Manoj Narang is on a mission to re-brand the flash crash, “Seis De Mayo,” the day high frequency traders were vindicated.
“I want to call it Seis De Mayo because I believe it’s a vindication day for high frequency traders,” Narang said on CNBC yesterday.
Narang, who founded Tradeworx, a HFT firm, was on CNBC to give his opinion on circuit breakers and he squeezed in this plug about his personal mission.
“I think that fingers were very quick to be pointed in the direction of HFT for this meltdown,” Narang says.
“I think that the post-mortem has not been written yet on this episode, but what’s abundantly clear is that like has been the case in every other crisis in recent memory, humans were intimately involved and fully responsible for this particular meltdown as well.”
Happily for his mission, there are already t-shirts available that say “Seis de Mayo,” although they appear to celebrate the day of hungover rest after Cinco de Mayo.
We like this idea but just want to point out that “Seis de Mayo” is also the name of an album by Phish’s Trey Anastasio.
Watch the discussion here. Manoj talks about “Seis de Mayo” at around 4:45.