Intercontinental Exchange CEO, Jeffery Sprecher, took a moment to herald rival exchange group CME on its stopping of the flash crash at the Futures Industry Association expo in London today.
Sprecher, whose group competes directly with CME in the US, offered up his praise at his rival’s matching engine stopping the flash crash
“In looking at the US flash crash, I believe that CME’s matching engine stopped the flash crash…because it saw a gap in the order book,” said Sprecher.
He congratulated them for having the mechanisms in place to take a five second pause, ultimately stopping the crash.
The ICE chief said his exchange also possesses the tools “to prevent spoofing and run away algorithms”.
The flash crash on 6 May 2010 caused a number of major US indexes to collapse and then rebound and its roots are still being discovered and debated today.