>> in this case it's on the market doing a particular thing. s&p futures contacts. it was quite a bit larger. maybe he was using the keyboard on his ipad. >> so he buys x billion futures. >> right. >> does the market freak out because one guys does that, because systems are automated to follow individual large trades like that? or does the market freak out because actual human beings are freaked out because of what this guy did wrong? >> a bit of both. there are machine glitches and machine resumes. certain things happen and machine trading kicks in. once the market sees that and it's an efficient market most of the time, but you can't process news in real time. so people panic and they think it's the bad old days of late 2008, lo and behold, they've got to get out of the market and a lot of people did. it looks like a lot of those transactions that happened as a result of the glitch will be rescinded.