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Flash Boys

A Wall Street Revolt
Lewis, Michael (Book - 2014 )
Average Rating: 4 stars out of 5.
Flash Boys
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A small group of Wall Street guys who figure out that the U.S. stock market has been rigged for the benefit of insiders the big Wall Street banks expose this institutionalized injustice and go to war to fix it.
Authors: Lewis, Michael (Michael M.)
Title: Flash boys
a Wall Street revolt
Publisher: New York :, W.W. Norton & Company,, 2014
Edition: First edition
Characteristics: 274 pages ; 25 cm
Content Type: text
Media Type: unmediated
Carrier Type: volume
Contents: Introduction: windows on the world
Hidden in plain sight
Brad's problem
Ronan's problem
Tracking the predator
Putting a face on HFT
How to take billions from Wall Street
An army of one
The spider and the fly
Epilogue: riding the Wall Street trail
Summary: A small group of Wall Street guys who figure out that the U.S. stock market has been rigged for the benefit of insiders the big Wall Street banks expose this institutionalized injustice and go to war to fix it.
Alternate Title: Flashboys
ISBN: 9780393244663
0393244660
Statement of Responsibility: Michael Lewis
Copyright Date: ©2014
Bibliography: Includes bibliographical references and index
Subject Headings: Stockbrokers United States BUSINESS & ECONOMICS / Economic Conditions BUSINESS & ECONOMICS / Investments & Securities / Analysis & Trading Strategies Wall Street (New York, N.Y.) Finance United States History 21st century
Topical Term: Stockbrokers
BUSINESS & ECONOMICS Economic Conditions
BUSINESS & ECONOMICS Investments & Securities Analysis & Trading Strategies
Finance
LCCN: 2014003208
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Jul 20, 2014
  • writermala rated this: 5 stars out of 5.

This non-fiction book reads like a thriller. Michael Lewis explains how High frequency traders on Wall Street exploit the speeds of networks to act as predators preying on small and average investors. You may be like me, a very small player in the stock market but even you will understand the dynamics that Lewis has explained. You will cheer Brad Katsuyama and his band who set out to right the indignities in the market; and you will keep turning pages till at the end you will breathe once again.

Good read... told so a layman can understand the machinations of dark pools, high frequency traders, and flash crashes. Glad I read the book before Hollywood "Argo-izes" the Canadians out of the recounting.

May 11, 2014
  • jimg2000 rated this: 4.5 stars out of 5.

Well told story which explained the mysteries of recent Wall Street anomalies as in flash crashes, dark pools, prop trades, HF traders, liquidity vs activity, those 100 share orders ... etc. No wonder SEC and NY Attorney General announced in Apr/May 2014 to investigate Lewis's allegations in this book.

May 09, 2014
  • mclarjh rated this: 2.5 stars out of 5.

Easy to read, but not well written, not informative, not interesting, and not entertaining; no tables, drawings, photos, index or references.

Apr 18, 2014
  • StarGladiator rated this: 0.5 stars out of 5.

[Special note to medpro & rosehip: As a progressive, I have little use for the misdirection specialists -- and Lewis stated on NPR recently that none of the banksters should be jailed, as they are responsible for (in quotes) financial innovation.] Oh lordy, lordy, lordy, yet another book from a professional misinformation specialist, and always popular as he's so adept at misleading the most easily swayed fools in creation, the American TV viewer! No doubt, should Lewis come to Seattle and do the Town Hall thing, it will be fully sold out, just like when Al Gore dropped into town for his latest book (by the way, did anyone bother to inquire of Gore why he founded a multi-billion dollar hedge fund, with two of his Goldman Sachs buddies, to do carbon permit trading and speculating (part of the whole cap-and-trade thing)? Thought not. Or why in creation Gore chose Lieberman as his VP?) Of course, the American can't remember that cap-and-trade originated in 1983 from the Reagan administration, which the real democrats then in congress promptly laughed off the floor, while today in America, for some unfathomable reasons (total corruption) the dems are backing it (exceptions: Dennis Kucinich, Pete DeFazio and Greenpeace). And will Lewis bother to mention that the real rigging of the stock market comes from the biggest banks, and the biggest hedge funds, doing their internalization business with the top brokerages along with virtual naked stock shorting thanks to DTCC's Stock Borrow Program? But from Lewis' recent NPR interview, where he extols the banksters for their financial innovations (HUH??????) and states that they shouldn't go to jail, there exists no more excuse for the American TV viewer.

My goodness, how StarGladiator flames on! Surprising that he can take that much time away from listening to Rush Limbaugh and watching Faux News to blather on so much!!

hey StarGladiator go to the CBC the National
and get informed just heard from Canadian
Brad Katsuyama
who blew the whistle creating this TRUTHFUL book

get INFORMED

also visit the Daily Show with Jon Stewart

obviously your head is in the SAND

Ostrich !!

http://www.cbc.ca/news/business/canadian-brad-katsuyama-in-spotlight-over-rigged-markets-allegation-1.2594639

Apr 08, 2014
  • JLMason rated this: 3 stars out of 5.

Not as gripping or "unputdownable" as other Michael Lewis books, but still worth the read. The book would have been improved (and a bit more balanced) if Lewis had been able to get more on-the-record comments from the ripped-off institutional investors and the high frequency traders (not that I doubt the book's premise on front running).

Canadian from Markham - Brad Katsuyama goes to Wall Street and becomes an anti-rigging hero.

OMG to the head-in-the-sand StarGladiator ... hey StarGladiator go to the CBC the National and get informed just heard from Canadian Brad Katsuyama who blew the whistle creating this TRUTHFUL book get INFORMED also visit the Daily Show with Jon Stewart obviously your head is in the SAND Ostrich !! http://www.cbc.ca/news/business/canadian-brad-katsuyama-in-spotlight-over-rigged-markets-allegation-1.2594639

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May 14, 2014
  • jimg2000 rated this: 4.5 stars out of 5.

In March 2012 the BATS exchange had to pull its own initial public offering because of “technical errors.” The next month, the New York Stock Exchange canceled a bunch of trades by mistake because of a “technical glitch.” In May, Nasdaq bungled ...
That was just a sampling from a single year of what were usually described as “technical glitches” in the new, automated U.S. stock markets: Collectively, they had experienced twice as many outages in the two years after the flash crash as in the previous ten.

May 14, 2014
  • jimg2000 rated this: 4.5 stars out of 5.

Before the flash crash, 67 percent of U.S. households owned stocks; by the end of 2013, only 52 percent did: The fantastic post-crisis bull market was noteworthy for how
many Americans elected not to participate in it. It wasn’t hard to see why their confidence in financial markets had collapsed. As the U.S. stock market had grown less comprehensible, it had also become more sensationally erratic....


The price volatility within each trading day in the U.S. stock market between 2010 and 2013 was nearly 40 percent higher than the volatility between 2004 and 2006, for instance. There were days in 2011 in which volatility was higher than in the most volatile days of the dot-com bubble.

May 11, 2014
  • jimg2000 rated this: 4.5 stars out of 5.

Part 1 of 2 on comples order types: The new order types that accompanied the explosion of high-frequency trading were nothing like them, either in detail or spirit. When, in the summer of 2012, the Puzzle Masters gathered with Brad and Don and Ronan and Rob and Schwall in a room to think about them, there were maybe one hundred fifty different order types. What purpose did each serve? How might each be used? The New York Stock Exchange had created an order type that ensured that the trader who used it would trade only if the order on the other side of his was smaller than his own order; the purpose seemed to be to prevent a high-frequency trader from buying a small number of shares from an investor who was about to crush the market with a huge sale.

May 11, 2014
  • jimg2000 rated this: 4.5 stars out of 5.

Part 2 of 2 complex stock order types: Direct Edge created an order type that, for even more complicated reasons, allowed the high-frequency trading firm to withdraw 50 percent of its order the instant someone tried to act on it. All of the exchanges offered something called a Post-Only order. A Post-Only order to buy 100 shares of Procter & Gamble at $80 a share says, “I want to buy a hundred shares of Procter & Gamble at eighty dollars a share, but only if I am on the passive side of the trade, where I can collect a rebate from the exchange.” As if that weren’t squirrely enough, the Post-Only order type now had many even more dubious permutations. The Hide Not Slide order, for instance. With a Hide Not Slide order, a high-frequency trader—for who else could or would use such a thing?—would say, for example, “I want to buy a hundred shares of P&G at a limit of eighty dollars and three cents a share, Post-Only, Hide Not Slide.”

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Charlie Rose Interview w. Michael Lewis

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