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.