How Many Traders Were Stopped Out on Tuesday Because of the NYSE FUBAR Hybrid System?

Discussion in 'Trading' started by ByLoSellHi, Feb 28, 2007.

  1. I wonder how many people got stopped out, and how much money was literally robbed from them, because of the total BS at the NYSE on Tuesday, where the market dropped 200 points in about 120 seconds due to "technical glitches" in the hybrid system (i.e. antiquated and inadequate systems and technology).

    I would bet it is in the tens of billions.

    There should be a class action lawsuit filed, and Congressional Hearings.

    What does the SEC plan on doing about this? Anything at all?
  2. sprstpd


    Maybe it dropped because it was time for the market to go down.
  3. You missed the news. It dropped precipitously, in a sharp plunge, rather than orders being worked out over a long period of time, because there was a logjam, and the system couldn't keep up for nearly a three hour period.

    No one knows how bid/ask was affected.
  4. PWN3D
  5. the nyse has become a total and complete mess

    i truely believe those idiots are so worked up about deals that they have not built the hybrid to withstand days like yesterday

    when that happened i got lucky and made money on it
    but that pales to the profits i have lost on latency in their networks.

    next monday when they start to pass on fees to orders getting shipped is the day I stop routing there alltogether

    it is now officially------- nasdaq2
  6. spr and risk, you guys are missing the point.

    The logjam drop - occurring suddenly - caused waves of selling, program and otherwise - where there may have otherwise been none, had the market been allowed to digest buy and sell orders in ordinary procession.
  7. sprstpd


    That's right so you can't tell me that it would have been any different had everything been working peachy keen.
  8. Your level of faith in the NYSE and certainty in the numbers is befuddling.

    Do you always eat what you're fed?
  9. Becareful saying that the fault lies in computer gliches for this fast drop. Either way.... there was a reason.

    What would you rather have ...... your arm pulled out of you torso in a fast jerk? Or your arm s l o w l y pulled out of your torso?

    Either way it will hurt

  10. They've admitted there was a glitch.
    #10     Feb 28, 2007