Summary Report of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues,February 18, 2011Do you feel lucky? Well… do ya?It has been nearly one year since the infamous Flash Crash of May 6, 2010 exposed the vulnerabilities in our USmarket structure.Steady and controlled selling gave way to a dangerous and precipitous plunge, as algorithmic proprietary traderstripped over each other to see who could hit the next bid the fastest. After a pause in one market center, the algo-bots raced to see who could take offers and cover shorts the fastest, and the 1,000 plus DJIA drop reversed just asfast. Phillip Morris fell from nearly $49 to $17 before recovering to $47. Boston Beer and Accenture fell to apenny. The exchanges agreed to break thousands of trades that were 60% away from their pre-crash prices… Sal Arnuk, Joseph Saluzzi and R. T. Leuchtkafer
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