Huge losses no doubt. Some idiot, (either intentionally or out of pure stupidity) hit the wrong button or was testing in a live environment.
I guess UBS isn't part of the Chicago "club" or was in arrears on their protection payments. No doubt if this was MFG or Goldman it would have been a Globex system glitch and busted in 10 minutes.
Lies...all lies... this is unacceptable.. there needs to be an explanation... Someone should light a fire under the ass of these exchanges to get that explanation....
If you purely look at a short term perspective then you are right. If you are looking at that it is election year, that summer is coming and are looking at a little bit longer timeframe then it is just another game that is being played. regards Maria
What are you talking about? I used to get paid by the exchange, 35k euros a year, to be a MM in the Euribor markets.
Interesting points.....either it was a fat mistake or if a plan they must have offset it in the options or cash market earlier. They may have held onto those positions.
Whatever the game being played, taking thousand of lots at market( or marketable limits ) and obtaining most of it outside fair value is never a proof of fine trading... especially in the oevrnight session...