As of this writing none of the big trading houses has fessed up to adding a zero on an e-mini electronic order. We shall see. I think it was connected to a move in the dollar/yen. When that break occurred it triggered some Algo machine to sell. And that happened when the NYSE had a halt.
Computers are behind this. Mary Schapiro at the SEC has been very reluctant to tackle this issue. Not any more. Look for her to make a statement shortly. The axe is going to fall on an important part of how the markets function.
Computers are behind this. Mary Schapiro at the SEC has been very reluctant to tackle this issue. Not any more. Look for her to make a statement shortly. The axe is going to fall on an important part of how the markets function.
click to enlarge
Either way some damage was done. This is a picture of one stock (click to enlarge) that traded 3450 shares at .01 cent or $.34. It was worth more than $140,000 at the close. The trade above for 7,254 shares at 41 cents resulted in a paper gain to someone of $300,000. These will be reversed. What a system.....
