Which two U.S. regulators issued the joint report on the 2010 Flash Crash?
Answer
SEC and CFTC
The two U.S. regulators that issued the joint report on the 2010 Flash Crash were the SEC and CFTC.
The Securities and Exchange Commission oversees U.S. securities markets, while the Commodity Futures Trading Commission regulates futures, options, and other derivatives markets. Both agencies had jurisdiction over different parts of the trading chain involved in the May 6, 2010, market plunge.
Their staffs issued “Findings Regarding the Market Events of May 6, 2010” on September 30, 2010, after nearly five months of investigation. The report examined how a large automated sale of E-mini S&P 500 futures interacted with thin liquidity and high-frequency trading. It described a rapid “hot-potato” effect as firms repeatedly bought and sold contracts before liquidity deteriorated across markets.
A common mistake is naming the Federal Reserve or Treasury Department. Those institutions played important roles in financial policy and crisis response, but they did not issue this specific joint Flash Crash investigation. The report’s conclusions were also debated, including by CME and other market-structure critics, so it should be understood as the regulators’ official account rather than an undisputed final explanation.