Getting back to Lewis's book

 It can be the same group of stocks that processed by the same puter. That's what quote stuffing is, and that still goes on today. That should just disappear, if they weren't doing these games any more, but they are. They're going to roll out this new laser technology that gets from Carteret to Mahwah in an obscenely small amount of time. It's getting on the low-microsecond range. There's a reason why they're willing to pay for that.This has not changed at all. They've just gotten more sophisticated at hiding it. Instead of doing it solid for a second, they'll do it ten times as much, but they'll do it in a tenth of a second, so that the exchanges, which measure traffic on a one second interval, won't see it. It will be invisible, but it has the same impact.

Getting back to Lewis's book, IEX just opened in December. They were still pushing Thor around a year ago.That book is not old at all. It is spot on the money.Your own pany, Nanex, in Winnetka, Ill.--when and why did you start it? How do you see your place in all of this as a critic of high-frequency trading?
Back in '86, I was collecting everything traded on the CME onto a floppy desk, and selling that historic data from the Chicago Mercantile Exchange via Bulletin Board System. That was the precursor to the Internet.How about that!We actually had cell phones back then. We even had a real-time system once. We were transmitting real time futures charts into your car you'd ride around, and on a laptop hooked up to your cell phone, you'd see real-time, streaming charts. I've been here since the beginning.People who know me know that I'm all about data. I'm very scientific about it.

 I'm not going to publish anything or say anything unless I'm 100 percent sure and I've verified that that's what it is. I'm a very quiet person. I am not one who -- I'm a programmer at heart. That's what I enjoy doing. It wasn't until the flash crash came along: May 6, 2010, at 14:42:44 is when it overloaded.We ended up processing over a billion quotes that day. It seemed to me the SEC was having trouble assembling data. We had it. My pany, we can replay any market day that we want. I made the fateful mistake of saying to one of my programmers out in California, 'Hey, let's see what we can do with our data.