A high-frequency trader gave me this book on high-frequency trading many months ago, and I promised I would review it. It has taken me a long time to get to this because reading the book was like chewing through cardboard.
The stock market isn’t rigged. Michael Lewis and Brad Katsuyama mistook the price impact of large orders for front-running. Thirty-eight miles of fiber-optic cable in a shoebox could have been implemented in a line of code. The End.
There’s a reason why Flash Boys resulted in a class-action lawsuit against exchanges and Not So Fast didn’t result in a class-action lawsuit against Michael Lewis. Lewis is a NY Times bestselling storyteller, and Kovac is a guy who writes software.