The Securities and Exchange Commission (SEC) released its joint report with the Commodity Futures Trading Commission (CFTC) on May 6’s so-called Flash Crash, but did little else to clarify whether there was any malfeasance involved or whether the report would eventually lead to changes in the way trading is regulated.

The gist of the report is that the market was volatile on May 6 and volume was up on both the futures and equity markets. At 2:32pm, Waddell & Reed, a large trader, scheduled the sale of 75,000 E-Mini contracts, worth about $4.1 billion, as a hedge against an equity position. It was the largest net change in holdings by any trader this year.

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