The suspects are many: fat fingers, catastrophic cascades, high frequency traders and our favourite, 'wild algos'.Īlgo is the market slang for trading algorithms, very fast computer trading programs. In the coming weeks the US financial regulators will release their final report on the crash.
Stan Correy: What happened is still a mystery. Irene Aldridge: All before anyone knows that f.k just happened. Samantha Bee: Think of them as an instantaneous middleman: when they see investors want to buy a stock, they buy up all the available shares and sell them at higher prices, most likely to other middlemen, who in turn sell those shares to investors. The sky's the limit, the possibility of the trends are huge. Irene Aldridge: High frequency trading is the hottest thing on the market. So, welcome to the world of algorithmic and high frequency trading. They're serious questions and we'll hear from computer programmers, mathematicians and moral philosophers to help us out. Did Robot computer program traders really act like robotic pirates, and take control of the market? Or was it, as some said, just a 'catastrophic cascade of failures'? Today we investigate what happened in that few minutes known as the 'flash crash'. In that short time, one trillion dollars of market value disappeared, and then just as quickly came back. Stan Correy: Between 2.30pm and 3pm that day, the Dows-Jones Index plunged almost a thousand points in a matter of minutes, and then rebounded just as fast. There is fear in this market - you can take a look at what has happened.
Scott: Yes, Erin, they're saying when I ask them what the heck is going on down here, I don't know, there is fear, this is capitulation really, I mean it is classic capitulation. But it also became one of the worst days, an extraordinary 'flash crash'.Įrin: Scott, you're there what is the talk, what happens from there, and what are people saying now you're down 800? It was going to be a day of record trading of shares on the most powerful market in the world. Stan Correy: You're at the New York Stock Exchange on Wall Street.
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