Mark Cuban Once Trashed Speed Traders. Now He's Investing in One
(Bloomberg) -- Mark Cuban is coming around on high-frequency trading firms.
Cuban, who warned four years ago that the industry was creating structural and trading risks for the market, said Tuesday he bought shares of high-frequency trader Virtu Financial Inc.
That’s a turnaround from March 31, 2014, the day Michael Lewis’s book “Flash Boys” came out, in which he blasted high-speed traders. “There’s no such thing as bug-free software,” Cuban said that day in an interview on CNBC, calling it the greatest risk to that type of trading. “When you have fat-finger bugs you just don’t know what’s going to happen to the market.”
©2018 Bloomberg L.P.