If Gennotte and Leland's account of the crash were correct, disseminating knowledge of portfolio insurers' sales in advance would greatly reduce the risk of those sales destabilizing the market. With 7c(p0) not known, large sales produced "shock ... nobody knowing how big ... how much more would be coming." In contrast, with Tc(p0) known the market could "prepare itself" for portfolio insurers' informationless trades and "clear ... just fine" (O'Brien interview; see also Grossman 1988, pp. 278-279).

Donald MacKenzie, An Engine, Not a Camera, loc. 883