{"id":5554,"date":"2012-09-23T20:00:13","date_gmt":"2012-09-24T00:00:13","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5554"},"modified":"2012-09-23T20:00:13","modified_gmt":"2012-09-24T00:00:13","slug":"anatomy-of-a-flash-crash-fiscal-times","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/23\/anatomy-of-a-flash-crash-fiscal-times\/","title":{"rendered":"Anatomy of a flash crash &#124; Fiscal Times"},"content":{"rendered":"<p>By John Kemp<\/p>\n<blockquote><p>ANATOMY OF A FLASH CRASH<\/p>\n<p>In their report on the 2010 equity market crash, the SEC and CFTC staff found that &#8220;against a backdrop of unusually high volatility and thinning liquidity, a large fundamental trader (a mutual fund complex) initiated a sell program to sell a total of 75,000 E-mini contracts (valued at approximately $4.1 billion) as a hedge to an existing equity position&#8221;.<\/p>\n<p>&#8220;This large fundamental trader chose to execute this sell program via an automated execution algorithm (&#8220;Sell Algorithm&#8221;) that was programmed to feed orders into the June 2010 E-Mini market to target an execution rate set to 9% of the trading volume calculated over the previous minute, but without regard to price or time,&#8221; the report noted. &#8220;On May 6, when markets were already under stress, the Sell Algorithm chosen by the large trader to only target trading volume, and neither price nor time, executed the sell program extremely rapidly in just 20 minutes&#8221;&#8230;&#8230;&#8230;&#8230;..<\/p><\/blockquote>\n<p>via <a href=\"http:\/\/www.thefiscaltimes.com\/Articles\/2012\/09\/20\/When-Oil-Prices-Drop-in-a-Flash-Is-It-Real.aspx#page2\">When Oil Prices Drop in a &#8216;Flash&#8217;: Is It Real?<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By John Kemp ANATOMY OF A FLASH CRASH In their report on the 2010 equity market crash, the SEC and CFTC staff found that &#8220;against a backdrop of unusually high volatility and thinning liquidity, a large fundamental trader (a mutual fund complex) initiated a sell program to sell a total of 75,000 E-mini contracts (valued &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/23\/anatomy-of-a-flash-crash-fiscal-times\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Anatomy of a flash crash &#124; Fiscal Times&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[57,32],"tags":[308,1422,1678,1685],"class_list":["post-5554","post","type-post","status-publish","format-standard","hentry","category-stock-markets","category-trading","tag-automated-execution-algorithm","tag-flash-crash","tag-hft","tag-high-frequency-trading"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Anatomy of a flash crash &#124; Fiscal Times - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Anatomy of a flash crash &#124; Fiscal Times - the patient investor\" \/>\n<meta property=\"og:description\" content=\"By John Kemp ANATOMY OF A FLASH CRASH In their report on the 2010 equity market crash, the SEC and CFTC staff found that &#8220;against a backdrop of unusually high volatility and thinning liquidity, a large fundamental trader (a mutual fund complex) initiated a sell program to sell a total of 75,000 E-mini contracts (valued &hellip; Continue reading &quot;Anatomy of a flash crash &#124; Fiscal Times&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/23\/anatomy-of-a-flash-crash-fiscal-times\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-09-24T00:00:13+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/09\\\/23\\\/anatomy-of-a-flash-crash-fiscal-times\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/09\\\/23\\\/anatomy-of-a-flash-crash-fiscal-times\\\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Anatomy of a flash crash &#124; 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The Australian Securities Exchange is seen by many as one of the most transparent markets in the world, a place where everyone is informed at the same time and where investors big and small can trade\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6356,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/","url_meta":{"origin":5554,"position":1},"title":"How Regulations Led to High-Frequency Trading","author":"Colin Twiggs","date":"December 4, 2012","format":false,"excerpt":"John Carney writes that high frequency trading is an unintended consequence of regulatory action to remove market specialists: High frequency trading grew up in the aftermath of a decades-long struggle by Congress, the SEC, and the stock exchanges to stamp out the specialists, who were accused of front-running customers, favoritism\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5041,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/03\/electronic-trading-glitches-shake-market-confidence\/","url_meta":{"origin":5554,"position":2},"title":"Electronic Trading Glitches Shake Market Confidence","author":"Colin Twiggs","date":"August 3, 2012","format":false,"excerpt":"Stock markets are impacted by distortions arising from high-frequency trading algorithms as this article by SUZANNE MCGEE discusses. We really need to consider the benefits versus the costs of HFT. Benefits of HFT liquidity are vastly overstated: what use is an umbrella if withdrawn at the first sign of rain?\u2026","rel":"","context":"In &quot;Trading&quot;","block_context":{"text":"Trading","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/trading\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7058,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/asic-high-frequency-trading-taskforce-key-findings\/","url_meta":{"origin":5554,"position":3},"title":"ASIC: High-frequency trading taskforce\u2014Key findings","author":"Colin Twiggs","date":"March 18, 2013","format":false,"excerpt":"Findings of the recent ASIC investigation into dark liquidity and high-frequency trading. The high-frequency trading taskforce found that: (a) some of the commonly held negative perceptions about high-frequency trading are not supported by our analysis of Australian markets\u2014for example: (i) that high-frequency traders exhibit unacceptably high order-to-trade ratios. Increases in\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5750,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/13\/the-high-frequency-trading-threat\/","url_meta":{"origin":5554,"position":4},"title":"The high frequency trading threat","author":"Colin Twiggs","date":"October 13, 2012","format":false,"excerpt":"Extract from a paper by Tom McDonald at the Australian Risk Policy Institute (ARPI), as quoted by Sell On News at Macrobusiness.com.au: The principal purpose of capital markets is to facilitate the efficient allocation of capital across industries, and by extension, society, and via efficient means of allocation, create financing\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17768,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/01\/22\/cautiously-bearish\/","url_meta":{"origin":5554,"position":5},"title":"Cautiously bearish","author":"Colin Twiggs","date":"January 22, 2019","format":false,"excerpt":"In my last newsletter I said: \"We are witnessing the transition from a bull to a bear market......It's time to be cautiously bearish.\" What does \"cautiously bearish\" mean? There are two types of bear markets. First, is the October 1987-style blow-off, where the market goes over a cliff into an\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5554"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5554\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}