Whoa Baby! What happened?
- Thread starter abishiai
- Start date
I did a quick search last night of all the financial sites like RealMoney and none had anything on this. Apparently the NYT did at some point. I complained to RM that they were asleep when we could have used some info. ET was the timeliest source of info.
I can think on ONLY ONE THING,
that would Force CME to - Clean it up - so this would not happen again.
I am assuming - admitedly perhaps wrongly so, - either CME complicity here -
or outright inexcuseable incompetence.
I fail to see why this type of thing cannot be prevented with a little responsible programing.
and that is........................
A one day Emini BOYCOTT - with the threat of another to follow.
That would put an end to that - you can betcha.
What are the chances of that - hahaha.
that would Force CME to - Clean it up - so this would not happen again.
I am assuming - admitedly perhaps wrongly so, - either CME complicity here -
or outright inexcuseable incompetence.
I fail to see why this type of thing cannot be prevented with a little responsible programing.
and that is........................
A one day Emini BOYCOTT - with the threat of another to follow.
That would put an end to that - you can betcha.
What are the chances of that - hahaha.
CME stocks get a hit today. Good. It must answer for what happened yesterday. The damage had been done. There is nothing to recover it. Busting transactions over 86000 ain't good enough. Pay back all to the losers for all these years.
What a fun to bash bastard manipulators. bash bash bash. upset brain washers.
What a fun to bash bastard manipulators. bash bash bash. upset brain washers.
a boycott of emini is laughable.. why don't you boycott all stocks? ARCA is FAR worse. I hope you can organize a boycott so i can have some comedy for the trading day. Lets say you get 10 people to join you.. What is that? 50 contract less in the volume? OH NO!!! HAHAHHAHAHAHAH. U would be the AL Bundy of the emini world.
Here is an email I got in reply from the CME regarding yesterdays emini price spike.
We have received your e-mail dated 02/04/2003 concerning the movement of the E-mini S&P 500® futures contract just after 3:07 p.m. CST on February 4, 2003. At that time, the March 2003 E-mini S&P 500 futures contract rose to a price of 948.00 within a 14-second period.
Immediately following the unusual price move, the Exchange implemented its Error Trade Policy. Within one minute of the activity, the Exchange notified GLOBEX® users that trades were in question. It was determined by the Exchange that March 2003 E-mini S&P 500 trades executed at a price higher than 860.00 were outside the six-point no-bust range for the contract, and that those trades should be âbustedâ (cancelled). Within 2-1/2 minutes, users were notified that such trades above 860.00 were in question, and the Exchange was invoking the Error Trade Policy. Within seven minutes, notice was given that March 2003 E-mini S&P 500 futures contracts executed at a price above 860.00 would in fact be busted. The market had resumed its normal level within 43 seconds of the beginning of the spike.
Pursuant to the Error Trade Policy, staff may consider the market conditions immediately before and after the trades in question occur; the volatility of the market; the prices of related instruments in other markets; whether participants believe the trade prices to be valid; or, other relevant factors. Based upon these factors and given the six point no-bust range for the contract, the 860.00 cut-off point was determined. The Error Trade Policy is designed to enable the Exchange to help ensure an orderly market following such an event.
A preliminary review of the market activity indicates that the event was likely caused by a confluence of events, rather than a single error by a particular individual, including the upcoming close of the trading day, the impending Cisco earnings report and numerous buy stop orders above the market that were triggered.
Please let us know if we can be of further assistance.
Thank you,
Chicago Mercantile Exchange
Customer Service
1-800-331-3332
info@cme.com
We have received your e-mail dated 02/04/2003 concerning the movement of the E-mini S&P 500® futures contract just after 3:07 p.m. CST on February 4, 2003. At that time, the March 2003 E-mini S&P 500 futures contract rose to a price of 948.00 within a 14-second period.
Immediately following the unusual price move, the Exchange implemented its Error Trade Policy. Within one minute of the activity, the Exchange notified GLOBEX® users that trades were in question. It was determined by the Exchange that March 2003 E-mini S&P 500 trades executed at a price higher than 860.00 were outside the six-point no-bust range for the contract, and that those trades should be âbustedâ (cancelled). Within 2-1/2 minutes, users were notified that such trades above 860.00 were in question, and the Exchange was invoking the Error Trade Policy. Within seven minutes, notice was given that March 2003 E-mini S&P 500 futures contracts executed at a price above 860.00 would in fact be busted. The market had resumed its normal level within 43 seconds of the beginning of the spike.
Pursuant to the Error Trade Policy, staff may consider the market conditions immediately before and after the trades in question occur; the volatility of the market; the prices of related instruments in other markets; whether participants believe the trade prices to be valid; or, other relevant factors. Based upon these factors and given the six point no-bust range for the contract, the 860.00 cut-off point was determined. The Error Trade Policy is designed to enable the Exchange to help ensure an orderly market following such an event.
A preliminary review of the market activity indicates that the event was likely caused by a confluence of events, rather than a single error by a particular individual, including the upcoming close of the trading day, the impending Cisco earnings report and numerous buy stop orders above the market that were triggered.
Please let us know if we can be of further assistance.
Thank you,
Chicago Mercantile Exchange
Customer Service
1-800-331-3332
info@cme.com