Troubled by a 200 point drop? What about a 700 point drop within a few minutes? It happened on 20th November 2001 around 9:21 local time. See e.g. here You won't find it on your charts though, because Eurex decided to cancel all trades below 5083. The drop was caused by someone who wanted to sell 120 contracts at limit 5000 (or so) and who confused the numbers. Which effectively translated into a sell of 5000 at market. It took Eurex 6 hours to decide what to do, and even longer for the ESTX50. Those trader (being long)whose stop loss had been filled with a slippage of more than 600 (=six hundred) points were quite happy about the decision. Others were not happy at all. Of course this will not repeat... till the next event of this kind. Regards Bernd Kuerbs
my support desk phoned eurex last night and they said nothing busted, however they had 30 minutes in which to change their mind. Longest 30 minutes in my life.
BKuerbs, Interesting. This tells us that DO NOT EVER trade more than you can loose. Anything can happen in anytime. That is why I allways keep as less as possible in my trading account cannuckboy, can you give me the times (clock) for the days you gave me earlier in your post about the spikes? I mean if the spikes (max 1 minute) were more than 60-70 points?
scalpguy, sorry i never noted the times. But when i refer to a spike in my records i mean very rapid...likewise a minute.
Cannuck, do you know the guys that made the mistake? care to elaborate? It seemed like a hedge fund or bank pressed the big red terrorist attack button the way so many fixed income futures went at the same time...
no i know someone who had a load of gtc's in bund and bobl, offers above the market and got stopped out near the top...done his bollocks. However, i know another 2 guys who cleared over £500k that night. i believe it turned out to be related to the matching problems on Dow didn't it. Someone noticed a backlog on the matching machines, switched it to a backup and dow went from 130 down to 500 down in seconds. Stops just went off everywhere. Had been a very volatile day up to then anyway.
i was on vacation last week so i missed the fun and i dont have/use charts. can anyone tell me what the estoxx did on that move?
I see a drop of 120 points within 2 minutes only. ESTX50 dropped just 30 points within these two minutes. Regards Bernd Kuerbs