May 6th 2010 Flash Crash Analysis Continuing Developments Mr. Cummings, Where's The Proof? Publication Date: April 18, 2012 Back to Table Of Contents On Oct 22, 2010, Dave Cummings from Tradebot stated to Reuters that "the Nanex report did not account for enough trades" in reference to our Analysis of the Waddell & Reed trades made on 05/06/2010. We know Mr. Cummings could not be talking about the Waddell & Reed trades, as we have been provided with the complete audit trial of those trades. Anyone can run their mouth off without having the proof. So our questions to Mr. Cummings are: 1) What trades are you referring to? 2) We assume you have the proof and will be making it publicly available. Related Nanex Material: The SEC Redefines Liquidity (when it's convenient) The BATS IPO failure Inquiries: pr@nanex.net Publication Date: April 18, 2012 http://www.nanex.net This report and all material shown on this website is published by Nanex, LLC and may not be reproduced, disseminated, or distributed, in part or in whole, by any means, outside of the recipient's organization without express written authorization from Nanex. It is a violation of federal copyright law to reproduce all or part of this publication or its contents by any means. This material does not constitute a solicitation for the purchase or sale of any securities or investments. The opinions expressed herein are based on publicly available information and are considered reliable. However, Nanex makes NO WARRANTIES OR REPRESENTATIONS OF ANY SORT with respect to this report. Any person using this material does so solely at their own risk and Nanex and/or its employees shall be under no liability whatsoever in any respect thereof.