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JPM Explains How HFTs Caused Friday's Sterling Flash Crash

On Friday, in the aftermath of the historic pound sterling flash crash, we presented Citi's forensic take of how in just 30 seconds, bid/ask spreads in cable exploded as wide 600 pips. Today, we provide another take, that of JPM's Nikolaos Panigirtzoglou, who looks at the "gapping market" that emerged on Friday morning Asia time, and shares some color on the role of high frequency traders behind the sudden, dramatic plung in sterling.
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