Nanex Logo
Flash Crash Analysis
Continuing Developments

Flash Equity Failures in 2006, 2007, 2008, 2009, 2010, and 2011

Publication Date: November 29, 2010
Updated: February 4, 2011

Back to Table Of Contents

We have analyzed all listed equities for 2006, 2007, 2008, 2009 and 2010 for potential "mini crashes" in individual stocks. We were surprised at the number of incidents we found.

Parameters used:
  1. To qualify as a down-draft candidate, the stock had to tick down at least 10 times before ticking up -- all within 1.5 seconds and the price change had to exceed 0.8%.

  2. To qualify as a up-draft candidate, the stock had to tick up at least 10 times before ticking down -- all within 1.5 seconds and the price change had to exceed 0.8%.

Because there are so many of these instances, showing all the individual charts on a page would simply be to unwieldy. Instead, we are providing ZIP archives for each year analyzed. Simply download the files, unzip and start viewing. We also made 10 pages with 10 sample images from each year (both down drafts and up drafts) for you to view now.


Down Drafts

Download All


Up Drafts

Download All

2011 69+ Download 70+ Download
2010 1041 Download View 777 Download View
2009 1,462 Download View 1,253 Download View
2008 4,065 Download View 4,354 Download View
2007 2,576 Download View 2,456 Download View
2006 254 Download View 208 Download View

An explanation of the chart components can be found by Clicking Here.

The following chart showing the daily occurrence of these events between January 1, 2006 and November 3, 2010.
The lower chart uses a logarithmic scale. Click HERE for a high resolution image of the chart.

Reg NMS:

Regulation NMS was implemented in 2007. For an exact timeline of the implementation phases, please see:

SIFMA Regulation NMS Implementation Timeline.

Many exchanges had completed implementation prior to the required dates. Consider the NYSE Hybrid Market rollout:

Hybrid Phase III - COMPLETED rollout January 24, 2007
Hybrid Phase IV - COMPLETED rollout February 27, 2007

Note that prior to Feb 2007, the NYSE had never been a reporting exchange in any incident.


Publication Date: November 29, 2010
Updated: February 4, 2011

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.