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NYSE Cancels $500 Million Worth Of SPY Trades in AH Flash Crash

 
Anonymous Coward
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10/18/2010 07:12 PM
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NYSE Cancels $500 Million Worth Of SPY Trades in AH Flash Crash
Why bother with crashing individual stocks when you can crash the most traded entity of all. Today at precisely 4:15 the SPY flash crashed, sending the price of the most popular security in the world down to $106.46 from its opening price of $117.74.

Luckily for all the people who wrote in to us, and thousands more, who may have had MOC orders that got filled at 10% lower, the exchange has cancelled millions worth of trades. Per Bloomberg: "NYSE Euronext cancelled all trades in the $74.8 billion SPDR S&P 500 ETF Trust that occurred at almost 10 percent below the security’s opening price, according to an email sent by the exchange." And as presented below (which is a mere sample of all the DKed trades) there were about $500 million worth of notional that just got cancelled. The market is a farce, wrapped in a joke, inside a tragicomedy.

[link to www.zerohedge.com]

NOTE: PERFECTLY EFFICIENT MARKET OR COMPLETELY BROKEN MARKET...YOU DECIDE.

PS: FOR THOSE OF YOU WHO FROWN UPON ZH...HERE'S THE BLOOMBERG LINK FOR THE STORY:
[link to www.bloomberg.com]

PPS: FYI...THE ONE MINUTE VOLUME ON THAT FLASH CRASH AT 4:15 PM WAS 7,224,509...BY FAR THE BIGGEST ONE MINUTE VOLUME BURST OF THE TRADING DAY.

lol
Anonymous Coward
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10/18/2010 07:14 PM
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Re: NYSE Cancels $500 Million Worth Of SPY Trades in AH Flash Crash
ROBOTdance
The Truth
User ID: 1125652
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10/18/2010 07:23 PM
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Re: NYSE Cancels $500 Million Worth Of SPY Trades in AH Flash Crash
Just a Casino....a place for suckers!