boys describes felt the need to shape the public perception of it. Read more: Subscribe now for access. These savings were fully realized by and were enabled less by high-frequency market-making than by the Internet, the subsequent competition among online brokers, the decimalization of stock prices, and the removal of expensive human intermediaries from the stock market. Indeed, they sue, and seek to jail, their own former employees who dare to take lines of computer code with them on their way out the door. All of a sudden the structure of the U. One fund manager calculated that trading on U. Anyone who still doubts the existence of the Invisible Scalp might avail himself of the excellent research of the market-data company Nanex and its founder, Eric Hunsader. The situation was that they no longer understood that market. It would have been difficult to find anyone, circa , able to give you an honest account of the inner workings of the American stock market—by then fully automated, spectacularly fragmented, and complicated beyond belief by possibly well-intentioned regulators and less well-intentioned insiders. One enterprising U. But the Moneyball story put in jeopardy only the jobs and prestige of the baseball establishment. In any case, the slumlords seem to realize that doing nothing is no longer an option: too many people are too upset. The cost of trading stocks has fallen a great deal in the last 20 years. A high-frequency trader with access to the UBS dark pool will know when the official best price differs from the actual market price, as it often does. The effect of the existing system on these savings is not trivial. From that moment, no one who makes his living off the dysfunction in the U. The UBS dark pool happens to be, famously, a place to which the stock-market orders of lots of small investors get routed. As time passed, the defenses erected by the high-frequency-trading lobby improved. His defining moment came when Katsuyama asked him a simple question: Did BATS sell a faster picture of the stock market to high-frequency traders while using a slower picture to price the trades of investors? Here was the first: the only people who suffer from high-frequency traders are even richer hedge-fund managers, when their large stock-market orders are detected and front-run. BATS issued a correction and, four months later, parted ways with its president. Having understood the problems, Katsuyama and his colleagues had set out not to exploit them but to repair them. Like every other small investor, I would prefer not to be handing some other trader a right to trade against me at a price worse than the current market price. These condottieri set about erecting lines of defense for their patrons. In order for someone to be able to evaluate the strategies of individual high-frequency traders, the firms need to reveal the contents of their algorithms. Of course, by trying to fix the stock market they also threatened the profits of the people who were busy exploiting its willful inefficiencies. The big banks and the exchanges have a clear responsibility to protect investors—to handle investor stock-market orders in the best possible way, and to create a fair marketplace. I spoke to people who had sold retail-order flow and people who had bought it. On October 15, , in a related development, there was a flash crash in the market for U. The next was: the author of Flash Boys fails to understand that investors have never had it better, thanks to computers and the high-frequency traders who know how to use them. Schneiderman filed an even more shocking lawsuit against Barclays, charging the bank with lying to investors about the presence of high-frequency traders in its dark pool, to make it easier for the high-frequency traders to have the pleasure of trading against the investors. Somewhere in the middle of it all a lawyer—oddly, named Michael Lewis—who had devised the successful legal strategy for going after Big Tobacco, helped file a class-action suit on behalf of investors against the 13 public U. Most of what I know I learned from them. And who benefits? He hollered and ranted and waved and in general made such an unusual public display of his inner life that half of Wall Street came to a halt, transfixed. When they sent the same orders to other markets, the price of Microsoft moved against them. The controversy has come with a price: it has swallowed up the delight an innocent reader might have taken in this little episode in financial history. That the American stock market had become a mystery struck me as interesting. The New York attorney general had called the BATS exchange to let them know it was a problem when its president went on TV and got it wrong about this very important aspect of its business. Mutual funds and pension funds and university endowments also submit large stock-market orders, and these, too, can be detected and front-run by high-frequency traders. Senate hearing on high-frequency trading, Katsuyama was surprised to find a complete absence of high-frequency traders. The S. Hunsader was able to show that high-frequency traders pulled their offer of some shares and jumped in front of the investor to buy others and thus caused the share price to rise. It has nothing to do with ordinary Americans. The problem was the entire system. In the days after Flash Boys came out, the Justice Department announced its own investigation, and it was reported that the F. Brad Katsuyama explained to the world what he and his team had learned about the inner workings of the stock market. Invited in June to testify at a U. Finally there came a more nuanced line of defense. This clearly does not work to my advantage. The stock-market orders placed through Charles Schwab, for instance. Put another way: the S. It took them a while to figure out how to do this well. If this story has a soul, it is in the decisions made by its principal characters to resist the temptation of easy money and to pay special attention to the spirit in which they live their working lives. All the investor saw was that he bought just a fraction of the stock on offer before its price rose. That is, did it allow high-frequency traders, who knew current market prices, to trade unfairly against investors at old prices? Treasury bonds. Led by an obscure year-old trader at the Royal Bank of Canada named Brad Katsuyama, they were all well-regarded professionals in the U. For obvious reasons, it was expressed more often privately than publicly. Instead they held their own roundtable discussion in Washington, led by a New Jersey congressman, Scott Garrett, to which Brad Katsuyama was not invited. Which is such a weird thing to say that you have to wonder what is going through the mind of anyone who says it. He further misidentifies H. In the past 11 months, the U. And in the end it was clear that Brad Katsuyama and his band of brothers were reliable sources—that they had learned a lot of things about the inner workings of the stock market that were unknown to the wider public. A boss on the Goldman Sachs trading floor told me the place stopped dead to watch it. And their ignorance was forgivable. How does that happen? The vast majority of American middle-class savings are managed by such institutions. That, too, I thought was interesting: some people on Wall Street wanted to fix something, even if it meant less money for Wall Street, and for them personally.