Michael Lewis' indictment of high-frequency trading practices in "Flash Boys" prompted vocal push-back from some on Wall Street. But a new survey shows that most people in the financial community appear to agree with Lewis and other HFT critics.
Seventy percent of 357 industry professionals—mostly from "buy-side" firms such as hedge and mutual funds—do not believe U.S. equity markets are fair for all participants, according to the U.S. Equity Market Structure Survey by broker ConvergEx. Some 18 percent said yes and 11 percent didn't know.
On HFT specifically, 51 percent of respondents said that it was "harmful" or "very harmful" to participants in U.S. equity markets. Only 19 percent said HFT is "helpful" or "very helpful."