kaciara
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Not long after lunchtime one day on the New York Stock Exchange three years ago, unusual things started to happen. Hundreds of thousands of “buy” and “sell” messages began flooding in, signalling for orders to be made and simultaneously cancelled.
The volume of messages sent in was so large that the traffic coming into the NYSE from thousands of other trading firms slowed, acting as a drag on the trading of 975 shares on the board.
The case was made public only last month when the disciplinary board of the NYSE fined Credit Suisse for failing adequately to supervise an “algorithm” developed and run by its proprietary trading arm – the desk that trades using the bank’s own money rather than clients’ funds.
more...
http://www.ft.com/cms/s/0/c4baf670-1bfe-11df-a5e1-00144feab49a.html?ftcamp=rss
The volume of messages sent in was so large that the traffic coming into the NYSE from thousands of other trading firms slowed, acting as a drag on the trading of 975 shares on the board.
The case was made public only last month when the disciplinary board of the NYSE fined Credit Suisse for failing adequately to supervise an “algorithm” developed and run by its proprietary trading arm – the desk that trades using the bank’s own money rather than clients’ funds.
more...
http://www.ft.com/cms/s/0/c4baf670-1bfe-11df-a5e1-00144feab49a.html?ftcamp=rss
