Flash Crash discussion begins on page 23. "SARAO's activity created persistent downward pressure on the price of E-Minis. Indeed, during the dynamic layering c

Flash Crash discussion begins on page 23. "SARAO's activity created persistent downward pressure on the price of E-Minis. Indeed, during the dynamic layering cycle that ran from 11:17 a.m. to 1:40 p.m., SARAO's offers comprised 20 to 29% of the CME's entire E-Mini sell-side order book, significantly contributing to the order book imbalance. During that period of time alone, the E-Mini price fell by 361 basis points. In total, SARAO obtained approximately $879,018 in net profits from trading E-Minis that day."