O'Reilly logo

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

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

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 ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required