In his book "Flash Boys," author Michael Lewis explains how investors are disadvantaged without access to high-frequency trade technology.
What's the advantage of speed?
In the above video, Lewis explains how an extra millisecond allows high-frequency traders to exploit computerized trading in the U.S. stock market. By "beating" investors to exchanges, Lewis argues that high-frequency traders can buy stocks and quickly sell them back at higher prices.
Billions have been spent by Wall Street firms and stock exchanges to gain the advantage of a millisecond. "Is it a scam?" 60 Minutes correspondent Steve Kroft asks. It's bigger than a scam, Lewis says.
Editor's Note: This segment was originally published March 30, 2014