The SEC commissioner Dan Gallagher previously stated that the regulatory body would “absolutely” look into ETFs and Rule 48 in response to the irregular blips. [ETF Mini Flash Crash Causes SEC To Rethink New Rules]

NYSE intends to outline plans for regulators to change existing rules to enable its market makers to provide more information to participants on volatile days and to open the market in a more timely manner. The changes were recommended as a result of a McKinsey study.

Many have been quick to blame ETFs as the main culprit to the spike in volatility in late August. Others pointed to structural issues, like Rule 48, that set up ETFs to fail.

“We saw some big industry personalities questioning the real impact of ETFs and suggesting that they posed a systemic risk,” Deutsche Bank said, according to ValueWalk. “Most of the reasons behind the events that took place on August 24th were related to market volatility, market structure issues, or an inadequate usage of market orders; none of which was specifically an ETF-induced problem.”

Max Chen contributed to this article.