The Wall Street Crash in 1987, which is popularly known as the Black Monday, is an incidence that involved the crash of stock markets across the globe. This crash of the stock markets, which occurred on October 19, 1987, had its genesis in Hong Kong and spread to Europe, the United States, New Zealand and Australia. In reference to Malliaris and Urrutia (1992), the Wall Street Crash in 1987 came as a surprise to most financial trading companies as well as investors. Furthermore, Malliaris and Urrutia (1992) observe that there have been disagreements on whether the incidence was sporadic or whether it was a culmination of many unnoticeable events that had been occurring on the financial markets without different stakeholders noticing them.
1987年的华尔街崩盘，也就是众所周知的黑色星期一，是一个涉及全球股市崩盘的事件。股市的崩盘发生在1987年10月19日，它起源于香港，蔓延到欧洲、美国、新西兰和澳大利亚。关于Malliaris和Urrutia（1992），1987年的华尔街崩盘令大多数金融交易公司和投资者感到意外。此外，Malliaris和Urrutia（1992年）观察到，对于该事件是否是零星的，或者是否是金融市场上发生的许多不可察觉的事件的高潮，在不同的利益相关者没有注意到它们的情况下，存在分歧。
The Wall Street Crash involves the rapid decline of stock prices on the stock market exchange. In reference to Arbel, Carvell and Postnieks (1988), the declining prices of different equities was worsened by the fact that most traders had adopted a computerised trading system that allowed programs to initiate the sale of equities when their prices dropped up to a certain level as a way to avoid making losses. In this case, these automated programs were supposed to automatically sell equities even without the intervention of their operators when prices hit a certain level. However, in this particular case, as these trading programs executed the sell initiative, they ended up exacerbating the decline of stock price since nearly all the financial trading firms were engaged in selling stock while there were no buyers at all, thus creating a panic on the market that led to a further drop in prices. Note that apart from executing massive liquidation of stocks, these programs also automatically prevented all buying activities, thus eliminating all buying bids that were supposed to be executed at the time. This contributed to Dow Jones Industrial Average (DJIA), a weighted average price of 30 critical stocks that are traded on the NASDAQ and the New York Stock Exchange, NYSE, losing approximately 22 percent of its value. In reference to Lillo and Mantegna (2004), the Wall Street Crash is the worst decline in price of stocks in the history of on the stock exchange market in the United States. Notably, while the stock market managed to regain its normal trading within a short time, the economy of the United States as well as that of other markets that were affected took up to two years to recover from the shocks of this market crash. In addition, the trading firms that relied on manual trading were also seriously affected since they were unable to respond as quickly as possible to the rapidly declining market. Furthermore, most investors lost a significant portion of their fortune, with some being completely driven out of the market.
华尔街股市崩盘涉及到股票市场交易价格的快速下跌。参考Arbel、Carvell和Postnieks（1988年），不同股票的价格下跌情况更加恶化，因为大多数交易员采用了计算机化交易系统，允许程序在股票价格下跌到一定水平时开始出售股票，以避免损失。在这种情况下，当价格达到一定水平时，即使没有运营商的干预，这些自动化程序也应该自动出售股票。然而，在这种特殊情况下，当这些交易计划执行卖出计划时，它们最终加剧了股票价格的下跌，因为几乎所有的金融交易公司都在出售股票，而根本没有买家，从而在市场上造成恐慌，导致价格进一步下跌。请注意，除了对股票进行大规模清算外，这些程序还自动阻止了所有购买活动，从而消除了当时应该执行的所有购买出价。这导致道琼斯工业平均指数（DJIA）下跌约22%，道琼斯工业平均指数是在纳斯达克和纽约证券交易所（NYSE）交易的30只关键股票的加权平均价格。参考Lillo和Mantegna（2004年），华尔街崩盘是美国证券交易市场有史以来最严重的股价下跌。值得注意的是，虽然股票市场在短时间内恢复了正常交易，但美国以及其他受影响市场的经济却用了两年时间才从这次市场崩溃的冲击中恢复过来。此外，依赖手工交易的贸易公司也受到严重影响，因为它们无法尽快对迅速下滑的市场作出反应。此外，大多数投资者损失了很大一部分财富，一些投资者被完全赶出了市场。