It DAXn't Look Good - August 1 2011 DAX Flash Crash

So, while the American elite is busy playing debt-chicken, the German DAX index is down close to 3% (2.86%), with a rather nasty looking drop [1.3% in 1 second] in the middle of the day - ZeroHedge quotes GoldmanSach's Mark Bellak:

What just happened in Dax Futures? Lots and lots of questions on what just happened in dax futures and the exchange are unable to say too much but it appears that there was possibly a fat finger that triggered a vol break (vol break lowest indication at 2500) . What we can see is at 16:38:22 London time the market moved from 6950 to 6860 in the same second, trading a little under 1000 contracts. As we stand no one has claimed a mis-trade so all fills are good and no trades have been busted.