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.
1) I believe I addressed your point by stating this: 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.
2) Right in the beginning Katsuyama to agreed that the Markets are Rigged.
I have no dog in this hunt, but claiming that “The Market is Rigged” puts (pun intended) me off. ; ) I'll let you big boys sort this out. BTW, I agree with Lewis to keep regulators far away from this issue because the smart people will find away to get around the new regs. I also agree with Brad, that they are talking their books.