Malfunctioning algorithms, "flash crashes", and complex debt-laden companies have been highlighted by the corporate regulator in its review of the Australian Securities Exchange's supervisory capabilities.

While individual investors have yanked more money out of U.S. stock mutual funds than they put in every week since the scary one-day "flash crash" 29 weeks ago, the pace of withdrawals is slowing.

Those of us old enough to remember the flash crash of October 1987 will recall that after some sharp down days the market rally was led and turned by an obscure Chicago futures Index.