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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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8. Accident Investigation

The haste with which the regulators narrowed their investigatory focus was perplexing. The list of possible Flash Crash suspects was long enough to populate an Agatha Christie novel, yet the regulators had ruled many of them out after only a few days. One regulatory official who was privy to the deliberations of the Commodities Futures Trading Commission-Securities Exchange Commission (CFTC-SEC) Joint Advisory Committee had been shocked from day one of the investigation when two members opined before the panel’s first meeting even took place that the cause of the Flash Crash never would be known. He thought they were being defeatist. He wondered if the committee would make an honest effort to get to the bottom of the ...

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