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Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence and Your Portfolio by Joseph Saluzzi, Sal Arnuk

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10. The Flash Crash

Guest Chapter by R.T. Leuchtkafer

Introduction by Sal and Joe: It was May 6, 2010. We had just finished yet another earnings season, where publicly traded corporations release their quarterly reports, and investors adjust their valuation expectations and trade accordingly.Wall Street had quieted down and shifted its focus to worldwide macro events. Greece’s economic problems were front and center. CNBC was showing footage of civilians rioting in Athens. The market was sharply lower, but it was quiet at Themis.Sal went home early to mow the lawn. At 2:45 p.m., he received a frantic call. “Get back in here, farmer boy,” Joe said. “The market is crazy.” Sal shut down the mower and jumped in his truck. Five minutes later he walked ...

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