Felix Salmon

Michael Lewis’s high-speed journalism

By Felix Salmon
April 7, 2014

My full review of Flash Boys is now up at Slate. Tl;dr: he’s right for the wrong reasons. HFT is a bad thing, but not because it rips off small investors.

Don’t cry for “the little guy on Wall Street”

By Felix Salmon
September 2, 2013

This happens every time something goes wrong on the stock market — every time there’s a flash crash, or a high-frequency trading firm blows up, or the Nasdaq is forced to go dark for three hours. A bunch of editors who don’t really know anything about HFT ask for stories about it, and they all want the same thing: a tale of how a small group of high-speed trading shops, armed with state-of-the-art computers, are using their artificial information advantage, and their lightning-fast speed, to extract enormous rents from the little guy.

The problem with high frequency trading

By Felix Salmon
October 6, 2012

Last night, on BBC Radio 3, I was featured reading an essay about high frequency trading. I hope it’s fun to listen to, but if you want to read it, here you go.