The staffs of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) released a joint report Friday which detailed their findings regarding the market events of May 6, 2010, also known as the “Flash Crash” because of its speed and severity.
“We appreciate the incredible effort of all the professionals at both agencies who have worked tirelessly, scouring the data, interviewing market participants and reconstructing the events of May 6,” Schapiro said in a statement. “This report identifies what happened and reaffirms the importance of a number of the actions we have taken since that day. We now must consider what other investor-focused measures are needed to ensure that our markets are fair, efficient and resilient, now and for years to come.”