Flash Boys

About Flash Boys

Michael Lewis published Flash Boys in 2014, exposing how high frequency traders used fiber optic cables and co location to front run ordinary investors by fractions of a millisecond. The book described how traders built a 300 million fiber optic line from Chicago to New Jersey to shave milliseconds off transmission time. The book triggered investigations and lawsuits. Brad Katsuyama, the hero of the book, founded the IEX exchange with a speed bump to prevent front running. SEC hearings followed. The book popularized awareness of how market structure disadvantages retail investors. Despite reforms, high frequency trading continues to account for a large portion of equity volume.