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Current DateTime: 11:27:45 06 May 2011LinksList Documentid: 38910464Expiration DateTime: 5/6/2011 11:30:44 AM
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Current DateTime: 11:09:56 05 May 2011LinksList Documentid: 39085620FacebookTwitterRSSCurrent DateTime: 11:09:56 05 May 2011LinksList Documentid: 38852222John Carney
Runs this joint.
Cadie Thompson
Really, really runs this joint.
Kate Kelly
Reports on the major Wall Street firms, trading, and regulation.
Jeff Cox
A staff writer with CNBC.com, covering the gamut of issues affecting the stock market and the economy.
Lori Spechler
A Senior Editor at CNBC, commodity trader in a former life.
Lori Ann LaRocco
A Senior Talent Producer at CNBC.
Nicole Lapin
Runs the graveyard.
Current DateTime: 11:27:46 06 May 2011LinksList Documentid: 38910635Expiration DateTime: 5/6/2011 11:30:35 AM
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setDefault('cnbc_textbody');What Really Caused the Flash Crash Published:
Thursday, 5 May 2011 | 4:05 PM ET Text Size By: John CarneySenior Editor, CNBC.com
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APHere's some good news: it's the anniversary of the Flash Crash and we know what caused it.
Many things that happen in financial markets remain mysteries for perpetuity. The causes of the housing boom and bust, for instance, are still debated by economists. Was it the Fed's loose money? Deregulation in banking? Perverse pay incentives? Government housing policy? We'll be debating this forever.
But the Flash Crash is different. We know how it happened.
Here's the basic outline of what caused the biggest one-day point decline in the history of the Dow Jones Industrial Average. On May 6, 2010, the primary market makers in the stock market just stopped automatically taking the other side of everyone else's trades. This made the market extremely illiquid. Sell orders had no immediate bids, which basically meant the market became a bottomless pit for a few minutes.
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