The Market Structure Crisis: Electronic Stock Markets, High Frequency Trading, and Dark Pools

This book is a must read for anyone working in the capital markets, as well as anyone curious about what is really happening behind the scenes in our modern stock and option markets. While Flash Boys brought a lot of mainstream attention to the topic, Haim is a long time practicioner and has been writing about HFT, market structure, and electronic liquidity for years. This book is the 'meat' to Tom Wolf's 'flash', if you will.

This is not a book. It's literally just a collection of science-style papers meant for experts on legal issues related to the stock market. I read scientific literature all the time but this just caused my eyes to glaze over. After the first 20 pages I just quit reading, realizing it wouldn't help me in my day trading. I thought it could help me understand the market better, but nope!And if you aren't a day trader and more interested in the legal issues, you can just use google to find papers on the issues.

Really like Haim Bodek but if you do not have a good understanding of financial terms do not bother getting the book.

I was hoping this book would collect, summarize, and combine the cited articles in a readable way. Unfortunately, reading the original articles (online) was more accessible especially as the book under review i) assumes important definitions and ii) floods the reader with volumes of footnotes. There are instances where footnotes occupy the majority of the page.The content is intriguing, so it would be fantastic to see a polished revision addressing these points.

In this well-researched and academic quality collection, Bodek and Dolgopolov provide a thorough review of the specific problems with the US equities markets. Unlike other authors who make sweeping claims that "markets are rigged", Bodek focuses on the details and history of each issue: where a problem was created, who gains/loses from it, and the steps made to remedy the problem as well as suggestions to further improve market quality. Forgoing pithy narratives, this book is not meant for nightstand reading. The material is appropriately complex to match the highly complicated nature of field.The book is presented as a series of essays, many of which have been published over the years. While this serves as a nice chronology of how identification and change has occurred over the years, I would have preferred that the authors took apart the essays and arranged them in a more easily digestible and incremental manner. Regardless, I've learned a lot from this book as it also serves as a good reference for the contemporary market structure debate.

This man deserves more credit for what he has done.