The book purports to be a non-fiction investigation into the phenomenon of high-frequency trading (HFT) in the US equity market, with the author interviewing and collecting the experiences of several individuals working on Wall Street.
Other critics have praised Lewis's explanations of trading concepts and concurred with his criticism of HFT; however, it is suggested that he neglects to pay attention to the larger issue of financial regulation, and had excessively simplified the relationship between various institutions in the financial market.
Lewis claims access to this fiber optic cable, as well as other technologies, presents an opportunity for the market to be controlled even more by the big Wall Street institutions.
To counter this disadvantage to investors, Katsuyama bands together a team that sets out to develop a new exchange, called IEX, to make the playing field for trading fairer.
Lewis concludes that HFT is used as a method to front run orders placed by investors.
Note: Based on information we received from the Federal Reserve Bank of New York, revisions were applied in October 2004 to the exchange rate of the dollar against both the Hong Kong Dollar and the Chinese Yuan for several days between 19.
Please refer to the following link for a list of these days and for the size of the revisions:
The following exchange rates are certified by the Federal Reserve Bank of New York for customs purposes as required by section 522 of the amended Tariff Act of 1930.
These rates are also those required by the SEC for the integrated disclosure system for foreign private issuers.