The chief executive of Vanguard appears to be one of the few voices defending high-frequency trading firms these days, according to a report in the Financial Times.
Bill McNabb, who heads up the $2.5 trillion mutual fund company, dismissed “Flash Boys” author Michael Lewis’s contention that the stock market is “rigged.” McNabb told the Financial Times that on the contrary, high-frequency trading firms help lower trading costs. And he urged the Securities and Exchange Commission “not to reverse the market reforms that gave birth to the phenomenon.”
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