Findings are presented in four sections. The first section explores the nature and sources of the selling pressure at various points during the day on 6 May. The second section analyses the impact this selling pressure had on key market participants, focusing in particular on their withdrawal from the markets and the consequent evaporation of liquidity. The third section studies additional factors that may have had a role in the events of the day. Finally, the fourth section concludes with a detailed examination of the aggregate order books for selected stocks and ETFs, illustrating how reductions in liquidity led some securities to trade at absurd prices.
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