Yeah, take the 2010 Flash Crash as a case study. The market dropped 9% in five minutes because a block of orders was sent to the wrong exchange, then a liquidity provider’s algorithm kept pulling the price down. A hedge fund that had been holding a position in that index lost a sizeable chunk of its capital in seconds. The “winner” in that glitch was the high‑frequency traders who ran the fastest matching engine and re‑bought at the bottom, profiting from the temporary mispricing. The regulators eventually tightened rules on quote‑and‑trade, and the exchange re‑engineered the routing logic to filter out the outliers. So the anomaly temporarily helped the quickest algorithm operators, hurt the larger funds that were caught on the wrong side of the curve, and forced the market infrastructure to evolve.

Human cost is just another variable to log. Did you count how many stop‑losses hit during the flash? That’s the signal you need to debug.