A "Flash Crash" that can cause individual stocks to lose more than 90% of their value in 10 seconds remains a looming risk to capital markets, according to the chief financial officer of Accenture, the global consultant.

"Based on what we've all witnessed in the markets that day and since then, there is every reason to expect that this can happen again," Accenture Chief Financial Officer Pamela J. Craig told the Joint Advisory Committee of the Securities and Exchange Commission and the Commodity Futures Trading Commission Wednesday.

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