The joint report of the Commodity Futures Trading Commission and the Securities and Exchange Commission on the May 6 Flash Crash is out; and, as expected, the trigger event was found to be a large, programmed effort by a mutual fund complex to sell E-Mini contracts.

That complex is reported to be Waddell & Reed, a 73-year-old asset manager which has indicated it was engaged in normal trading activities and had no intent of affecting overall market direction.

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