New Government Report: Severe Market Disruption on May 6, 2010: Congressional Testimony (ISBN: 9781437933369)

May 17, 2010 at 6:00 am Leave a comment

New Government Report: Severe Market Disruption on May 6, 2010: Congressional Testimony (ISBN: 9781437933369)
By Securities and Exchange Commission (SEC) Secretary Mary L. Schapiro (Paperback, 20 pages, 2010, $15)

On May 6th, 2010, there was a massive financial sell-off that sent the Dow Jones industrial average down nearly 1,000 points in less than half an hour, stunning Wall Street and Washington, according to the Associated Press via the Atlanta Journal-Constitution.

According to this report, the sudden evaporation of meaningful prices for many major exchange-listed stocks in the middle of a trading day is unacceptable.

This testimony summarizes the events on May 6th using the best information that is available. Provides an overview of the current market structure for the U.S.-listed securities, including the national market system and Reg. NMS (National Market System), the highly automated nature of trading in today’s markets, and the market-wide circuit breakers and other individual market “time out” mechanisms designed to address difficult trading conditions.

Finally, Schapiro discusses various regulatory tools that need to be considered in determining how best to maintain fair and orderly financial markets and to prevent severe market disruptions in the future.

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