I found Mr. Lewis’ non-fiction account of high frequency trading more like a novel than the factual account it purports to be. Many times, Mr. Lewis takes the mundane and ordinary but through exhilarating manipulation of language makes it seem illegal.
Financial reform was signed into law six months ago and regulators have been busy moving it from theory to a rules-based structure. Now, hopes and reality are starting to clash as challenges arise for all participants
It took nearly two years after the collapse of investment bank Lehman Brothers — the defining moment of the credit crisis — before financial reform was passed and it may take another year to see the important details of how it is implemented.
The United States has passed legislation overhauling its financial sector and the European Union is in the process of doing the same. Now the major players are doing everything they can to make those reforms work for them.
The credit crisis, which peaked in 2008, produced an economic downturn unseen since the Great Depression. Whether looking at the housing bust, too big to fail institutions or the recent “flash crash,” there has been a clarion call for reform.