The publication of Flash Boys, Michael Lewis’s bestselling exposé of high frequency traders (HFTs) in the finance industry, could hardly have been better timed as a call for the Feds to step in.

In the wake of the book’s launch in early April, several regulatory agencies rushed to disclose that they were already taking action. For much of the past year, it appeared, the Justice Department, the FBI, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority had been investigating HFT firms and exchanges for violations of insider trading and other Wall Street rules.

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