Only after looking at a flurry of market innovations — 40-gigabit cross-connects, esoteric order types, microwave towers — did we understand that the market’s focus was less about capital formation and more about giving certain market participants an advantage over others.
That was from an Op.-Ed. by Brad Katsuyama in Bloomberg, the ‘hero’ of Michael Lewis’ ‘Flash Boys’. He should also read John Kay’s report on UK equity market and ‘Race to Zero’ by Andrew Haldane. The evolution of capital markets into full-fledged casinos (they always had shades of it, since their inception) is not a new development. It has been in the making for a while.