Today on CNBC's "Power Lunch," Brad Katsuyama, IEX; William O'Brien, BATS Global Markets president, "Flash Boys" author Michael Lewis; and CNBC's Bob Pisani, debated high-frequency trading and the perceived unfairness in the public exchanges. Following is a link to the video: http://video.cnbc.com/gallery/?video=3000263252 and below is an article about the debate on CNBC.com. All references must be sourced to CNBC.
It was the fight that stopped trading on the floor of the New York Stock Exchange—IEX's Brad Katsuyama vs. BATS Global Markets president William O'Brien on high-speed trading and 'rigged' markets.
"You want to do this? Let's do this," Katsuyama said in response to O'Brien's prodding.
"I really do," O'Brien said.
And off they went, for more than 20 minutes. Traders stood transfixed as the two argued over the very nature of the stock market and whether the average investor could even compete with the big guys. (Twitter stopped too; see the tweets here).
O'Brien pulled no punches in challenging Katsuyama and author Michael Lewis on their assertions that the market was unfair to ordinary investors.
"Shame on both of you for falsely accusing literally thousands of people and possibly scaring millions of investors in an effort to promote a business model," he said.
O'Brien challenged Katsuyama to repeat his claims from Lewis's book "Flash Boys," and Katsuyama took the bait.
"I believe the markets are rigged and I also think you're part of the rigging," he said.
It wasn't just the NYSE floor, though, that was agape — "finance Twitter" also came to a standstill.
For many, it was the most intense thing they'd seen on the news in years.
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 371 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 16 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 8:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night is the all new CNBC Prime featuring a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC including "American Greed" and "Crime Inc." and a number of distinctive in-house documentaries.
CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.
Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/