“In the world of financial trading, a front-runner is someone who gains an unfair advantage with inside information, including access to a high-speed transaction network revealing specific trades other people are trying to make.

“Flash Boys,” Michael Lewis’s new nonfiction thriller, reveals the high-tech details of this largely invisible process. More important, it reveals the enabling policies of major Wall Street institutions that did little to discourage it.

“Like the public bailout of major banks during the last financial crisis, tolerance of front-running challenges the faith that competition always guarantees efficient outcomes and the creed that market value accurately measures real contributions.

“The book itself sticks to a heroic narrative driven by likable good guys who patiently decipher and partially remedy illegal practices. More bluntly, Mr. Lewis announced on “60 Minutes” last week that the stock market is rigged.”

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Read full NY Times Economix article here.