Summary:
The book investigates the rise of high-frequency trading in the US equity market, exposing how this technological advancement has allowed certain traders to exploit inefficiencies in the market at the expense of other investors. It follows a small group of Wall Street outsiders who realize the market has been rigged and band together to create an exchange free from the influence of high-frequency traders.
Key points:
1. High-Frequency Trading (HFT): HFT is a fast, algorithm-based trading method. Lewis claims HFT firms have an unfair speed advantage.
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