It's fascinating and important stuff if you are a trader/institution that has to worry about 1/10th of a quarter point when buying/selling huge blocks. I'm now a long term investor only looking at 1-10 years into the future. I look at investments, determine whether I am willing to buy/sell them and then place buy/sell orders. I don't have to trade around my position. That's it. Now, this brilliant Katsuyama screams to the world that the "Market is Rigged". I don't like the drama queen ploy he used to sell his book.
First - not his book. Lewis wrote it.
Second - Lewis points out that the retail investor isn’t harmed by the pricing. It’s the large traders/firms that make up 95% of the trading volume.
I thought Katsuyama was very poised. O’Brien was incredibly defensive and belligerent. Borderline hysterical.