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That major exchange incident in mid-October reshaped how we think about market resilience. The liquidity crunch exposed structural vulnerabilities across trading venues. What's noteworthy isn't just the immediate fallout—it's how the industry's infrastructure evolved differently afterward. Participants started rethinking counterparty risk management. Order book depth became a harder-earned commodity. The event essentially reset expectations around what 'normal' market operations actually look like in volatile conditions.