Allspaw's post on this incident (http://www.kitchensoap.com/2013/10/29/counterfactuals-knight-capital/ http://www.kitchensoap.com/2013/10/29/counterfactuals-kni

Allspaw's post on this incident (http://www.kitchensoap.com/2013/10/29/counterfactuals-knight-capital/ http://www.kitchensoap.com/2013/10/29/counterfactuals-knight...) is much better. In particular, he explains why the SEC document is not a post-mortem and should not be used to reach this kind of conclusion.