US regulators examining the sources of the wild price moves that hit Wall Street one day last August are taking a hard look at thinly traded exchange traded products and market controls aimed at protecting investors against big swings.
US equities experienced a morning of “unusual” volatility on August 24 after concerns about an economic slowdown in China spilled over to other parts of the world.
As some large stocks fell more than 20 per cent, wide gaps opened between the net asset values of ETPs and their underlying securities. Nearly 1,300 products — mostly ETPs but also some stocks — were suspended for sharp moves. Market participants immediately began questioning the plumbing underpinning the world’s largest equity market.
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