The 1987 crash has not been repeated. Up to the time of writing, no subsequent event (not even the attacks of September 11, 2001) has presented the danger to the financial system it posed. Yet 1987 has left its traces. It ended the period of the Barnesian performativity of classic option-pricing theory and replaced it with a seemingly permanent volatility skew.

Donald MacKenzie, An Engine, Not a Camera, loc. 942