Direct Edge employees had seen flash used by traders at the CBOE, and used that model to unveil a version of flash that it called its Enhanced Liquidity Program, or ELP.
The very low volume indicated it was also due to the activities of other short-term traders, including program-trading firms and flash-traders, in there every day doing their job of making short-term trades for quick profits.
Bats Exchange and Nasdaq recently started their own flash quote programs (Bats calls its program Bolt) in a defensive move to protect their market share, but even executives at those companies would argue the SEC should examine the situation more closely.
Was this a program in the midst of long-term gridiron revival because of a genius coach, or just a flash-in-the-cam season largely created by the exploits of Mr. Newton?