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May 6, 2015

Former Senator Calls on Congress to Investigate ‘Flash Crash’

“Former Sen. Ted Kaufman, D-Del., and Dennis Kelleher, president and CEO of Better Markets, are urging Congress to create an independent commission to investigate the “Flash Crash,” which caused the market to lose nearly $1 trillion in value five years ago.

“In their letter to Senate and House leaders, Kaufman and Kelleher write that on May 6, 2010, in “just 36 dizzying minutes, the U.S. stock market lost almost $1 trillion of value and just as quickly regained it.”

“This so-called flash crash “starkly exposed how fragile and vulnerable our markets are to lightning-fast, unregulated, dark trading, often referred to as ‘high frequency trading,’” Kelleher wrote.

“While many investigations over the years have been performed, “none were very convincing and many questions remained,” Kelleher said.”

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Read the full Think Advisor article by Melanie Waddell here.

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