Finra Finds "Widespread Use Of High-Speed Algorithmic Trading" Was Likely Cause For Flash Crash

Well, glad that is resolved. Now on to fixing it, which alas would mean killing a few hundred billion in annual revenue streams for the parasitic "liquidity providers" (a role they promptly abdicate when the market tends to drop just a little more than they are comfortable with; otherwise yes, the liquidity in Citi, FNM and FRE, as well as AAPL and GOOG options is phenomenal) and which also tend to double as systemic catastrophe factors. Look for many more appearances of "cash cows" on assorted status quo-defensive media venues, as they mount their last defense to preserve a way of life that does nothing to encourage investing within America's increasing skeptical of the capital markets population. From Reuters: "Regulators probing the mysterious May 6 "flash crash" in the stock market are unlikely to find a single cause, though the widespread use of high-speed algorithmic trading was in general likely behind it, the head of the Financial Industry Regulatory Authority said on Monday. "We won't stop until we finish the analysis. But I think the answer is there is unlikely to be a single cause," Finra CEO Rick Ketchum told Reuters on the sidelines of a conference here. "It is much more likely to be a proliferation of algorithmic trading that was all subject to the same triggers and didn't have the same controls."