Michael Lewis's novel Flash Boys, published in 2014, told the public numerous contentious Wall Street trading practices made possible by advances in technology, in addition to regulatory changes that were (ironically) intended to enhance pricing fairness in the financial markets. Lewis's story focused on the guy who blew the whistle: Brad Katsuyama, a Canadian banker who ran the New York trading desk for the Royal Bank of Canada.
In 2010, he initiated in asking questions and had discovered some odd system responses to his trading requests. Not many people realized what was happening, and fewer still comprehended the central part played by information technology. Questions remain: How does information technology affect our theory of wealth? Why do "flash crashes" occur? Are the markets rigged? Will the next interruptions to the financial markets ensue technology?
PUBLICATION DATE: October 29, 2014 PRODUCT #: W14540-HCB-ENG
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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