Economics

Nearly $1 trillion vanished from the US stock market in 36 minutes

On 6 May 2010, the Dow Jones plunged almost 1,000 points and major stocks briefly traded for pennies before rebounding, all within about half an hour. Regulators eventually traced a large share of the chaos to Navinder Singh Sarao, a trader working from his parents' house in London who used automated 'spoofing' orders to manipulate futures prices.

U.S. Securities and Exchange Commission & Commodity Futures Trading Commission, 2010 flash crash — Joint report, 2010; Sarao prosecution, 2015

One credited idea per card. No filler. Swipe the rest in Savvy.

Keep swiping — it's free Works right in your browser. No app store needed.