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‘Shame on You’ Is Bats Executive’s Rebuttal of Michael Lewis

Author Michael Lewis’s argument that U.S. stock trading is rigged reflects a misunderstanding of how the market operates and its history, said Bill O’Brien, the president of exchange operator Bats Global Markets Inc.

“Shame on both of you,” O’Brien said during an interview today with CNBC, addressing Lewis and IEX Group Inc.’s Brad Katsuyama, a hero in the author’s latest book. “You don’t understand that the market has always had intermediaries,” O’Brien said.