Is the stock market rigged? Watch this interview!

April 5, 2014

If you haven’t been following Michael Lewis’ world wind publicity tour for his new book on HFT, I’d like to offer a couple of highlights. 

If you’re not familiar with the topic start with this interview, aired March 30 on the investigative news show 60 Minutes. (The full 14 minute segment is cued second, but it’s worth suffering the two rounds of commercials.) Look out for the ‘magic shoe box’, a physical device to slow down high speed traders at IEX, the exchange started by the Canadian hero of the book Brad Katsuyama, to solve the problem.

If you’re intrigued, continue onto the heated technical debate between Katsuyama and the president of the BATS exchange, William O’Brien, that was so compelling you can see the brokers on the floor transfixed by the TV. This one’s stunning. A must watch from beginning to end. I recommend it as a teaching tool for students.  

5 Responses to “Is the stock market rigged? Watch this interview!”


  1. Wow, thank you for the point to the CNBC video. That was frankly amazing.

  2. yuvalmillo Says:

    Great video, thanks, Martha! I got from Michael Castelle this link – this is another interview with Michael Lewis and others. No sparks fly in this one, but the discussion is more profound: http://insider.thomsonreuters.com/link.html?cn=share&cid=1222178&shareToken=MzpmMDg0MTEyMC01NWY5LTRjZDItYjQzOC1iNTNiMzAyMDJhN2I%3D

    • marthapoon Says:

      Yuval! Agreed! Viewed in the order suggest – plus the one you add here – these videos walk the viewer through the dispute about HFT, from the current public controversy and into an expert conversation. In combination, they slowly, incrementally, sink into the complexity of the debate.

  3. yuvalmillo Says:

    About the interviews regarding Flash Boys we see: they exemplify how easy it is to manipulate the public discourse. Lewis’ point about the market being rigged is that some of the co-located HFT guys see orders come in and react to them BEFORE the exchange can execute. That’s the crucial point and this is something none of the people debating with Lewis dare mention…


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