As for liquidity, while on the surface it looks deeper, the joint report on the Flash Crash prepared by the US Securities and Exchange Commission and the US Commodity Futures Trading Commission shows that HFT traders scaled back liquidity sharply, thereby exacerbating the problem. The liquidity that they apparently offer proved unreliable under stress – that is, when it is most needed.
各类证据错综复杂。供求之间差距似乎在缩小，我们或许会认为这是积极的。但是市场动荡在加剧，问题也在不同市场不断蔓延。一个市场的不稳定会导致另一个市场不稳定。