Lewis, who wrote the best-selling book "Flash Boys: A Wall Street Revolt," accuses high-frequency trading firms of rigging the market.
"Michael Lewis got it wrong when he said that high-frequency traders are front running the public market. What he alleged is simply impossible. Today's markets don't work that way," Peter Kovac, author of "Flash Boys: Not So Fast," said in an interview Monday with CNBC's " Closing Bell. "
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In fact, he believes high-frequency trading actually saves investors money.
"Today's markets are faster, cheaper and safer than ever before," Kovac said.
Of course, if anyone is doing anything illegal, they should be prosecuted, he added.
Tom Joyce, executive chairman of Arxis Capital and former chairman and CEO of Knight Capital, called the thought that high-frequency trading would affect individual investors' portfolios a "complete canard."
"Retail orders are held. They are sent off board, usually, to internalize them. They get executed immediately. The high-frequency trading community never even sees a retail order. They can't interfere with it if they can't see it," he said.