I hate to join the conspiracy fringe of ET, but isn't this COCO thing just a little too convenient? Let's see, the day before there is a wild ride in CECO, based on some dubious whistleblower. Daytraders mint money. Friday, in a thin, slow market, there is an unprecedented software screwup that causes a similar break in COCO. Of course every daytrader in the country is all over it. Nasdaq manages to make the CME look responsible and professional in its handling of the situation. Then the immediate spin control cycle takes over. We are informed that it was the fault of daytraders using....gasp, ECN's. I can hear the arguments now. "This is just what happens when the professional marketmakers are not allowed to do their job." "The integrity of the markets is threatened by the uncontrolled access provided through ECN's." "This would never happen on the NYSE because there is a cop directing traffic." "Mom and pop investors are paying for the irresponsible activities of these daytraders." I hope there is a Congressional investigation into this. Sadly, I don't trust the SEC to do the job. They've proved through their inaction in other scandals that they don't have the small guy's interests in the forefront. At a minimum there should be some consistent rules for handling these situations. Nasdaq has shown it is spectacularly incompetent to be making such decisions.
About a year ago.... dafugginman from the nyse: "As a result of a clerical error at approximately 3:40 p.m. today, Bear Stearns entered orders to sell $4 billion worth of S&P securities. The orders should have been entered as $4 million. All but $622 million of the orders were cancelled prior to execution. The firm has advised the NYSE that the risk from the executed orders has been substantially hedged." http://www.elitetrader.com/vb/showthread.php?threadid=9468&perpage=6&pagenumber=3 "Yeah, Somehow, 4M got turned into 4B. Apparantly the exposure has been hedged... nitro" Soooooo whatever happened to that "mistake"??? Not bad for a day's work.
dawg Senior Member Registered: Apr 2002 Posts: 241 07-04-03 03:45 AM what f*ck just happened anyone trading YM it was down 600 points? are these trades gonna stick? my transaction were 9075 short and a 8474 cover! are these gonna be busted? __________________ In the poker game of life women are the rake. They are the @#$%! rake. -worm http://www.elitetrader.com/vb/showthread.php?s=&threadid=19572&perpage=6&pagenumber=1 not bad for a days work.. 600 points.. who needs to daytrade day in and day out. Only need is a "mistake" once a year and rake in all the $$$$$
gotta agree with ya... if it walks like a duck and quacks like a duck... unless of course yer Elaine Chow... you know... she claims job losses and higher unemployment rates are good for the economy.. or something like that.... what a crock
AH! i remembered that yesterday...thanks for posting the link! you can hope until your balls turn blue, AAA, but we know that absolutely nothing is going to change...our government is a fucking joke, at best...
Not sure what you mean by that. I hope you are not trusting Congress more than the SEC. Or at least not more than you would some creepy looking guy in a dark alley.
I take it you didn't trade October 31st 2001 then, the day they announced they'd stop selling the 30 year? IIRC some Goldman traders bought in advance on insider info.