Report into the US flash...

Report into the US flash crash.

http://www.sec.gov/news/studies/2010/marketevents-report.pdf

I found it quite a interesting read. I know there are all kind of interpretations already making the rounds .... some obviously very critical.
One thing though that this report nicely shows is that the market makers don't really absorb excess liquidity .... they just redistribute it. So it is really the net in or outflow into a market that pushes the price (makes sense) but not necessarily the traded volume.