Not Every High-Frequency Trader Is Predatory, Levitt Says
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Lumping all speed traders together as predators and saying they rig the stock market exaggerates the hazards faced by investors, according to Arthur Levitt, who oversaw the Securities and Exchange Commission in the 1990s.
While Michael Lewis is hastening an overdue examination, his new book “Flash Boys” fails to differentiate between good and bad actors, said Levitt, who helped break a price-fixing plot among Nasdaq Stock Market dealers as chairman of the SEC.