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Technology Stocks : The *NEW* Frank Coluccio Technology Forum

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To: ftth who wrote (34860)	8/28/2010 6:25:45 AM
From: axial	Read Replies (2) of 46821

Right down to zero, in yet another flash crash... "So there you go: no NYSE Liquidity Replenishment Points to blame here, but a pure and simple example of an algorithm going haywire. We wish to thank BATS exchange (which is no longer content with busting the NBBOs in the US, it has now also decided to go after Chi-X in Europe) for allowing this vivid demonstration of a mini flash crash in action, in which there is absolutely no fat finger, no Greek parliament to blame the crash on, and is merely a function of a busted HFT algo which ends up making a mockery of the price discovery process. Our market continues to be extremely fragmented, poised for an increasing number of micro flash crashes either in one name, or multiple, and with the SEC continuing to dither and take no action to remedy the broken topology and microstructure of the market, we can be certain that we will see many more such examples in the future. Only this time everyone will know that just like in this isolated case, it will be the HFTs which have completely destroyed the credibility of an efficient market." Nanex Dissects Yesterday's CMT Flash Crash: Catches BATS, NASDAQ HFT Algo Red-Handed zerohedge.com Jim

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