Its a fact that someone fat fingered the numbers yesterday on a trade that destroyed the sector for nearly an hour.
Familiarize yourself with the 2010 Flash Crash. https://en.wikipedia.org/wiki/2010_flash_crash
On April 21, 2015, nearly five years after the incident, the U.S. Department of Justice laid 22 criminal counts, including fraud and sector manipulation against Navinder Singh Sarao, a British Indian financial trader. Among the charges included was the use of spoofing) algorithms; just prior to the flash crash, he placed orders for thousands of E-mini S&P 500 stock index futures contracts which he planned on canceling later.\11]) These orders amounting to about "$200 million worth of bets that the sector would fall" were "replaced or modified 19,000 times" before they were canceled.\11]) Spoofing), layering), and front running are now banned.
It took over seven years to investigate and find what looked like a harmless trade was actually wide spread financial fraud at an unprecedented scale.
Why am I taking the time to familiarize this with you and correlate the two?
In July 2012, the SEC launched an initiative to create a new sector surveillance tool known as the Consolidated inspection Trail (CAT).\94]) By April 2015, despite support for the CAT from SEC Chair Mary Jo White and members of Congress, work to finish the project continued to face delays
https://www.waterstechnology.com/management-approach/2403521/letting-the-cat-out-of-the-bag
The systems lost in the sauce.
Happy Cat Day Everyone!