There were some big stops on eurex bonds and a smaller stop in the tnote. In which market did this price action start? I'm guessing it's just a market order in thin markets but is there any additional info out there? I don't have live European data so I'm currently operating in a bit of an information black hole here. Anyone???
Apparently it started in the Bund from 111.52 to 112.32 ,Notes popped 8 ticks,Bobl,Schatz didn't move at all. Bund/Bobl Spread moved 70 ticks higher then 65 lower in under a minute. No reason for it,thin market typical Eurex move,now becoming a more common occurrence,good for the market - NOT
well they did not bust any trades out. so anyone who sold the higher levels - happy days. i think this is going to more common place now on the bund , bobl and shatz. i might start working stuff my self. the working bid / offer volume is very small and the depth non existent sometimes. if a genuine stop goes thru then all trades stand. thats 2 good stops in 3 months now. got to be worth considering.
It was initially a series of large limit orders that kept pounding away until it popped. It's like someone knew where to take the market to get the stops to excessively lift the market.
unsurprising since the major profilers have the make up of the order book recreated along with their new algo account managers at the exchange leaking info about where stops are. oops allegedly.