The markets instituted circuit breakers as a direct result of Black Monday. These kick in when the S&P 500 Index drops 7 percent (Level 1), 13 percent (Level 2), and 20 percent (Level 3) from the prior day’s close.

Even with the addition of this trading curb, CNBC contributor Ron Insana also sees a market collapse as a possibility.

“I think every time we have product innovation, we have to worry to some extent about market structure. We’ll have more of these [crashes]. … These are periodic events,” Insana said on “Power Lunch.” “This time, it might be ETFs, it might be some other vehicle that precipitates and exacerbates the selling,” he added.

Insana warns a potential catalyst for the next crash might be a rapid rise in interest rates or a plummet in the value of the dollar.

Scott Nations, president and chief investment officer of NationsShares, has a different idea for what might provoke the next sort of Black Monday.

“There are almost too many [catalysts on the horizon] to mention. Obviously, North Korea would be at the very top of the list. … Certainly there are many things you can point to now, whether it’s the volatility of markets or ETFs, that might be the catalyst for the next crash,” he said on “Power Lunch.”

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