Bloomberg Businessweek

Maybe the Flash Boys Are the Good Guys

High-speed trading spooks investors but not academics | “What did the research find and was it conducted properly?”

Across the wider world, Wall Street’s high-frequency traders are often cast as the villains of the stock market. Computerized trading firms have become the dominant buyers and sellers of equities, executing thousands of trades per second. They’ve been accused of profiting at the expense of everyday investors and were famously portrayed by Michael Lewis in Flash Boys as part of a rigged system. Germany’s Bundesbank has warned that they can help trigger flash crashes, and Hillary Clinton has made policing them an election issue.

In academic

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