What the f*ck happened (again)?

Although this error didn't affect me at all, i watched it unfold and it scrared me... not because of the sudden market movement, but because if i had a trade on and exited, i wouldn't be sure if i was still in or out of the trade for a ful 30 minutes!

I believe that this is a market where the rules are well defined, and if you make a mistake, you must pay for your mistake unless the other side agrees to let you out of it. How can we have a market where trades get busted 30 minutes later and one suddenly finds out that they are still long/short when they thought they were flat? Credibility in the system of the markets is essential.

If you choose to trade an automated system or one that is based upon inputted data, that is your decision and you accept the risks, knowing that if there is an error in the datafeed you'll still be responsible for your trades. While it's unfortunate when errors occur, i don't think it's appropriate that the exchanges quickly bust the trades to correct one's error.
 
Quote from saschabr:

I am interested in another fact:

Were trades in SPY, SPY options or CBOE SPX options busted ????? :confused: :confused:
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Nope!

The pit committee tries to bust anything that is more than about 6 handles out of line with the Big contract. The pit traded down to 02 today...hence why they choose to bust everything below 96.
 
Quote from thereuare:

If you choose to trade an automated system or one that is based upon inputted data, that is your decision and you accept the risks, knowing that if there is an error in the datafeed you'll still be responsible for your trades. While it's unfortunate when errors occur, i don't think it's appropriate that the exchanges quickly bust the trades to correct one's error.
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Maybe the big players would stop making these mistakes if they knew the exchanges were not going to bail them out? Or maybe they are not mistakes at all......?

Natalie
 
Quote from estrader:

Say, some firm takes a short position and then drops the price. A few tricks like that may make them millionaires. It gets my heart racing everytime, because I begin to think of a terrorist attack.



Or wants to get long stock, etc.? Was out this afternoon. Wasn't market up strongly when this hit?

Thinking that I used to read that for a few million burnt in the futures pits, a big firm could get great stock prices. Now with the CME cancellations it's free

Geo.
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Quote from Trader5287:

Quote from estrader:

Say, some firm takes a short position and then drops the price. A few tricks like that may make them millionaires. It gets my heart racing everytime, because I begin to think of a terrorist attack.



Or wants to get long stock, etc.? Was out this afternoon. Wasn't market up strongly when this hit?

Thinking that I used to read that for a few million burnt in the futures pits, a big firm could get great stock prices. Now with the CME cancellations it's free

Geo.
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That sounds like a much better explanation, especially if the market is strongly driven up in the next couple of days...

Natalie
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Today was a mess.
CME eminis had problems all day.
The CME pits had problems.
IB kept crapping out.
TradeStation kept messing up and data was lagging.
Elite Trader was down all day, and now all the posts are on the wrong day...it is not the 15th until tomorrow on this earth.
I had trades that never went through. Trades that were supposed to be cancelled but were not.
And then that spike from hell again. Lucky me, I was short at the time. And it made up for all the losses from horrible fills.

It was just wild today. Others in my chat had the same problem.

Do you think this is some sort of plot?
:confused: :eek: :(
 
I used to believe in them; but if you read the rules, the tack taken by the Exchange/ECN, etc., was perfectly within the rules.


I know it seems indefensible to bust a trade after 30 minutes, but it often takes this long to go through the challenge/appeal process.

This doesn't just apply to e-minis.

As to everyone's seeming paranoia, I say simply, "It's not that you are paranoid, it's just that people are out to get you!"
 
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