The issues being raised by Mr. Lewis are meaningful despite those glitches but their presence does raise credibility issues.
Read MoreWatch the fight that stopped trading on the NYSE
Perhaps more importantly, here are the broader issues that I think need clearer definition before we make the blanket statement that the market is rigged:
Oligopoly to multiplicity
The book indicates that the United States has gone from an oligopoly of three equity exchanges to what is now over 50 exchanges and dark pools competing for business. Is this bad, as the book intimates, or good? For decades the number of brokerage dealers have been dying and business has become more and more concentrated in fewer and fewer hands. Mr. Lewis is actually describing the expansion of the brokerage system due to advanced technology. This is actually very interesting and needs to be explored.
When I entered the business in the mid-1960s, the New York Stock Exchange fixed prices on trades at levels well above costs. Prices are now negotiated. They have, in fact, fallen in every sector of the equity trading business. If the current system is rigged to charge the investor trader more than what is acceptable, prove it. Prove that the principal gains being obtained by the HFT traders are greater than the commission or agency costs to the customers of the past.