what f*ck just happened

Girlpower · Jul 3, 2003

Quote from waggie945:

Hey Guys,

No one sells thousands of index futures for the helluva it, especially on a very "thin" day like today.

Most likely, a salestrading clerk on the program trading desk inadvertently thought that a salestrader had just absorbed a load of stock from a Portfolio Manager, and then went to "hedge" the desk's long stock position by selling a bunch of futures...

Ooops!

Will we ever know the truth...?

:eek:

aphexcoil · Jul 3, 2003

Now Billy, we asked you to BUY 100 -- not SELL 10,000. Now since we're a big firm, we can get it busted if it goes against us. However it already looks like the market took our unintentional bluff and we're up a few million. You could get fired for that in the future so try to be a little more careful.

Bellamy Duke -- "Yeah you might screw the little guy."

Both Dukes -- (Laughing)

Sharp · Jul 3, 2003

I cant trade with this huge spike on my screens. Guess I already made enough anyway. What a short!

AAAintheBeltway · Jul 3, 2003

Maybe if the exchanges adopted a policy that these erroneous orders would stand and forced the wire houses to eat them, they wouldn't happen so frequently. At least I know if I make a mistake and hit the wrong key, I can get it corrected. Yeah right.

Quah · Jul 3, 2003

LOL.

Was wondering if YM had price limits like ES/NQ.

Limit down on YM is 900 points!

Insanity.

Satyrican · Jul 3, 2003

Must be the unemployment numbers.

jasrlew · Jul 3, 2003

Maybe those unemployment numbers will go up a couple after that sell mistake.

nitro · Jul 3, 2003

To ACE traders
Thu Jul 3 12:49:24 2003 EST

We have been contacted by A/C/E regarding a number of out of range executions in the YM SEP 03 and the YM DEC 03 futures contracts

A/C/E compliance department has stated that all executed trades in the YM SEP 03 which executed at 9017 and below during the time beginning 10:38:00 EST through 10:40:04 EST, has been ruled as erroneous and has been busted.

Additionally, all trades in the YM DEC 03 contract which
executed at 8985 and below during the time beginning 10:38:00 EST through 10:40:04 EST, has been ruled as erroneous and has been busted.

These erroneous executions will be manually removed from your account today

IB Customer Service

GATrader · Jul 3, 2003

Do you think stocks bought at the low of the YM spike down will be busted. I would think that is less likely to happen than the Future trades since the specialists were probably taking the other side of the imbalances which mean they won't take $ from themselves? Any thoghts?

Mr. Bollinger · Jul 3, 2003

What about ES and NQ trades, are they going to bust em?