Any new book by Michael Lewis is sure to have Wall Street types nervous, but his latest, which focuses on high-frequency trading, seems to have even the smart money worried.
As the FT notes:
Michael Lewis, the author of Liar’s Poker and The Big Short , has Wall Street on edge.
The prospect of a new book by the prolific former bond salesman turned chief scrutiniser, taking a hard look at the predatory world of high-frequency trading, is spurring industry participants to change their approach to a business that has revolutionised stock markets.
The release of Flash Boys: A Wall Street Revolt on Monday comes after years of public debate over the lightning fast trading systems which have grown to dominate a fractured terrain where multiple exchanges and bank-run trading platforms compete for orders.
In the two weeks before publication of Mr Lewis’s book, Goldman Sachs has suddenly thrown its weight behind market reform after years of investment in HFT and taken the highly unusual step of telling staff to publicise its support for a competing trading platform.