Investors don't feel market rigged: ConvergEx CEO

Investor impact: 'Flash Boys' one year later

One year after Michael Lewis' book "Flash Boys" claimed the markets were rigged, a new survey shows many on Wall Street don't necessarily agree with him.

According to a ConvergEx poll of 245 investment professionals, 57 percent believe the market is unfair for all participants. That is down from 70 percent who said the same thing last year, just after the book's release.

However, what is really telling is that only 42 percent said they made any changes in the way they trade or interact with markets, ConvergEx CEO Eric Noll said Tuesday.

"Most investors, at least on the large institutional side of the marketplace, don't really feel like the house is on fire," he said in an interview with "Power Lunch."

"They may have a lot of concerns about the way the market works and how it's being dealt with and the changes that should be made, but they don't really feel like it's rigged, or they're not getting what they want in the marketplace, or they would be making changes."

Eric Noll
Andrew Harrer | Bloomberg | Getty Images

On Monday, Lewis said that he still thought the markets were rigged in favor of high-frequency traders, who use sophisticated computer algorithms to execute orders at very fast speeds.

"Complexity is the new opacity in the financial market," Lewis said. "The way bad behavior gets disguised is it gets made very complicated. Complexity was at the root of the financial crisis."

Read MoreHow Michael Lewis invests in the market

In the ConvergEx poll, only 9 percent said high-frequency trading was "very harmful" to investors in the equity markets, with 27 percent saying it was "harmful." On the other hand, 20 percent said HFT was "helpful" and 11 percent reported it was "very helpful." Of those polled, 32 percent were neutral on the topic.

Noll said the Wall Street professionals surveyed want to see greater transparency among their brokers about how orders are routed and dealt with in the marketplace.

They also said they want to see reform about market data.

"That's the difference, really, from the consolidated information processor and direct market feeds and that's really the source of the latency arbitrage in the marketplace," Noll said.

Lastly, the respondents were concerned about the exchanges paying people to make markets on their floors because they feared it might create conflicts or different kinds of incentives that may not be good for all market participants, he said.

—CNBC's Jackie O'Sullivan contributed to this report.