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April 08, 2014

Two answers to MIchael Lewis's new book and the HFT panic

"Michael Lewis’ high-frequency bull".

It’s easy to bash Wall Street as the root cause of all financial problems (and some non-financial ones), which is why Michael Lewis is getting away with blowing so much smoke about the latest supposed ripoff of the “little guy.”

Easy, but completely and utterly disingenuous.

"Michael Lewis’s HFT Book: More of a Dark Market Than a Lit One".

In sum, there doesn’t appear to be a lot new in Lewis’s book. Moreover, the morality tale doesn’t capture the true complexity of the markets generally, or HFT specifically. It has certainly resulted in the release of a lot of heat, but I don’t see a lot of light. Which is kind of fitting for a book in which a dark pool is the hero.

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