May 6'th 2010 Flash Crash Analysis Our business is supplying a real-time data feed comprising trade and quote data for all US equity, option, and futures exchanges. We have archived this data since 2004 and have created and used numerous tools to help us sift through the enormous dataset: approximately 2.5 trillion quotes and trades as of June 2010. May 6th, had approximately 7.6 billion trade, quote, level 2, and depth records. 10-14-2010 Our Final Conclusion Our analysis of the Waddell & Reed e-Mini trades led us to an unexpected break-through. By process of elimination, and with the SEC report for context, we finally have a crystal clear understanding what caused the May 6, 2010 flash crash. 10-13-2010 SEC Report Response An inspection of several key items included or omitted from the SEC's Final Flash Crash Report.   10-08-2010 Analysis of the Waddell and Reed trade executions on May 6, 2010. We have obtained the Waddell & Reed (W&R) May 6, 2010 trade executions from the executing broker in the June 2010 eMini futures contract.   09-27-2010 Nanex Flash Crash Summary Report Our latest analysis and report of the Flash Crash. Published Sept. 27, 2010. 09-20-2010 The Mini Flash Crash of 04-28-2010 Our latest analysis uncovers the Mini Flash Crash of 04/28/2010, just one week prior to the Flash Crash of 05/06/2010. 09-15-2010 Recovery of the Flash Crash - Supply and Demand Analysis showing the recovery occurred not due to strong demand, but rather because there were few sellers left. 09-09-2010 Stub Quoting Did Not Cause The Flash Crash Analysis of when and were trades were made on stub quotes and the dollar value lost. 09-08-2010 Did Quote Stuffing Cause the Flash Crash? Analysis of the 50 millisecond rule. 08-23-2010 Latency on Demand How delays seem to be created on the NYSE. 08-18-2010 The NBBO is Broken Further ramifications of our analysis. 07-25-2010 Quote Rate Data Data showing overall yearly trade and quote rates since 2004. Published July 8, 2010.   06-18-2010 Original Flash Crash Report Our original analysis and report of the Flash Crash. Published June 18, 2010. Inquiries: pr@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.