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(Bloomberg)   NYSE computer error cancels 20,000 trades. Malfunction triggered when someone placed a buy order for Pets.com   (bloomberg.com) divider line 11
    More: Fail, errors, NYSE, exchange operator, IntercontinentalExchange, cell disruption, SPDR  
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1014 clicks; posted to Business » on 01 May 2014 at 9:23 AM (16 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



11 Comments   (+0 »)
   
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2014-05-01 08:49:47 AM
That kind of shoddy mistake could crash the whole market. I mean, Pets.com? Really?
 
2014-05-01 09:36:04 AM
Someone should write a book about all this electronic trading.
 
2014-05-01 10:17:04 AM
slowpokewell.weebly.com
Pets.com is gonna be huge!
 
2014-05-01 10:57:55 AM
Do high frequency traders buy/sell options?
 
2014-05-01 12:09:29 PM
Traders who saw their transactions voided have grounds to be unhappy, he added.

"I would be royally, royally ticked off if a broker, exchange or client mistakenly sold equities and I bought and then found out that they'd all been canceled later," Skipp said. "So you're allowed to go at the market in a very sophisticated fashion, at a thousand miles an hour with 8,000 different orders and your sole goal is efficacy, and when it backfires on you you're allowed to claim foul? No way. That's your game."



This.  The appalling part of this isn't that they farked up - it's that they're allowed to take a mulligan because reasons.
 
2014-05-01 12:33:28 PM

China White Tea: This. The appalling part of this isn't that they farked up - it's that they're allowed to take a mulligan because reasons.


That also happened after the 2010 "flash crash". If the wrong people lose money, it's a do-over.
 
2014-05-01 02:30:40 PM
Well, on the bright side, that was probably just 19,962 HFT trades and 38 normal ones.
 
2014-05-01 06:50:26 PM

mcreadyblue: Do high frequency traders buy/sell options?




No, they sort of "rent" them for a few milliseconds.
 
2014-05-02 05:08:56 AM

China White Tea: Traders who saw their transactions voided have grounds to be unhappy, he added.

"I would be royally, royally ticked off if a broker, exchange or client mistakenly sold equities and I bought and then found out that they'd all been canceled later," Skipp said. "So you're allowed to go at the market in a very sophisticated fashion, at a thousand miles an hour with 8,000 different orders and your sole goal is efficacy, and when it backfires on you you're allowed to claim foul? No way. That's your game."


This.  The appalling part of this isn't that they farked up - it's that they're allowed to take a mulligan because reasons.


too big to...screw up.

#ericholderdidthis
#indontevenbutwhenidoitslikethis
 
2014-05-02 11:00:51 AM

Ivo Shandor: China White Tea: This. The appalling part of this isn't that they farked up - it's that they're allowed to take a mulligan because reasons.

That also happened after the 2010 "flash crash". If the wrong people lose money, it's a do-over.


So much this
 
2014-05-02 07:13:16 PM
it was caused by the anticipation of Caturday.
 
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