So a "typo" may have caused the Market crash today?

[MartinBlank]

That is too f'in funny.

But very believeable if you read "House of Cards" or "The Quants" about the 2008 meltdown.

Anyway.

The AP---and some of the market shows on CNBC are reporting that a trader may have mistakenly ordered a 16 billion share selloff of futures-----instead of 16 million---and because many traders had automated sell orders in if such an order ever took place----the computer programs running the automated sell orders just kicked in and began selling off like mad.

I only have one question.

How the fook can a "typo" cause a near meltdown of the united states maket system? There isn't any confirmation programs in place to find such an error?

I think it is time Wall Street upgraded their commodore 64 and wrote a program or two that would prevent such bullshit.

But that's just me.

[tltaylor89]

Guy at a bank sold 16Billion S&P futures by mistake.Companies went bankrupt today lol.What happened is that the NYSE noticed the trade coming in and slowed the market down others traded through at the usual millisecond.

[pavyracer]

It wasn't a typo. Taylor shorted 10 million stocks from his account.

[scarp]

wow... bet this guy is going to have a meeting with the boss tomorrow.

[tltaylor89]

wow... bet this guy is going to have a meeting with the boss tomorrow.

It happens everyday hell sometimes you get a tip one time a guy came on and said DNDN was gonna fall big I put in a limit order at $8.35 for 50000 shares sure enough it went down to $5 trading halted when it resumed it went to $27.The rest history.

[Brock Landers]

fukking market manipulation has to be checked better than this, pathetic

[jw]

I have a 12 year old nephew that can probably knock up some kind of a "Are you sure? Yes/No" pop-up program for them if they need it ....

[andywend]

These computer programs designed by the big players take advantage of smaller investors on a daily basis in so many different ways.

However, when the computer programs go haywire the exchanges protect them by voiding trades.

Its things like this that explain why 95% of daytraders lose money as the game is rigged in favor of the big brokerage houses and against smaller investors.

Strange words for me to say considering I am a die-hard conservative.

[tltaylor89]

These computer programs designed by the big players take advantage of smaller investors on a daily basis in so many different ways.

However, when the computer programs go haywire the exchanges protect them by voiding trades.

Its things like this that explain why 95% of daytraders lose money as the game is rigged in favor of the big brokerage houses and against smaller investors.

Strange words for me to say considering I am a die-hard conservative.

We trade on Microseconds now 1000000 quotes a second come across my board.

[brooks85]

how can i get access to quotes that fast?

[tltaylor89]

how can i get access to quotes that fast?

Spend $1,200,000 on equipment that can process 20000 orders every microsecond.You need at least 7 1 Gigabit circuits to see whats coming off the floor of your exchange.

[brooks85]

well that will be a few decades, how about getting quotes faster than 15min delays?

[Boner_18]

All exchanges need to agree to the delay in place on the nyse. Employing what are (were?) Called specialists, like on the nyse would greatly reduce the incidence of this sort of thing. Efficient and accurate price discovery should be the name of the game w/ these exchanges (which opperate for profit), nyse has the right idea.

[LLXC]

High frequency traders had a good day.

[pavyracer]

Looks like SEC is cancelling all trades today that have sharp drops or gains withing the 30 min error.