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Securities and Investment Fraud Attorneys | Stock Market Loss
On March 30, Michael Lewis went on "60 Minutes" and said that the stock market is "rigged. This raises many questions, of which the most pressing is, what took so long? The lawsuit is basically just a synopsis of Lewis's book, "Flash Boys," and, I mean, how long can that take? I feel like plaintiffs' lawyers by now must have algorithms to transform news articles into lawsuits, so what was the holdup here? The other problem with the lawsuit is that it pretty much sues the stock market for being the stock market.
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So the defendants include pretty much every stock and options exchange, 2 and also literally every brokerage, and literally every high-frequency trading firm. There's a long list of brokerages and HFT firms but: So every brokerage firm that transacted for clients since April is supposedly!
And everyone who "operated alternative trading venues which provided venues for the anonymous placing of bids and offers" is supposedly!
That should give you a sense of what utter nonsense this complaint is. It can't possibly be true that every brokerage firm in the country helps HFTs front-run investors, can it?
Or that every trading venue is built around enabling predatory behavior, including ones like IEX designed to shut down that behavior?
The stuff the complaint complains about, by the way, is mostly just what's in "Flash Boys. I don't get this case at all.
Here is a reasoned discussion that asks "whether this case will get through to the point where there is a settlement or settlements," but I don't see it. The problems here are not about exchanges or brokerages or HFTs doing nefarious underhanded things that secretly deceived the investing public. The problems here, if they are problems, are structural.
They're about exchange rules and Securities and Exchange Commission regulations that have created a market system that not everyone likes. But that is the system that exists, and it seems unfair to blame everyone for operating within the system.
If you don't like the system created by modern market rules, then working to change those rules seems like a sensible solution.
Suing everyone for following the existing rules seems like silly grandstanding.
It's easy to see the appeal of the view that equity markets are rigged. It explains why you can't make money trading! It's not that markets are efficient and therefore everyone's trading should on average be loss-making net of costs.
It's that markets are rigged. If they weren't rigged you'd be making billions. That understandable sense of frustration has several appropriate outlets.
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You could write a book, or talk to someone writing a book. You could lobby the SEC to try to get the rules changed. You could even start your own trading venue that would forbid the practices you don't like, and hope that others agree with you and come trade on your venue. But this is America, and we have a long and proud tradition that holds that every frustration deserves a lawsuit. And this is about the lawsuit that HFT frustration deserves.
This column does not necessarily reflect the opinion of Bloomberg View's editorial board or Bloomberg LP, its owners and investors. The named plaintiff is the City of Providence, Rhode Island. Really it's quite a soup: BATS, BOX, CBOE, CHX, C2, Direct Edge, ISE, Nasdaq and its various bits, including the wonderfully all-caps NASDAQ OMX PHLX, LLC , NSX, NYSE, NYSE Arca, and OneChicago.
I do not get it. Index rebalancing is public information. If you have a computer that does the math and calculates that people will be buying a lot of stock on an index add, and you buy some of that stock to profit from that calculation -- what is illegal or fraudulent or whatever about that? This is not in the book, by the way; they came up with this on their own.
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From John Gapper's review of "Flash Boys":. To contact the author on this story: Matthew S Levine at mlevine51 bloomberg.
To contact the editor on this story: Toby Harshaw at tharshaw bloomberg. Bloomberg Anywhere Remote Login Software Updates Manage Contracts and Orders. Facebook Twitter LinkedIn Instagram. About The Company Bloomberg London. Global Startups Bloomberg Technology TV Gadgets With Gurman Digital Defense Studio 1.
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Plaintiff alleges, based on information and belief, that there are hundreds of members of the Defendant Class. The members of the Defendant Class are so numerous and geographically dispersed that joinder of all such Defendant Class members is impracticable. A daily take on Wall Street, finance, companies and stuff. Before it's here, it's on the Bloomberg Terminal.
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