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Crapshoot Investing: How Tech-Savvy Traders and Clueless Regulators Turned the Stock Market into a Casino by Jim McTague

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5. Flash Crash

Six months after her confrontation with Senator Kaufman, Chairman Shapiro faced one of the most dramatic stock market crashes in history. On Thursday, May 6, 2010, at 2:30 p.m., a massive trading anomaly dubbed the Flash Crash shook Wall Street like a magnitude-ten earthquake, shattering the weakened faith of small investors in the structural integrity and the fairness of the equity market. The event also shook up regulators. They had viewed the fears about high-frequency trading (HFT) and the potential for a rapid market meltdown expressed by persons like Kaufman and Arnuk and Saluzzi with skepticism. Now this lightning-quick market move—the fastest and deepest intraday rise and fall in history—proved in fact that something was ...

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