Our Co-Director and Columbia Business School S. Sloan Colt Professor of Banking and Finance, Larry Glosten, will present “The New Stock Market: Sense and Nonsense” (with Merritt Fox and Gabriel Rauterberg).  This paper provides an analytic framework for addressing issues raised by Flash Boys.  Based on a detailed discussion of the extent to which markets are rigged, the paper provides some preliminary suggestions for regulatory reform.