A year after his "Flash Boys" book rocked Wall Street, Michael Lewis thinks the stock market is still rigged.
Last March, the author ignited a prolonged, heated dedbate about high-frequency trading, which uses sophisticated computer algorithms to execute orders in fractions of a second. Lewis profiled Brad Katsuyama and IEX, which developed a system that seeks to level the playing field for investors.
In an essay for Vanity Fair, Lewis said the market's "invisible scalp" persists, even though regulators have taken action against several Wall Street institutions over the past year due to trading violations.
"The rigging of the stock market cannot be dismissed as a dispute between rich hedge-fund guys and clever techies," Lewis wrote for the magazine's April edition. "It's not even the case that the little guy trading in underpants in his basement is immune to its costs."