The U.S. stock market now trades inside black boxes, in

The U.S. stock market now trades inside black boxes, in heavily guarded buildings in New Jersey and Chicago.

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The U.S. stock market operates in an increasingly opaque environment, where trading activities are conducted within tightly controlled facilities located in New Jersey and Chicago. This shift to "black boxes" signifies a transformation in how trades are executed, often relying on advanced technology and algorithms that many investors cannot see or understand.

In Michael Lewis's book "Flash Boys," the author highlights this trend of hidden trading practices, raising concerns about the...

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Flash Boys

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Michael Lewis

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January 26, 2025

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He wondered, often, what it would look like if and when the shit in question hit the fan: The stock market at bottom was rigged. The icon of global capitalism was a fraud. How would enterprising politicians and plaintiffs' lawyers and state attorneys general respond to that news?

I'm doing something I always dreamed about doing, and it was about the most depressing moment I've ever had in my life

Inside a dark pool, no one but the broker who ran it had any idea what was happening.

The trick was not simply to write the code that turned information into pictures but to find the best pictures to draw-shapes and colors that led the mind to meaning.

Light fades as it travels; the fainter it becomes, the less capable it is of transmitting data.

The orders resting on BATS were typically just the 100-share minimum required for an order to be at the front of any price queue, as their only purpose was to tease information out of investors. The HFT firms posted these tiny orders on BATS-orders to buy or sell 100 shares of basically every stock traded in the U.S. market-not because they actually wanted to buy and sell the stocks but because they wanted to find out what investors wanted to buy and sell before they did it. BATS, unsurprisingly, had been created by high-frequency traders.

All the things you can talk about in anyone's work are the things that are least important.

All the things you can talk about in anyone's work are the things that are least important.

There was a star danced, and under that was I born.

There was a star danced, and under that was I born.

Race of Cain, ascend to heaven, And cast God down upon the earth!

Race of Cain, ascend to heaven, And cast God down upon the earth!

"Philip Sharpe was a soldier in God's army," says the minister. "Now he marches with the angels."

"Philip Sharpe was a soldier in God's army," says the minister. "Now he marches with the angels."

For me the curse is a crutch, but the con is everything.

For me the curse is a crutch, but the con is everything.

On the way out to the car, Philip turns to me. "How could you be so stupid?" I shrug, stung in spite of myself. "I thought I grew out of it." Philip pulls out his key fob and presses the remote to unlock his Mercedes. I slide into the passenger side, brushing coffee cups off the seat and onto the floor mat, where crumpled printouts from MapQuest soak up any spilled liquid. "I hope you mean sleepwalking," Philip says, "since you obviously didn't grow out of stupid."