NYSE Euronext CEO Duncan Niederauer cagily blaming non-NYSE electronic markets for today’s air pocket. He says NYSE was "going slow" because of market action, so trading briefly moved off-NYSE to electronic market, which were too thin to handle clearing all the orders. Result: Big drops.
Fine. So if this is a market feature, not a bug, why are we wiping out all the errant trades by runaway algorithms and market battle bots?