To be fair, Flash Boys is a book where the main beneficiaries have a vested interest in portraying HFT and especially cross market arbitrage as predatory.<p>Further, themis trading has a vested interest in portraying HFT and especially cross exchange market making as predatory.  Both groups work for market participants that want to move large amounts of shares without impacting the price.  That is they want to subvert supply and demand.  Their particular quote does a disservice to every one because it equates pricing demand into the market as front-running, which is ludicrous.<p>Full disclosure, I have worked in the HFT industry (though I don&#x27;t now).  Regardless of whether HFT is predatory or not, Flash Boys inaccurately portrays how the technical details of exchanges work.  I do not, and  have met no person who is aware of the technical details of the markets who finds it credible.