Market data provider Nanex of Winnetka, Ill., says Waddell & Reed was not the driving force behind the May 6 Flash Crash.

It was high-frequency traders who filled the role of “a few 8th graders” crashing a first-grade game of dodgeball, Nanex said in an Oct. 8 press release.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.