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Monday, October 04, 2010

Waddell's Flash Crash Trade Took Only 20 Minutes

News summary by MFWire's editors

Fundsters following the saga of the Flash Crash of May 6, and of how a trade by Waddell & Reed [see profile] is being unofficially pointed to as the trigger, can now read the official account of that day.

The Securities and Exchange Commission and the Commodity Futures Trading Commission released their joint, 104-page report on the subject. As anticipated last week (see The MFWire, 10/1/2010), the report points to Waddell without actually naming the mutual fund firm. (The report refers to Waddell as "a large fundamental trade (a mutual fund complex).")

In Saturday's Wall Street Journal, Tom Lauricella and Kara Scannell cover the report. And Forbes blogger Joshua Brown argues that blaming for Waddell for the Flash Crash is tantamount to blaming the infamous cow for starting the Great Chicago fire, when "the buildings [were] on top of each other and ... essentially constructed of kindling." 

Edited by: Neil Anderson, Managing Editor

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