Summary of Michael Lewis's Flash Boys

By IRB Media

Please note: This is a companion version & not the original book.

Book Preview: #1 By 2009, the line had a life of its own, and two thousand men were digging and boring the strange home it needed to survive. They were just happy for the work.

#2 The speed at which trades can be made between two different exchanges is limited by the speed of light in fiber, which is about 12 milliseconds. However, the trading speed that is available between exchanges is much slower than that.

#3 Spivey’s plan entailed digging a secret tunnel through the Alleghenies that would connect Chicago to New York. He wanted to cross the line that separated Wall Street traders from people who knew how to dig holes and lay fiber.

#4 The construction of the fiber optic cable was a challenge, as the rock in Pennsylvania was hard limestone. It took a lot of work to dig through it.

• Language: English
• Publisher: IRB Media
• Release date: Mar 11, 2022
• ISBN: 9781669358916

IRB Media

With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

Book preview

Insights on Michael Lewis's Flash boys

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 7

Insights from Chapter 8

Insights from Chapter 1

#1

By 2009, the line had a life of its own, and two thousand men were digging and boring the strange home it needed to survive. They were just happy for the work.

#2

The speed at which trades can be made between two different exchanges is limited by the speed of light in fiber, which is about 12 milliseconds. However, the trading speed that is available between exchanges is much slower than that.

#3

Spivey’s plan entailed digging a secret tunnel through the Alleghenies that would connect Chicago to New York. He wanted to cross the line that separated Wall Street traders from people who knew how to dig holes and lay fiber.

#4

The construction of the fiber optic cable was a challenge, as the rock in Pennsylvania was hard limestone. It took a lot of work to dig through it.

#5

When Spivey took the risk of building the line, he did not consider that Wall Street would not want to buy it. Instead, he believed that the line would be the site of a gold rush, and that it would be worth a lot of money.

#6

In early 2010, Spread Networks had not informed a single prospective client about their existence. They had to wait until March 2010 to sell the line, three months before the line was due to be completed, before they could inform the rich and powerful men whose businesses they were about to disrupt.

#7

The financial markets were changing in ways even professionals didn’t fully understand. The new ability to move at computer rather than human speed had given rise to a new class of Wall Street traders, engaged in new kinds of trading.

#8

The view inside the post-crisis financial world became even more intriguing. The biggest Wall Street banks were jumping onto the line,