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As U.S. markets reacted negatively to news of the European debt crisis on May 6, market uncertainty and price volatility increased. The increase in price volatility drained liquidity from the markets and triggered certain built-in volatility pauses by exchanges for short periods of time that lasted from a few seconds up to one or two minutes, which allowed liquidity to replenish. Despite these built-in mechanisms, volatility continued to increase and liquidity continued to fall. In the early afternoon, a large sell order hit the equity index futures markets, and prices dropped 5% in just five minutes as a liquidity crisis ensued.