After nearly five months and up to ten terabytes worth of analysis later, the US financial regulators, the SEC and CFTC, have come up with their findings of what happened on 6 May 2010, when the US financial markets suffered their worst shock since the great crash of '29. On the last day of September they published their long awaited report. However, those who hoped for closure will be disappointed, because their conclusions and recommendations are apparently still to come.

They found a smoking gun of sorts: the large $4.1 billion futures trade that algorithmically sold 75,000 of the June e-mini S&P 500 contracts in 20 minutes on the CME, but this was only part of the picture. Bob Giffords dissects the regulators' report.

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