“Flash Boys” – Rigged or Imperfect?

David Mercer, LMAX Exchange CEO, shares his thoughts on the recent book release of “Flash Boys” and the sensationalist views expressed by its author Michael Lewis. David Mercer comments, algorithmic execution is a part of high frequency trading (HFT) and that all market makers and exchanges engage in HFT. Exchanges are very transparent venues with everyone having a choice as to whether they trade there or on another venue, and the notion that an author has uncovered rigging in the markets is false.