In a September 7 speech before the
Economic Club of New York, SEC Chairwoman Mary Schapiro hinted that there may be some surprises in the Commission's upcoming report on the infamous
"Flash Crash" of May 6, 2010.
In her remarks, Chairwoman Schapiro suggested that any effort to understand the crash must be seen against the larger background of structural changes that have reshaped the equities market in the last decade. Schapiro pointed out that nearly a third of all equities trading is now conducted in non-public venues such as dark pools and "internalizing" broker dealers, and that automated stop loss orders and algorithmic trading may be multiplying market volatility.