Morgan Stanley has disputed the suggestion that improvements in its equities business have been driven by controversial high-frequency trading, after questions were raised by a rival about why it has been growing so fast.
In the book Flash Boys by Michael Lewis, the bond salesman-turned-author, Goldman Sachs executives are said to have asked: “Why was Morgan Stanley growing so fast?”
Flash Boys suggests that Morgan Stanley eked out an advantage over Goldman by building infrastructure to serve high-frequency traders, known as Speedway, which “was now making Morgan Stanley $500m a year, and . . . it was growing”.
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