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What Was Behind The Glitch?

Thursday’s market mayhem has prompted some aggressive action from the SEC.

On Monday Chairperson Mary Schaprio called the leaders of six major exchanges, including the NYSE and Nasdaq to our nation’s capital for a summit.

And in the wake of the meeting, we’re hearing that they have all agreed – at least in principle - to a uniform system of "circuit breakers" that would slow trading during periods of intense market volatility.

The specifics are still coming together but here’s what we know.

One popular idea is for exchanges to simultaneously slow trading of a specific stock if its price moves too quickly.

Exchanges also are discussing whether the trigger for slowing trading should be based on the rate of percentage change in the value of a stock or its trading volume.

*Find out what Steve Grasso of Stuart Frankel has to say about these developments. Watch the video now!




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Trader disclosure: On May 10, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders;

For Anthony Scramucci
Scaramucci Owns (MO), Skybridge Owns (MO)
Scaramucci Owns (JNJ), Skybridge Owns (JNJ)

For Tim Seymour
Seymour Owns (AAPL)
Seymour Owns (BAC)
Seygem Asset Management Owns (MTL)
Seymour Owns (CX)

For Guy Adami
Adami Owns (AGU)
Adami Owns (C)
Adami Owns (GS)
Adami Owns (INTC)
Adami Owns (MSFT)
Adami Owns (NUE)
Adami Owns (BTU)

For Karen Finerman
Finerman's Firm Is Short (IYR)
Finerman's Firm Is Short (IWM)
Finerman's Firm Is Short (SPY)
Finerman's Firm Is Short (MDY)
Finerman's Firm Is Long S&P Puts
Finerman Owns (AAPL)
Finerman's Firm Owns (BAC), (BAC) Calls
Finerman Owns (BAC), (BAC) Preferred
Finerman's Firm Owns (BP) Calls, (BP)
Finerman Owns (GS) Calls
Finerman's Firm Owns (IBM)
Finerman's Firm And Finerman Own (JPM)
Finemran's Firm And Finerman Own (RIG), (RIG) Calls
Finerman Owns (WFC) Preferred

For Joe Terranova
Terranova Is Long Gold Futures
Terranova Is Long Oil Futures
Terranova Owns (OIH)
Terranova Owns (BUCY)
Terranova Owns (POT)
Terranova Owns (XCO)
Terranova Owns (PFE)
Terranova Owns (SWN)
Terranova Owns (C)
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (DRYS)

For Brian Kelly
Kanundrum Capital Owns (GLD)
Kanundrum Capital Owns (TLT)
Kanundrum Capital Owns (GFI)
Kanundrum Capital Owns (AUY)
Kanundrum Capital Is Long U.S. Dollar
Kanundrum Capital Is Short (XLE)
Kanundrum Capital Is Short (XLK)
Kanundrum Capital Is Short (XLI)
Kanundrum Capital Is Short (XLV)
Kanundrum Capital Is Short (DE)
Kanundrum Capital Is Short (FDX)
Kanundrum Capital Is Short (CLF)
Kanundrum Capital Is Short (NUE)
Kanundrum Capital Is Short (XOM)
Kanundrum Capital Is Short (HES)
Kanundrum Capital Is Short (SU)
Kanundrum Capital Is Short (CME)
Kanundrum Capital Is Short (MCO)
Kelly Owns (FXE) Puts
Kelly Owns (FXB) Puts

For Dennis Gartman
Funds Managed By Dennis Gartman Are Long Gold; Are Short Euro, Yen
Funds Managed By Dennis Gartman Are Long Australian Dollars, Canadian
Dollars; Are Short Yen, Sterling, Euro
Funds Managed By Dennis Gartman Own (MMM)
Funds Managed By Dennis Gartman Own (DSC)
Funds Managed By Dennis Gartman Are Short (GS)
Funds Managed By Dennis Gartman Are Short (RIMM)
Funds Managed By Dennis Gartman Own (CCI)
Funds Managed By Dennis Gartman Own (PPS)
Funds Managed By Dennis Gartman Own (AAPL)
Funds Managed By Dennis Gartman Are Short (RIMM)
Funds Managed By Dennis Gartman Are Short (GS)
Funds Managed By Dennis Gartman Are Short (GOOD)
Funds Managed By Dennis Gartman Are Short (SPLS)

For Steve Grasso
Stuart Frankel And Its Partners Own (AMR)
Stuart Frankel And Its Partners Own (BAX)
Stuart Frankel And Its Partners Own (DYN)
Stuart Frankel And Its Partners Own (CUBA)
Stuart Frankel And Its Partners Own (DYN)
Stuart Frankel And Its Partners Own (GERN)
Stuart Frankel And Its Partners Own (HSPO)
Stuart Frankel And Its Partners Own (MERC)
Stuart Frankel And Its Partners Own (NWS.A)
Stuart Frankel And Its Partners Own (NYX)
Stuart Frankel And Its Partners Own (PALM)
Stuart Frankel And Its Partners Own (PDE)
Stuart Frankel And Its Partners Own (PFE)
Stuart Frankel And Its Partners Own (PRST)
Stuart Frankel And Its Partners Own (RDC)
Stuart Frankel And Its Partners Own (TLM)
Stuart Frankel And Its Partners Own (XRX)
Stuart Frankel And Its Partners Own (SDS)
Stuart Frankel And Its Partners Are Short (QQQQ)
Stuart Frankel And Its Partners Are Short (CL)
Stuart Frankel And Its Partners Are Short (AAPL)
Grasso Owns (NDAQ)
Grasso Owns (DYN)
Grasso Owns (LPX)
Grasso Owns (ASTM)
Grasso Owns (ABK)
Grasso Owns (BAC)
Grasso Owns (BGP)
Grasso Owns (C)
Grasso Owns (CVGI)
Grasso Owns (JPM)
Grasso Owns (NEM)
Grasso Owns (PRST)
Grasso Owns (PFE)
Grasso Owns (BA)
Grasso Owns (T)
Grasso Owns (CSCO)
Grasso Owns (X)




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