Intensifying the surge in messages were program trades automatically set to kick in after a certain percentage decline in the industrial average.

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Although highly customised trades or those executed with certain end-users will continue to operate in this way, standardised trades will be legally required to be executed on an SEF or OTF, in full glare of other market players.

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Goldman was also in the wrong position on trades that bet on the rise or fall of certain indexes.

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Until now these prime dealers could borrow through the Fed's overnight repo program, in which they get cash from the Fed in exchange for certain securities, or through its overnight securities lending program, which trades bonds for bonds.

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