# Flash Boys
## Introduction
- The Rise of High-Frequency Trading (HFT)
- Definition and Overview
- Impact on Financial Markets
- Key Players in HFT
## Part I: The Problem
- The Structure of Modern Stock Markets
- Fragmentation of Exchanges
- Role of Dark Pools
- Complexity of Market Infrastructure
- High-Frequency Trading Explained
- Speed as a Competitive Advantage
- Techniques Used by HFT Firms
- Front-Running and Market Manipulation
- The Impact on Investors
- Retail Investors vs. Institutional Investors
- Increased Costs for Long-Term Investors
- Erosion of Trust in the Market
## Part II: The Solution
- Brad Katsuyama's Journey
- Early Career at RBC
- Discovering the HFT Problem
- Mission to Create a Fair Market
- Building IEX (Investors Exchange)
- Concept of a "Speed Bump"
- Designing a Transparent Exchange
- Challenges in Gaining Support
- The Role of Regulation
- SEC and Market Oversight
- Calls for Reform
- Public Awareness and Advocacy
## Part III: The Aftermath
- The Launch of IEX
- Initial Reception
- Growth and Adoption
- Competing with Established Exchanges
- The Ongoing Battle Against HFT
- Continued Resistance from Wall Street
- Legal and Ethical Debates
- Evolution of Trading Technologies
- Lessons Learned
- Importance of Transparency
- Balancing Innovation and Fairness
- Future of Financial Markets
## Conclusion
- Reflections on the Fight for Fairness
- Achievements of Brad Katsuyama and IEX
- Broader Implications for Society
- Hope for a More Equitable Market System