Flash Crash ya 2010 dakika kwa dakika

Tarehe 6 Mei 2010, soko la hisa la Marekani lilianguka kisha likarejea ndani ya chini ya nusu saa tu — hilo ni crash ya haraka, bado kipindi cha ajabu zaidi cha biashara katika historia ya soko la kisasa. Karibu trilioni moja ya dola za thamani ya soko zilipotea na nyingi zikarudi; katika mchakato huo, kampuni zinazojulikana sana zilichapisha bei ya $0.01 na $100000 kwa hisa. Hapa chini: rekodi ya dakika, nyakati za saa, hisa zilizotajwa — na swali lililohifadhiwa nyuma ya kila namba. Fungua paneli yoyote kwa SQL.

Siku, kwa safu moja

WITH
    (
        SELECT argMaxIf(toFloat64(close), window_start, (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959)
        FROM global_markets.delayed_stocks_minute_aggs
        WHERE ticker = 'SPY'
          AND window_start >= toDateTime('2010-05-05 00:00:00') AND window_start < toDateTime('2010-05-06 04:00:00')
    ) AS prior_rth_close
SELECT
    round(prior_rth_close, 2) AS prior_close,
    round(toFloat64(argMinIf(open, window_start, (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959)), 2) AS rth_open,
    round((toFloat64(argMinIf(open, window_start, (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959)) / prior_rth_close - 1) * 100, 1) AS gap_pct,
    round(minIf(toFloat64(low), (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959), 2) AS rth_low,
    formatDateTime(toTimeZone(argMinIf(window_start, (toFloat64(low), toInt64(toUnixTimestamp(window_start))), (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959), 'America/New_York'), '%H:%i') AS low_et,
    round(toFloat64(argMaxIf(close, window_start, (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959)), 2) AS rth_close,
    round((toFloat64(argMaxIf(close, window_start, (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959)) / prior_rth_close - 1) * 100, 1) AS day_change_pct,
    round((minIf(toFloat64(low), (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959) / prior_rth_close - 1) * 100, 1) AS low_vs_prior_pct,
    round(toFloat64(sum(volume)) / 1e6, 1) AS day_shares_m,
    countIf((toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959) AS rth_minute_bars
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPY'
  AND window_start >= toDateTime('2010-05-06 04:00:00') AND window_start < toDateTime('2010-05-06 23:59:00')

Siku tayari ilikuwa na wasiwasi — habari za deni la Ugiriki zilikuwa zikiripotiwa asubuhi yote — na SPY ilishuka taratibu kutoka bei yake ya ufunguzi ya $116.26. Kisha sakafu ilipotea ghafla: chini ya siku ya $105 ilirekodiwa saa 14:45 ET, -10.1% chini ya bei ya kufungwa ya siku iliyotangulia ya $116.83. Wakati wa kufungwa SPY ilikuwa imejipenyeza hadi $112.88 — -3.4% kwa siku, lakini juu sana ikilinganishwa na kilele cha chini cha mwelekeo huo. Kiasi: hisa 639.9 milioni, moja ya siku zenye shughuli nyingi zaidi za SPY katika kipindi chake.

Ajali hiyo, dakika kwa dakika

Chati za nusu saa zinaficha tukio hili; kwenye uwazi wa dakika moja linajitokeza wazi. Hapa kuna SPY kutoka saa 2:00 hadi 3:30 mchana ET:

SELECT
    formatDateTime(toTimeZone(window_start, 'America/New_York'), '%H:%i') AS et_minute,
    round(toFloat64(close), 2) AS close_usd,
    round(toFloat64(low), 2) AS low_usd,
    round(toFloat64(volume) / 1e6, 2) AS shares_m
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPY'
  AND window_start >= toDateTime('2010-05-06 18:00:00') AND window_start < toDateTime('2010-05-06 19:30:00')
ORDER BY window_start

Ripoti ya pamoja ya SEC–CFTC inapima tukio hili kuanzia takriban saa 2:32 mchana ET, ambapo programu kubwa ya kuuza otomatiki ilianza kutekeleza agizo la takriban mikataba 75,000 ya E-mini S&P 500 futures (takriban dola bilioni 4.1), hadi takriban saa 3:08 mchana, ambapo bei nyingi zilirejea sehemu kubwa ya kushuka — dakika thelathini na sita kuanzia mwanzo hadi mwisho. Mfuatilio wa juu unaendana na mwelekeo huo. SPY ilimaliza dakika ya 14:32 kwa $113.15. Dakika kumi na mbili baadaye, dakika ya 14:44 iliuza hisa milioni 9.21 — ikilinganishwa na milioni 1.44 kwenye dakika ya utulivu kama 14:05 — na dakika ya 14:45 ilirekodi chini ya siku ya $105. Hadi mwisho wa dakika ya 15:08, SPY ilisimama kwa $113.63 — juu ya mahali ambapo kushuka kuliaanza. Safari kamili ya kwenda na kurudi katika takriban nusu saa.

Sita moja tu ilitangazwa siku nzima, na ilidumu sekunde tano. Saa 2:45:28 mchana ET — ndani ya dakika moja na chini iliyotajwa hapo juu — utendaji wa Stop Logic wa CME ulisitisha biashara ya E-mini futures, kulingana na ripoti rasmi, na zabao zilirudi ilipoinuliwa. Vyanja vya soko nzima vya mwaka 2010 viliambatishwa kwenye Dow kwenye viwango vya asilimia kumi, ishirini na thelathini, na sheria zilizokuwa madarakani wakati huo zilieleza hakuna sita hata moja kwa kushuka kwa asilimia kumi wakati huo uliokuwa umechelewa kwenye kikao; hakuna hata moja iliyotangazwa. Vyanja vya hisa moja moja havikuwepo bado — vipo miongoni mwa viumbe vipya vya siku hii.

Kilichosababisha mauzo

Mmuuzaji hakuwa siri kwa wabadilishaji. Ripoti ya SEC–CFTC ilitaja kitengo kimoja cha mfuko wa pamoja wa uwekezaji — kilichotambuliwa katika ripoti za habari kama Waddell & Reed — kilichotumia algoriti ya kiotomatiki inayouza mikataba ya E-mini kwa kasi inayolingana na kiasi, bila kujali bei au wakati. Kiasi kilipopanda ghafla, algoriti iliouza haraka zaidi, katika soko ambapo wapatanishi wa kasi ya juu walikuwa wameshaacha kushikilia hisa na walianza kuzipitishana — kiasi cha "viazi vikali" kinachojulikana kutoka kwenye ripoti. Baada ya miaka mitano jina la pili lilihusishwa na siku hiyo: mamlaka za Marekani ziliwakamata mfanyabiashara wa London Navinder Singh Sarao mwezi Aprili 2015, kwa kudanganya kitabu cha maagizo cha E-mini — kwa kuweka maagizo ambayo hakuwahi kusudia kuyatekeleza — tarehe Mei 6 na siku nyingine mamia. Aliikubla hatia mwaka 2016 na alihukumiwa Januari 2020. Ni kiasi gani maagizo yake yaliathiri wakati huo wa mchana bado yanajadiliwa; somo la kimuundo hapa chini halitegemei hilo.

Uzushi ulipokuwa mkali zaidi

SELECT
    formatDateTime(toTimeZone(window_start, 'America/New_York'), '%H:%i') AS et_minute,
    round(toFloat64(open), 2) AS minute_open,
    round(toFloat64(low), 2) AS minute_low,
    round(toFloat64(open) - toFloat64(low), 2) AS drop_within_minute_usd,
    round(toFloat64(volume) / 1e6, 2) AS shares_m
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPY'
  AND window_start >= toDateTime('2010-05-06 18:00:00') AND window_start < toDateTime('2010-05-06 19:30:00')
ORDER BY drop_within_minute_usd DESC
LIMIT 5

Dakika moja mbaya zaidi iliondoa $5.72 kutoka bei yake ya ufunguzi hadi chini yake — saa 14:49 ET, kwa hisa 4.98 million ndani ya sekiti sitini. Kile ambacho kanda ya muamala inaonyesha ni cha wazi na cha kudumu: bei zinahitaji wanunuzi waliosimama, na kwa dakika chache hakukuwa na hata mmoja. Hii ni hoja imara zaidi iliyo rekodiwa kuelewa agizo la soko linachofanya — kila stop-loss iliyowashwa katika dirisha hilo ilikuwa agizo la soko linalotafuta zabuni ambazo hazikuwepo. NBBO ndio moyo wa soko, na siku hiyo ya mchana ilikoma kupiga.

Senti na $100,000: bei za kushangaza

Zoezi la bei za kushangaza lilitokea wakati zabaha za kweli zilipotoweka. Oda zilizokuwa zikija zilishuka hadi kwenye zabaha zilizosalia. Hata zabaha za mshikaji ambazo zilikuwa zimewekwa mbali na bei yoyote inayowezekana ziliguswa. Kanda ya muamala bado inashikilia rekodi hizo:

SELECT
    ticker,
    round(min(toFloat64(price)), 2) AS lowest_print,
    round(max(toFloat64(price)), 2) AS highest_print,
    countIf(toFloat64(price) <= 0.05) AS penny_prints,
    countIf(toFloat64(price) >= 99999) AS hundred_k_prints,
    count() AS prints
FROM global_markets.stocks_trades
WHERE ticker IN ('ACN', 'AAPL', 'BID', 'PG')
  AND sip_timestamp >= toDateTime('2010-05-06 18:30:00') AND sip_timestamp < toDateTime('2010-05-06 19:30:00')
GROUP BY ticker
ORDER BY ticker ASC

Accenture (ACN), kampuni ya ushauri iliyokuwa ikifanya biashara karibu na $41.49 alasiri hiyo, ilirekodi muamala 43 kwa senti tano au chini. Bei yake ya chini kabisa ilifikia $0.01. Upande mwingine, Apple ilifanya muamala 2 kwa $100000 kwa hisa. Sotheby's ilifanya vivyo hivyo mara 2.

Mabadilishano baadaye ilifuta kila muamala uliotekelezwa zaidi ya asilimia sitini mbali na bei yake ya rejeleo kabla ya kuanguka. Mstari huo unaelezea ukosefu wa usawa katika rekodi. Muamala ya ACN ya senti ilifutwa. Kwa hiyo, chini ya muda wa dakika moja iliyobaki, $17.74, iko -57.2% chini ya rejeleo. Iko ndani ya mpaka wa kufuta tu. Procter & Gamble haikufanya muamala yoyote kwenye zabaha za mshikaji. Muamala wake mbaya zaidi katika kipindi hicho, $39.37, ulikuwa -36.7% chini ya rejeleo lake. Kwa hiyo, kila amri ya stop-loss iliyouza hapo ilihifadhi utekelezaji wake. Muamala ya ACN ya senti ilivuka mstari huo na ilifutwa. Muamala wa P&G ulibaki ndani ya mstari huo na ulisimama. Mpaka huo wa kiholela ulifundisha wafanyabiashara wengi kuhusu aina za oda kuliko kipeperushi chochote kilichowahi kuchapishwa.

Ukiwa unaweza kasi uharibifu ulipoenea

Dirisha hilohilo, kanda iliyoheshimika tu — muhtasari wa dakika, uliopimwa kuanzia bei ya kila jina saa 2:30 alasiri:

SELECT
    ticker,
    round(argMaxIf(toFloat64(close), window_start, (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 870), 2) AS pre_crash_1430,
    round(minIf(toFloat64(low), (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 871 AND 915), 2) AS crash_low,
    round((minIf(toFloat64(low), (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 871 AND 915) / argMaxIf(toFloat64(close), window_start, (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 870) - 1) * 100, 1) AS low_vs_1430_pct,
    formatDateTime(toTimeZone(argMinIf(window_start, (toFloat64(low), toInt64(toUnixTimestamp(window_start))), (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 871 AND 915), 'America/New_York'), '%H:%i') AS low_et,
    round((argMaxIf(toFloat64(close), window_start, (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959) / argMaxIf(toFloat64(close), window_start, (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 870) - 1) * 100, 1) AS close_vs_1430_pct
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker IN ('ACN', 'PG', 'MMM', 'IWM', 'DIA', 'SPY')
  AND window_start >= toDateTime('2010-05-06 04:00:00') AND window_start < toDateTime('2010-05-06 23:59:00')
GROUP BY ticker
ORDER BY low_vs_1430_pct ASC

Tafsamu ndiyo hadithi. Chini kilichobaki cha ACn kilikuwa -57.2% chini ya kigezo chake na cha P&G -36.7%, huku ETF pana zilishuka kwa asilimia za namba moja — DIA, ETF inayofuata Dow, -6.5% na IWM -5.2%. Dakika zile za DIA ziliripotiwa duniani kote kama kushuka kwa pointi kubwa zaidi ndani ya siku katika historia ya Dow hadi siku hiyo. Safu ya mwisho ni risiti ya kurejea: kila moja ya sita ilifunga ndani ya takriban asilimia tatu ya kiwango chake cha saa 2:30 alasiri, kana kwamba saa ya katikati ilikuwa ni uvumi tu.

Jinsi tarehe 6 Mei inavyolinganishwa na siku nyingine za kuanguka

Linganisha flash crash na maangamizi mengine maarufu ya siku moja katika kipindi cha minute-bar (data hii ya hisa inarudi nyuma hadi 2003; Black Monday ya 1987 ni ya kabla ya kipindi hiki):

WITH daily AS (
    SELECT
        toDate(toTimeZone(window_start, 'America/New_York')) AS et_date,
        round(minIf(toFloat64(low), (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959), 2) AS rth_low,
        round(argMaxIf(toFloat64(close), window_start, (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959), 2) AS rth_close
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker = 'SPY'
      AND ((window_start >= toDateTime('2008-09-26 04:00:00') AND window_start < toDateTime('2008-09-30 00:00:00'))
        OR (window_start >= toDateTime('2010-05-05 04:00:00') AND window_start < toDateTime('2010-05-07 00:00:00'))
        OR (window_start >= toDateTime('2015-08-21 04:00:00') AND window_start < toDateTime('2015-08-25 00:00:00'))
        OR (window_start >= toDateTime('2018-02-02 04:00:00') AND window_start < toDateTime('2018-02-06 00:00:00'))
        OR (window_start >= toDateTime('2020-03-13 04:00:00') AND window_start < toDateTime('2020-03-17 00:00:00')))
    GROUP BY et_date
)
SELECT
    toString(et_date) AS session,
    round((rth_low / prev_close - 1) * 100, 1) AS low_vs_prior_pct,
    round((rth_close / prev_close - 1) * 100, 1) AS close_vs_prior_pct,
    round((rth_close / rth_low - 1) * 100, 1) AS bounce_off_low_pct
FROM (
    SELECT et_date, rth_low, rth_close,
           lagInFrame(rth_close) OVER (ORDER BY et_date ASC ROWS BETWEEN 1 PRECEDING AND CURRENT ROW) AS prev_close
    FROM daily
)
WHERE et_date IN (toDate('2008-09-29'), toDate('2010-05-06'), toDate('2015-08-24'), toDate('2018-02-05'), toDate('2020-03-16'))
ORDER BY et_date

Tarehe 6 Mei 2010 si shimo lenye kina kirefu zaidi kwenye jedwali: tarehe 16 Machi 2020 ilifanya biashara -12.4% chini ya close ya awali ikilinganishwa na -10.1% ya flash crash. Lakini hakuna siku nyingine inayokaribia kurejea juu. SPY ilifunga 7.5% juu ya chini yake ya tarehe 6 Mei, ikilinganishwa na 3.9% ya kurejea juu kwa karibu katika seti hiyo (tarehe 24 Agosti 2015 — ambayo yenyewe ni mini flash crash) na tu 1.7% na 0.9% kwenye siku za kipindi cha Lehman na za COVID. Upimaji upya wa bei hubaki chini hadi kufunga; shimo la uwezo hupiga tena juu siku hiyo hiyo ya mchana.

Je, V ilishikilia?

Maswali mawili huamua kile ambacho kuanguka kwa bei kuliweza kuwa: kwa kasi gani bei ya awali ilirudi, na kile cha chini cha hofu kilichowahi kuuzwa tena. Kila swali lina majibu yaliyoandikwa:

WITH
    (
        SELECT minIf(toFloat64(low), (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959)
        FROM global_markets.delayed_stocks_minute_aggs
        WHERE ticker = 'SPY'
          AND window_start >= toDateTime('2010-05-06 04:00:00') AND window_start < toDateTime('2010-05-07 00:00:00')
    ) AS flash_low
SELECT
    round(any(flash_low), 2) AS flash_crash_low,
    round(any(may5_close), 2) AS may5_close,
    toString(any(first_above_date)) AS first_close_above_may5,
    countIf(et_date > toDate('2010-05-06') AND et_date <= first_above_date) AS sessions_until_reclaim,
    toString(any(first_below_date)) AS first_close_below_low,
    round(anyIf(close_usd, et_date = first_below_date), 2) AS close_that_session,
    countIf(et_date > toDate('2010-05-06') AND et_date <= first_below_date) AS sessions_until_break
FROM (
    SELECT et_date, close_usd, flash_low, may5_close,
           min(if(et_date > toDate('2010-05-06') AND close_usd < flash_low, et_date, toDate('2100-01-01'))) OVER () AS first_below_date,
           min(if(et_date > toDate('2010-05-06') AND close_usd > may5_close, et_date, toDate('2100-01-01'))) OVER () AS first_above_date
    FROM (
        SELECT et_date, close_usd, flash_low,
               max(if(et_date = toDate('2010-05-05'), close_usd, 0)) OVER () AS may5_close
        FROM (
            SELECT
                toDate(toTimeZone(window_start, 'America/New_York')) AS et_date,
                round(argMaxIf(toFloat64(close), window_start, (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959), 2) AS close_usd,
                flash_low
            FROM global_markets.delayed_stocks_minute_aggs
            WHERE ticker = 'SPY'
              AND window_start >= toDateTime('2010-05-05 04:00:00') AND window_start < toDateTime('2011-01-01 00:00:00')
            GROUP BY et_date
        )
    )
)

Kurejesha bei kuliweza kwa kasi: SPY ilifunga tena juu ya bei yake ya kufungia ya Mei 5 ya $116.83 baada ya kipindi cha siku 4 tu, tarehe 2010-05-12. V ilishikilia — kwa muda mfupi. Lakini bei ya chini ya kuanguka kwa papo hapo haikubaki kuwa jambo la kawaida: baada ya siku 37 tangu kuanguka, tarehe 2010-06-29, SPY ilifunga bei ya $104.22 — chini ya bei ya chini ya hofu ya $105 — wakati wa mauzo ya madeni ya nchi za Ulaya yaliyotawala majira hayo ya joto. Tofauti hii ndiyo hoja nzima: kuanguka kwa papo hapo kuliifikia bei hiyo kwa dakika chache, bila habari yoyote, na kukauka; majira ya joto yalifikia hapo kwa wiki nyingi na kubaki hapo. Bei ni kile unachoweza kukifanya muamala sasa hivi; thamani ni kile kinachobaki jioni.

Kilichobadilika baadaye

Kuporomoka kwa ghafla kulisababisha mfumo wa kisasa wa vizuizi: mikanda ya Limit Up/Limit Down kwa hisa moja moja na kusimamisha kwa soko zima kwa njia iliyorekebishwa. Mfumo huu ulionekana katika migogoro ya baadaye (kusimamisha kwa Machi 2020 ni mzao wake wa moja kwa moja). Nukuu za uwongo zilikatazwa. Sheria za biashara zilizokosewa wazi zilikaguliwa rasmi. Sasa maagizo makubwa ya futures yanakaguliwa kwa kuzingatia bei wakati wa utekelezaji. Muundo wa soko unaoufanyia biashara leo ulitungwa kwa kiasi kikubwa baada ya dakika thelathini na sita hizo.

Maswali yanayojirudia kuhusu kuanguka kwa bei haraka

Nini kilisababisha kuanguka kwa bei haraka mwaka 2010?

Ripoti rasmi ya SEC/CFTC ilielezea programu ya kuuza E-mini kiotomatiki ya takriban dola bilioni 4.1 iliyotekelezwa katika soko lenye uwezo mdogo wa kununua, ambapo wachuuzi wa mara kwa mara walianza kwa kuongeza kasi ya biashara kisha wakaondoka. Ripoti za habari zilimtambua muuzaji kama kampuni ya hazina ya pamoja Waddell & Reed; mfanyabiashara Navinder Sarao baadaye alishtakiwa kwa udanganyifu wa bei sokoni siku hiyo hiyo. Tukio halisi lilikuwa hivi: uwezo wa kununua ukapotea, na bei zikashuka hadi kwenye bei ya kwanza iliyokuwepo — wakati mwingine senti moja tu.

Kuanguka kwa bei haraka kuliianza na kumalizika saa ngapi?

Muda wa bodi za udhibiti unaanza takriban saa 2:32 mchana ET, wakati uuzaji wa kiotomatiki ulipoanza, hadi takriban saa 3:08, wakati bei nyingi ziliporudi sehemu kubwa ya kushuka kwake — dakika 36. Bei ya chini ya SPY ilionekana saa 14:45 ET, -10.1% chini ya bei ya kufungwa ya awali, na kurudi kwenye bei za kabla ya kushuka kuchukua takriban dakika 23 tangu kufikia chini.

Hisasi zipi ziliathiriwa katika kuanguka kwa bei haraka mwaka 2010?

Karibu kila kitu kilishuka, lakini zilizojulikana zaidi zilikuwa hisasi ambazo bei zake za kununua zikapotea kabisa: Accenture ilifikia bei ya chini ya dola $0.01, Apple na Sotheby's zilifikia dola $100000, na Procter & Gamble ilishuka hadi dola $39.37 — -36.7% chini ya bei yake ya mchana. Biashara zilizofanyika zaidi ya asilimia 60 chini ya bei za kabla ya kuanguka zilifutwa; biashara za P&G zilibaki halali.

Biashara ilisimamishwa wakati wa kuanguka kwa bei haraka?

Hakuna kikwazo cha kusitisha biashara cha sokoni lote kilichowashwa tarehe 6 Mei 2010 — sheria zilizokuwepo wakati huo hazikutoa kusitishwa kwa biashara kwa kushuka kwa bei kwa kiasi hicho wakati huo wa mchana. Kusimama kwa pekee kwa siku hiyo kuchukua sekunde tano: Stop Logic ya CME ilisitisha muda mfupi biashara ya mustakabali wa E-mini saa 2:45:28 mchana ET, dakika ile ile bei ya chini ya faharasa ilipofikia. Vikwazo vya hisasi moja moja na mipaka ya Limit Up/Limit Down viliundwa baadaye.

Je, kuanguka kwa bei haraka kunaweza kutokea tena?

Matukio madogo yametokea — hisasi moja moja hufikia vikwazo vya LULD mara kwa mara, na matukio madogo ya kuanguka kwa bei hujirudia. Tukio la kiwango cha mwaka 2010 kwa soko lote limezuiwa hadi sasa na mifumo ya kusitisha biashara iliyoanzishwa kutokana nalo. Jibu la kweli ni kwamba kipengele cha ki muundo — uwezo wa kununua unaweza kutoweka kwa milisekunde — ni wa kudumu.

Maelezo ya data

Paneli kila moja hapo juu ni swali lililohifadhiwa lenye toleo juu ya rekodi ya kihistoria — panua SQL ili kuona kipimo kimoja kimoja. Unataka kuhisi siku hii badala ya kuisoma? Ni moja ya hali za kucheza katika kiakisi cha biashara cha Strasmore Labs.