A Market Solution That Put Investors in a Fix

The Wall Street Journal
Aug 24, 2010

In coming weeks, the Securities and Exchange Commission and Commodity Futures Trading Commission are expected to release their report on the “flash crash” of May 6, when the stock market briefly plummeted.

"The market always tries to find its way around the rules," says Vanderbilt University's WILLIAM CHRISTIE, whose work first exposed the game-playing among Nasdaq dealers in the 1990s. "It's kind of like a balloon—you squish one side and it pops out the other."