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News Link • Corruption

Michael Lewis on Exposing Wall Street’s Biggest High-Tech Swindle

• http://www.wired.com, By Joanna Pearlstein
 Flash Boys explores the world of high-frequency trading, a scheme in which traders use ultra-fast network connections to sniff out the intentions of other, slower traders, thereby acting before others can respond. Critics of the practice–Lewis chief among them–argue that high-frequency trading creates something akin to insider trading: a predatory environment for less advantaged investors. WIRED spoke with Lewis at an event organized by Live Talks in downtown Los Angeles.

WIRED: The central character in your book, Brad Katsuyama, calls today’s stock trading system “a Pandora’s box of ridiculousness.” What does he mean?

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