Slashdot Mirror
Data Glitch Sets Tech Company Stock Prices At $123.47 (theverge.com)
For one moment on Monday evening, the prices of several stocks on Nasdaq -- including those of Amazon, Apple, eBay, Google, and Microsoft -- were all priced exactly the same, $123.47. From a report: In a statement obtained by the Financial Times, Nasdaq said the culprit was "improper use of test data" that was picked up by third party financial data providers. The exchange said it was "working with third party vendors to resolve this matter." The issue was replicated across major financial websites, including Bloomberg, Google Finance, and Yahoo Finance, and it's not known when it all started.
This would be a complete non-issue without it. But I'm guessing tens of millions of dollars of transactions went through in that moment.
Hi! I make Firefox Plug-ins. Check 'em out @ https://addons.mozilla.org/en-US/firefox/addon/youtube-mp3-podcaster/
It's easily done if you haven't gone to great pains to isolate your test environment.
Build a Man a Fire, and He'll Be Warm for a Day. Set a Man on Fire, and He'll Be Warm for the Rest of His Life.
instead of WannaCry, WannaBuy?
It should have been $123.45. But someone got greedy and added two cents.
To sell, you need a buyer. If the stock is usually rolling around the 10 dollars mark, you will not find any idiot buying at 123,47. Likewise if it's at around 500 bucks you won't find anyone selling.
So unless a stock was close to this price, I doubt that any buy/sell orders could be filled.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
True, but OP was talking about automated algorithms. Wouldn't have been the first time that stop loss orders cascaded into a flash crash.
Soooo missing a big part of the story....so if someone bought a lot of Google or Apple stock at $123.47 and the price goes back to what it really was, do they get the keep the stock at the correct price? The person bought in good faith, and provided real money to do so, and we have to have FULL confidence in the way stock is purchased or the whole system collapses. If someone bought stock at the wrong price unknowingly, the people that posted the wrong price need to be responsible for posting the wrong price and make good. I watch stocks closely and when I see a large dip I buy, it would really piss me off if they came back to me and said "opps we posted test pricing, so your purchases are invalid" no, you posted wrong prices you are responsible to make good on that.
You'll find stop loss orders selling.
Your ad here. Ask me how!