Scum at exchanges say, "blow it out yer ..." if you don't like it

[Trendytrader]

Quote from jeffers_mz:

If the 60% figure and the rest of the do-over is specified in Nasdaq's user agreements, BEFORE any market event, then those who trade there know the rules. If they get burnt, TS.

If this was decided after the fact, fuck the Nasdaq. One set of rules, level playing field, known by everyone, in advance, or I'll just trade around you. There's enough ETFs and index funds out there to avoid giving them any fees if they choose to make up rules as they go along.

They might run one market, but they are IN another market, competition for my interest, business, services, and fees. My money, my decision.

Were the rules used to bust these trades spelled out in advance, yes or no?

Honest truth...between historical Citi shit, BOA shit, Merrill shit, Morgan shit, Chase shit, gubmint shit, Goldman shit, bailout shit, and Fannie May shit, I am about one sixteenth inch away from total cash-out.

Don't give a fuck if I start the last run THIS global economy ever sees, I am WAY past tired of this crap and I am very VERY close to taking arbitrary action over it.

Note to all involved:

Get your fucking act and ethics and enforcement together, like yesterday, or kiss every nickle I control goodbye.

Joe down the street wants to start a small business and I trust him WAY more than I trust ANY of you.

DONE talking.

I'm with you on this it is BS. The whole fucking lot is ready to implode.......I'm starting to think that those gun toting crazy folks that say hold gold maybe right. The market is so fucked up to be almost uninvestable...stop loss becomes a rape loss. Then when you have some traders who step in as the "market maker" or have buy limit they are fucking told tough shit 60% is the limit.

 

[number22]

Eventually one day, these wallstreet smartasses completely f**ked up this game and blow their brains out, if they can keep this game clean and straight. people gonna demand their heads on pikes.

 

[businessstaxes]

if these brokers and exhanges had any honor or integrity, they would cancel all trades between 2:30pm-3pm,,nobody loses any money from a 'malfunction' in the computer system.

it was obviously a technical issue. and somebody made a load of money with no risk or work. the exchange and brokers don't have any rules regarding situations like this. the exchange is like transfer of money, once the money is transferred you can't get it back,,it's binding..like wiring money...this is close to wire fraud in the exchange and broker to broker. once you push that buy or sell button money is wired to or from your account at the bank. especially if the money is from client to client.

but these guys would give you the it's not my liability legal mumber jumble.

it's not my problem reply.

did the prop desk at goldman sachs or any of the prop traders at the many broker/dealers lose money?

Quote from stock777:

Shmucks, do a little research

There are clearly defined erroneous trade levels on the books of the exchanges and ecns

60% was BULLSHIT .

the real #'s are a lot lower than that

This was an outrage, and a fraud against those who got robbed

 

[stock777]

you can bet your ass GS made money

and whoever did the original selling made money

flush job

 

[psytrade]

What is it called when you send money from one person to another, and leave 60% for them?

Dry Cleaning

 

[MohdSalleh]

maybe they called GS and then figured out that 60% was the optimum level from which they could keep their profits

 

[zdreg]

Quote from fkbsuhites:

Vast majority of the erroneous trades occurred at the NASDAQ

A smart lawyer wouldn't go after NASDAQ for busted trades.

A smart lawyer would hammer the NASDAQ for allowing your trades to be broadcast to those who are able to pay hefty "data fees" and "co-location". Bunch of BS. that's like the bank saying they own your SSN and Drivers License info and then selling the personal info to credit card scammers.

Lots of traders lost big money. All it takes is one really pissed off mofo who lost his ass and now has nothing to lose.

If the republicans were in charge the SEC would still be busy watching porn and a trader would have no chance to do anything. Under Obama the SEC appears to want to put its pants back on.

A dedicated pissed trader would spend time with his rep. and the SEC. With the new administration looking into how wall st. has screwed the tax payer, the NASDAQ isn't in a position to wax philosophical on how it allows front running.

"
Lots of traders lost big money. All it takes is one really pissed off mofo who lost his ass and now has nothing to lose."

nassem taleb by any chance?