Flash Boys, a Wall Street Revolt
Michael Lewis is the author of Flash Boys, a Wall Street Revolt, written about a group of men that banded together to investigate the insidious happenings on Wall Street. Flash Boys was published in 2014, and is a non-fiction account of the rise in high frequency trading due to predatory new computer algorithms put in place by brokers and big Wall Street banks. Flash Boys reveals how, as the band of revolutionary new Wall Street friends claim, the market is rigged.
Brad Katsuyama, and several of his colleagues walked away from million dollar employment offers to get to bottom of what was happening on Wall Street to inform the public, investors, and other traders of how predatory HFT firms were manipulating the market.
The book starts out focusing on the new found love for speed in the marketplace. Not just timely, we’re talking microseconds (a microsecond is one millionth of a second)! Installing the newest and fastest high speed fiber optic cables, gave an advantage to only big Wall street banks and brokers, an advantage worth billions of dollars. Lewis reveals, in fact, how many of them were willing to pay millions of dollars simply to gain a few microseconds of an advantage.
This book explains how electronic algorithms have replaced the human trader on the floor, and how this sweeping technological change has impacted the markets.
Brad Katsuyama, and his colleagues went on to found IEX, the Investors Exchange, the newest Stock Exchange recently approved by the SEC, offering a solution to fix some of the broken areas they revealed in their quest. Brad set out on a mission to pursue the truth about what was happening in the markets since the onset of electronic trading. He never lost sight of his goal of informing investors of the truth, and maintaining his ethical values.
Flash Boys is a very enlightening book for not only day traders, but for anyone with a retirement or investment account of any size. Michael Lewis grabs your attention with the first chapter and keeps you engaged and wanting to know what’s coming next until the very end. This one is definitely a worthwhile read.
Contact Great Point Capital, LLC today, in either our Chicago Office, or our Austin Office, to learn more about how we can successfully trade together with high performance results. Great Point Capital, LLC offers buying power, access to Takion software platform with excellent IT support, and the benefits of working with an experienced team.
No comments:
Post a Comment