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This Day in Legal History: Black Monday
On October 19, 1987, the Dow Jones Industrial Average fell about 508 points, or 22.6 percent, in a single day. It is still the largest one-day percentage drop in the index’s history. Markets around the world fell with it. Trading systems were overwhelmed, order books backed up, and for hours many investors had no way to know what prices they were actually getting.
The legal and regulatory response shaped the markets we have today. A presidential task force known as the Brady Commission found that the stock market and the futures market, regulated by two…
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