A book written by a group of high-frequency trading firms, defending high-frequency trading. Hmm...<p>Is this blogger&#x27;s summary of Kovac&#x27;s book accurate (<a href="http:&#x2F;&#x2F;blog.themistrading.com&#x2F;2014&#x2F;12&#x2F;flash-war&#x2F;" rel="nofollow">http:&#x2F;&#x2F;blog.themistrading.com&#x2F;2014&#x2F;12&#x2F;flash-war&#x2F;</a>)? Seems like the book refutes the accusation of HFT front-running but:<p>&quot;Kovac then writes, “In other words, this research, cited by Lewis himself near the conclusion of his book, contradicts everything he has said about front-running in the prior two hundred pages.” Kovac suggests this is some kind of “Aha!” moment. See, he seems to say, there’s no front-running and Lewis’s own sources say so.<p>Your guess is as good as mine on this, but Kovac seems to be the one who apparently didn’t read the research. Go to the next paragraph in Clark-Joseph’s paper: “[T]he private information about price-impact generated by an HFT’s small aggressive orders enables that HFT to trade ahead of predictable demand [that is, front-run demand] at only those times when it is profitable to do so (i.e., when price-impact is large).”&quot;