Tuesday, May 11, 2010

Tumult

WSJ: How One Trade May Have Sparked a 'Black Swan' and Exchanges to Retool Their Circuit Breakers

So it wasn't someone at Citigroup typing a b for billion instead of an m for million. It'll be figured out eventually.

And buyers and sellers trading stocks at a price more than 60% off were out of luck, as those trades were canceled.

A lot of automatic computer trading stopped at 2:40. The slowdown on the NYSE in manual mode caused discrepancies between broader markets and the NYSE, which is the only one that switches off to humans.

Doesn't there need to be some sort of standard?