"Flash Boys" HFT game under review Now, it appears that the SEC may roll out new rules as early as Wednesday,
according to The Wall Street Journal, citing unnamed sources.
One proposed new rule, the paper said, would add more competition at the middleman level to ensure retail investors are actually getting the best prices. In that scenario, orders would be routed into auctions where trading firms would have to compete to execute them.
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The "Flash Boys" non-fiction book that delved into the world of high frequency trading written by Michael Lewis appeared in 2014. To many, the story seemed almost too futuristic to be true. I highly recommend picking up the book (new, used, kindle, even a 30 minute insta read summary).
You may have noticed that I have made a number of what could be construed as "cynical comments" over time about the Wall St big boys completely controlling the game. Reading the book may help you understand one of the reasons why, but it goes much deeper which I learned the hard way from personal experience. In hindsight, I feel blessed that I got bounced for blowing the whistle 30 years ago.