| The chart above shows the number of stocks that were
in Slow Mode (price hit liquidity replenishment point, or LRP) during each
one-second interval. The blue bars represent any type of Slow Mode (bid side,
ask side or both sides), and the yellow represents the number of stocks in Slow
Bid only. You can see that the number of stocks in Slow Mode was quite low
overall, and did not really increase until the collapse was almost over.
Furthermore, the stocks entering "slow mode" were trailing the
market, not leading the market. The stocks that led the market are the same
stocks we analyzed in 'Part 3, The Evidence' in our Initial Flash Crash
Analysis report. |
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