Tales from the trading floor.
When I heard that Michael Lewis had a new book out, I was delighted. When I heard it was about High-frequency trading, my heart sank.
Flash Boys, however, is a pulsating read, and chocked full of anecdotes.
Here's just one of many:
In 2006, Royal Bank of Canada acquired U.S. electronic stock market trading firm Carlin Financial. The culture shock was jarring, and didn't fit well with 'RBC nice'.
The first day after the merger, a senior trading professional got a call 'from a worried female employee, who whispered:
'There is a guy in here with suspenders walking around with a baseball bat in his hands, taking swings'.
That turned out to be Carlin's founder and CEO, Jeremy Frommer, who, whatever else he was, was not RBC nice.
One of Frommer's signature poses was feet up on his desk, baseball bat swinging wildly over his head while some poor shoeshine guy tried to polish his shoes. Another was to find a perch on the trading floor and muse in loud tones about who might get fired next'.