The new book Flash Crash by Liam Vaughan tells the story of an extraordinary trader, Nav Sarao, who outsmarted the HFT firms at their own game, so they had him destroyed. Its also the story of clueless lawmakers and large profitable HFT firms abusing their dominant position to spoof regulators into falsely blaming a modern-day boy plunger for the Flash Crash and eliminating him as their competitor. After the GFC, over-excited lawmakers somehow figured that moving a market up and down a few ticks was a serious crime and decided to outlaw spoofing in futures markets. “it was as if bluffing had been outlawed in poker” I liked that the book paints a definite picture of Nav’s personality and skills. He was a socially awkward computer gamer that through hard work and focus became an extraordinary trader. He had superb memory, hyper focus and high confidence that enabled him to make huge profits taking mega sized bets and without protective stop loss orders! He made a fortune as a point and click trader before he even started using algorithms like his competition, the HFT firms. He complained to the Exchange about spoofing by them, but he was ignored so he designed his own algorithms to join in the game. The regulators acted like the hired muscle of the HTF firms and put him in jail for it. I would have liked the book more with finer details about Nav’s trading; more over to see his screen recordings that the regulators obtained. I look forward to Nav’s autobiography akin to Reminiscences of a Stock Operator about the original boy plunger. Meanwhile, I won’t hold my breath waiting for the regulators to investigate the obscene profits made by the large banks and HFT firms.