May 6'th 2010 Flash Crash Analysis Continuing Developments Delay Comparisons. Publication Date: 09/15/2010 There has been some speculation as to the cause and effect regarding the NYSE delays on 05/06/2010. Was the delay cause by an excessive amount of quotes (quote stuffing) or was the excessive amount of quotes a phenomena of the delay. Show below is a chart showing the quote rates surge approx 1 second before NYSE started to lag the market on 05/06/2010. Following that is a chart showing the quote rates surge approx 1 second before NYSE started to lag the market on 04/28/2010. Both of these surge patterns show a very similar pattern; a smaller surge followed by a large surge in quote traffic. It is clear from these charts the excessive quote rates (quote stuffing) preceded the NYSE delay on both 05/06/2010 and 04/28/2010. View Delayed Stocks on 05/06/2010 View Delayed Stocks on 04/28/2010 Inquiries: pr@nanex.net Publication Date: 09/15/2010 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.