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Link Farming on High-Frequency Trading

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My erudite readers are surely aware by now that Michael Lewis has a new book out, Flash Boys: A Wall Street Revolt. It concerns high-frequency trading (HFT), especially as used as part of a process of scalping, or lawful front-running.


Here's the amazon page.


CNBC has on Lewis, and Brad Katsuyama, a man flatteringly profiled in his book, as well as one of the bad guys in the book's story, William O'Brien of BATS. They looked like they were about to start punching each other now and then. If you haven't seen it: here it is.


Felix Salmon has reviewed the book for Slate, here.


But Salmon was writing about the book before he wrote that piece, even (by his own admission) before he had finished it. Salmon, and many other people at that stage of the brouhaha, were reacting as much or more to the 60 Minutes roll-out of the book as to the book itself.


For the informed reactions of Ginger Szala, a veteran financial markets reporter, go here.


And for my own reaction: here.


Of course, this was an issue in some quarters well before Lewis decided to infuse it with his own brand. Arnuk and Saluzzi highlighted some of the issues two years ago. And I reviewed them at the time.


The photo of Brad Katsuyama I've inserted above was used to illustrate a Wall Street Journal story about HFT and the utility of BK's trading platform as an "antidote" back in July of last year.


And one of the commenters on the amazon-com page for the Lewis helpfully refers us to another one: The Lights in the Tunnel.


You'll surely be hearing and reading more about HFT.
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