This makes 2 times in 7 trading days.......... what's with these goddam Morons that can't get their act together? You telling me some Idiot can go up to a terminal and enter an order and make the whole market tank?? Where's the accountability? Where are the circuit breakers? Who takes the loss on something like this? Who's running these exchanges? WHo are these executives pulling down 6 and 7 figures who can't realise this is a hazard to the marketplace and to conservative investors? where are the Lawsuits? there should be lawsuits galore because of this, in particular since we just had one a few days ago. This is an outright disruption of US financial markets. Who's running the show here? These execs should all be fired tomorrow morning. Any1 have their numbers? Let's make some phone calls. Let's get rid of the phucks...... triple
According to briefing.com who wrote "Emboldened by twin blow-out Q2 (June) reports from financial giants Citigroup (C 47.16 +1.01) and Bank of America (BAC 83.36 +0.48), buyers kept stocks well-bid until the final hour of trading, at which point, an erroneous sell order in the S&P e-mini futures contracts triggered a noticeable deterioration in the indices" So this "minor" error triggered deterioration across the board. I'd hate to see something major.
Just curious.. what are you suing for exactly? Its not like there is this big scam. Some guy sold down the market and was responsible for all those sell orders to 995.75. Are you so concerned about the orders b/w 990 and 996? Who cares if the market was "disrupted." In fact a disruption would be far worse if they held your order like the NYSE did in 1987 and walked away from their telephones. All the orders were filled like they should have been. If you had a stop order and it was taken out, then you shouldn't have been daytrading futures to begin with.
some jackass walked up and sold 50,000 contracts with no approval from a ranking official. Are you saying this is ok? suing some1 would mean suing an executive or executives present at the time or the Exchange et al, who let an order like this take place. Shouldn't an order of this size have to get approval from a ranking official b4 being put 2 the floor? I know ALL orders on the NYSE above a certain limit need approval from a floor official. What about the commodity exchanges? Who's supervising them? Where's the accountability? and who are you? Are you one of their underlings? Are you one of the schmucks who would be out of work should your superior(s) get fired tomorrow morning? triple
glad i trade listed, made soem nice scalps when immediately recognized it wa a trading error, got a couple good longs 1/2 point from market, and covered a short 1/4 pt, this tiem i noticed a lot of my listed stocks didnt move even 10 cents, specialists were wise to it too and just froze til it came back.... hate to see you future guys getting screwed though if your trade got busted...
Still confused how accountabilty at some firm has anything to do with you? If he didn't get approval from his superiors within the firm, than thats his problem. But if you try to compare the NYSE where the human interactions of specialists screws people out of millions.. well there is no comparison. I am just confused why a tiny insignificant player like yourself cares? Or do you really think you are that important? lol. You aren't. Show me the damage that an errant trade has caused you.. I doubt you can. Don't say you are some large trader, cause you aren't. Either you are short the stock CME, or more likely, you daydream a little bit too much. I'll admit it, i trade a lowly 2-3 contracts.. and smart enough to know pikers like yourself have nothing better to do than whine about something that has 0 impact on your life. Get a clue.
I thought there was an exchange imposed 250 contract limit per trade. How could someone do 50k contracts? Are the limits not enforced on Globex terminals or something? Or was the 50k contracts done in 250 lot chunks by an automated system? I don't get it.