ROFL 🤣🤣🤣
A rare flash crash in European stocks caused by a Citigroup Inc. trader highlights the risks from computer-initiated sell orders exacerbating a single human error.
The OMX Stockholm 30 Index slumped as much as 8% in just five minutes before 10 a.m. CET on Monday, but quickly recovered most of the losses. A trader at Citi’s London desk made an error inputting a transaction, sparking an abrupt selloff across European equities that briefly wiped out 300 billion euros ($315 billion).
“The problem is not the mistake per se, but all the algorithms and stops that were triggered,” said John Plassard, a director at Mirabaud & Cie. “It shows the market is always vulnerable to human error and that algorithms and various CTAs are far too present in markets,”
https://www.bloomberg.com/...
A rare flash crash in European stocks caused by a Citigroup Inc. trader highlights the risks from computer-initiated sell orders exacerbating a single human error.
The OMX Stockholm 30 Index slumped as much as 8% in just five minutes before 10 a.m. CET on Monday, but quickly recovered most of the losses. A trader at Citi’s London desk made an error inputting a transaction, sparking an abrupt selloff across European equities that briefly wiped out 300 billion euros ($315 billion).
“The problem is not the mistake per se, but all the algorithms and stops that were triggered,” said John Plassard, a director at Mirabaud & Cie. “It shows the market is always vulnerable to human error and that algorithms and various CTAs are far too present in markets,”
https://www.bloomberg.com/...
04:28 PM - May 03, 2022
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