"Flash Boys" author Michael Lewis' recent assertions of stock market rigging are "a big lie," former commodities trading regulator Bart Chilton said on Monday.
"[High-frequency trading has] contributed to markets that are today cheaper, faster and safer than ever before for average investors," Chilton told CNBC's "Closing Bell."
Lewis' book, released last spring, led to considerable debate over high-frequency trading, which uses computer algorithms to carry out swift orders. In an afterword written for a paperback version set for release next week, he contended that "the entire system," not just high-frequency trading, was to blame.
"The big banks and the exchanges have a clear responsibility to protect investors—to handle investor stock-market orders in the best possible way, and to create a fair marketplace. Instead, they've been paid to compromise investors' interests while pretending to guard those interests. I was surprised more people weren't angry with them," Lewis wrote in the afterword, which originally appeared as a Vanity Fair essay.