Quote from Trader5287:
To GLOBEX traders:
Mon Jan 14 06:37:46 2008 EST
GLOBEX CANCELLED TRADES UPDATE
Further to our earlier bulletins; although not confirmed, we understand that there was a mass order error by another financial firm which resulted in a large imbalance in the GLOBEX order book, and the subsequent spike in the market. GLOBEX cancelled (busted) trades which occurred outside of the no-bust range in their equity index futures and future options. We believe we have manually removed all of the cancelled trades from customer accounts. This is a manual process, so customers should use the previous price ranges as guidance, and contact customer service if you believe that your position is incorrect. It is important to note that all other trades will stand. This includes trades which have been executed because of the large market move, including stop and conditional orders that may have been triggered by the price move. It shall also include orders that were triggered by an execution price of a trade that was subsequently cancelled by GLOBEX. Clients should manage their current positions. We understand that clients may be adversely affected by the ruling made by GLOBEX, and have made a formal complaint to the exchange.
