18. The Investigation

In 1987, the Brady Commission took just nine weeks to produce its report on the causes of Black Monday, which was a considerable accomplishment. The Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) produced a preliminary Flash Crash report by May 18, but their final report would not be ready until late September. There were numerous reasons for the longevity of the Flash Crash investigation. The primary one was that the SEC lacked direct access to the market data needed to draw a credible conclusion. The agency had to collect the data from Financial Industry Regulatory Authority (FINRA) and from each of the exchanges. The data came in several formats, and it sometimes lacked ...

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