'Fat finger'? ... my ****!

[BradK]

Anyone know how to put up a poll? I don't believe the fat finger thing for a second.

Brad

 

[Timmy]

The exchange itself, NASDAQ, has cancelled a bunch of trades:

NASDAQ has coordinated a process among U.S. Exchanges and therefore, pursuant to rule 11890(b), NASDAQ, on its own motion, will cancel all trades executed between 14:40:00 and 15:00:00 greater than or less than 60% away from the consolidated last print in that security at 14:40:00 or immediately prior.

& does it really matter what anyone believes?

This decision cannot be appealed.

http://www.nasdaq.com/newsroom/news...ONEUSPRX___191255.htm&year=05/06/2010 +8:27PM

Awaiting a similar announcement from the NYSE, haven't seen one yet.

 

[vincent191]

I think you have a good point. If I was to sell one million BHP shares I will have to key in 1000000. How can I key in 1000000000 by mistake not not realise it.

I don't know of any system where you key in 1m instead of 1b in the numeric quantity field. This is only my personal opinion, I have not worked in any of those ivory towers before.

 

[Gar]

I wouldn't be surprised if all this is just a "distraction" but I suppose it could have been a verbal error between order placer / order executor

 

[>Apocalypto<]

I think you have a good point. If I was to sell one million BHP shares I will have to key in 1000000. How can I key in 1000000000 by mistake not not realise it.

I don't know of any system where you key in 1m instead of 1b in the numeric quantity field. This is only my personal opinion, I have not worked in any of those ivory towers before.

ever heard of preset hot keys???

 

[Krusty the Klown]

How about Dyslexia?

Having worked with numbers at a keyboard all day I can see how it could happen. Particularly with keyboards where if you hold the key down characters are continually added to the field.

So Brad, you reckon some short trades were in play? It would be interesting to do some forensic accounting to see.......

 

[nunthewiser]

kinky thread title.

 

[moXJO]

kinky thread title.

I thought it was about an unfortunate prostate exam

 

[nunthewiser]

I thought it was about an unfortunate prostate exam

I had to say 5 hail marys just to open the thread.

 

[Solly]

I had to say 5 hail marys just to open the thread.

nun I'm with you on that one as well. Wasn't sure where this thread was heading either. Always gotta be aware of two hands on the shoulders !

 

[doctorj]

http://www.market-melange.com/2010/05/07/when-liquidity-evaporates/

Another theory about what caused last night's trading - liquidity drying up and electronic orders placed at market. Very good read.

 

[todster]

kinky thread title.

LOL LOL

 

[zzaaxxss3401]

http://www.market-melange.com/2010/05/07/when-liquidity-evaporates/

Another theory about what caused last night's trading - liquidity drying up and electronic orders placed at market. Very good read.

The reason for this f**kup appears to be in the CNBC video:
http://www.cnbc.com/id/15840232?video=1487130975&play=1

And the Lemmings in Australia continue to follow the US over the cliff! Computers in the US produce "erroneous trades" which then wipe millions/billions from our market. Great! Thank goodness I'm in cash.

 

[Dowdy]

Fat finger?!

Was he trading Weight Watchers stock (NYSE:WTW)?

 

[subasurf]

I think you have a good point. If I was to sell one million BHP shares I will have to key in 1000000. How can I key in 1000000000 by mistake not not realise it.

I don't know of any system where you key in 1m instead of 1b in the numeric quantity field. This is only my personal opinion, I have not worked in any of those ivory towers before.

You're assuming they use the same trading platforms as you.
What if they have preset keys for thousands, millions and billions. Certainly doesn't excuse the "mistake", but it may explain it.

 

[Dowdy]

UPDATE: It wasn't a mistake!

Found the audio from the trading pits. Multiple selling from several major players triggered all the small guys to panic.

http://www.zerohedge.com/article/panic-and-loathing-sp-500-pits

"Guys this is probably the craziest I have seen it down here ever." Here it is, memorialized for the generations and away from the now openly ridiculous disinformation propaganda of the mainstream media, just what a full market meltdown panic sounds like: straight from the epicenter, the S&P 500 pits. Luckily open ouctry still exists, if at least for shock value. Click here for a first hand account of the most shocking 15 minutes in recent market history. Fat finger my ass.

h/t Tim

 

[kgee]

on the poll when we get it going
can we have
1. mistake
2. swindle
3. mistake and govt prop up
4. computer meltdown
5. ...
6..
7.

 

[Julia]

Wouldn't it be pretty simple to make that recording after the event?

 

[bellenuit]

It beggars belief that a brokers trading computer system that can place trades on the market doesn't have some sort of simple validation on orders placed. Such as - if an order value or quantity is more than double the average for that stock it prompts "are you sure" before placing it on the market. I'm picking double as an example and that may not be the right choice, but there should be no way that an order could be placed that could trigger the greatest points plunge in the Dow history without some sort of check mechanism. Pressing B instead of M is pure *$^%4$.

 

[kgee]

Does anyone know?
To me its out of the ordinary?
I spose we talk about the half glass

1. its sinister and a manipulation
2. its innoccent and a blunder

why does option 2 seem so incredible

how can any one singular person be responsible for a trillion dollar sell down?
I say name and shame , give us a paper trail
how many billion dollar companies are their that you can put a sell order in for?
look I;m as ignorant as your local garbo ;
but ...1000 billion ??? 1. person??
either way I give this story merit
enjoy all the feeds and links coming in, again how can channel 9 carry that as their 4 th story?