SEC Probe Into Market "Flash Crash" Finds No Single Cause
09.09.10 |
(Washington, DC) -- Regulators still can't point to any single cause for last May's sudden stock market crash. Sources familiar with the probe say the Securities and Exchange Commission is still searching for a possible smoking gun that might explain the Dow's 700-point plunge on May 6th.
The SEC has already adopted a circuit-breaker program to halt trading in any single stock that begins to drop sharply. Regulators also reportedly want to ban so-called "stub quotes" which are orders placed well off the market prices. The SEC is expected to issue a follow-up report soon on the crash which exposed flaws in the high-speed electronic marketplace.
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