Heated Argument Over Whether the Market Is Rigged Nearly Brings Wall Street to Screeching Halt
Crazy. Make you wonder.
Check it out:
Traders work on the floor of the New York Stock Exchange after the ringing the Opening Bell on April 1, 2014 in New York City. The Dow Jones industrial average and the Nasdaq were both higher in early trading Tuesday (Getty Images)
Lewis’ newest book, “Flash Boys,” which relies heavily on the testimony of Brad Katsuyama of the IEX Group, argues that the stock market is fixed game, a claim that has ruffled a lot of feathers on Wall Street.
“[The] stock market’s rigged. The United States stock market, the most iconic market in global capitalism, is rigged,” Lewis said in a recent “60 Minutes” exposé, “by a combination of these stock exchanges, the big Wall Street banks and high-frequency traders.”
So CNBC decided to bring Lewis, Katsuyama and BATS Global Markets President William O’Brien together for a debate on the book’s claim.