Days later, mystery still shrouds stock market's 'flash crash

Five days after the US stock market wentnike, my best choice haywire, securities regulators said Tuesday they have no solid answers about what went wrong.
But regulators and stock market executives, appearing before a congressional panel, said they'll pursue new "circuit breakers" The way to the dreamdesigned to reduce

the risk of a repeat in the kind friendsinmyheartof unusual volatility that left investors amazed and exasperated last Thursday. The event at issue has been called

by some the "flash crash."software lifeUS Stock prices had fallen more than 2 percent by early afternoon Thursday, but then the plunge suddenly and

inexplicably accelerated. The Dow Jones Industrial Average was soon down more than 8 percent. Then, just as suddenly, share prices surged

upward and the market closed where am i?with a roughly 3 percent loss for the day."I think we would all agree that the market did not [work]," said

Lawrence Leibowitz, chief operating officer of NYSE Euronext, which operates the New York Stock Exchange.In fact, the erratic trading on May

6 is exposing two sides of Wall Street that both are disturbing to some investors. First, exchanges have become so complex that even insiders

can't easily explain the kind of mayhem that occurred Thursday. (Even blue chip stocks including Procter a Gamble plunged as much as 30

percent in a few minutes.)Second, for all the mysteries, Wall Street has a public-relations challenge, as the investigation amplifies concerns about

whether computerized trading by sophisticated firms is helping or harming America's capital markets."To what extent do you agree with the view

that these high-frequency traders are just parasites on the market?" Rep. Brad Sherman (D) of California asked Mary Schapiro, chairman of the

Securities and Exchange Commission.So far, the practice of high-frequency trading, in which firms seek to take advantage of profit opportunities

that last for fractions of a second, has not been implicated as a cause of Thursdays mini-crash.But Ms. Schapiro said the SEC is working to assess

the role of these trades, and how they affect the markets.She said the inquiry into May 6 so far has not found evidence that the cause involved

computer hackers, cyber terrorists, of a big investor making an erroneous trade due to a "fat finger" on the keyboard. She also downplayed the

view that trading in so-called E-mini contracts (a trade in stock-index futures) played a key role. http://forum.alsh8d.com
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