A Canadian Conformist Tries to Reform Wall Street
60 Minutes, March 30, 2014
The March 30, 2014 episode of CBS’s 60 Minutes features a story on Michael Lewis’ new book, Flash Boys, which involves a Canadian trader, Brad Katsuyama. While working at RBC, he figured out how a quirk in the speed at which trades reach different trading centres was allowing high-frequency traders to make significant profits by essentially front-running the orders of regular traders. He ultimately started his own exchange (! – I didn’t even know you could do that) with the goal of making trading more fair and transparent.
The piece is interesting to watch on its own merits, and it ties in nicely with the more “scientific/technological” side of Canada we’ve been noticing lately, but I couldn’t help wondering, as I sat through it, whether it would provide a glimpse into American attitudes towards Canadians. There is a certain tone of condescending surprise that runs throughout the piece, as though it’s remarkable that Canadians have even heard of the stock exchange, never mind figured out how it works. And then there’s this quote from the host, Steve Kroft, at about the 11:50 mark (11:30 in the YouTube version at the top):
That’s when Katsuyama, a conformist even by Canadian standards, decided to do something radical.
“Even” is the key word in that sentence, suggesting that we Canadians are extremely conformist to begin with, and Katsuyama is, if such a thing is possible, an extremist when it comes to conformity. This seems to me a classic American stereotype about Canadians, one in which they define themselves as the bold, entrepreneurial, free-thinking North Americans and us as their polite, boring, status-quo neighbours to the north. Could this perception be rooted all the way back in the phenomenon of United Empire Loyalists during the American Revolution and our decision to remain a British colony rather than striking out on our own?
Hard to say, but whatever its source, the attitude clearly persists: Canadians are the human equivalent of a dull grey suit, forever masking ourselves and our true feelings, never stepping out of line, never doing anything unexpected but always plodding steadily along without really going much of anywhere.
On the other hand, according to the 60 Minutes report, it took a Canadian – not to figure out what was going on, since apparently other people had figured that out, at least to some extent, but it took a Canadian to actually make the effort to stand up to the vested interests and try to change an unfair system. This phrase, also from Kroft, sums it up nicely:
You beat speed by slowing down?
I suppose Americans would consider that a very Canadian approach to heroism.