The Day The Market Almost Died - May 6th 2010
(Courtesy Of High Frequency Trading)
that was probably as close to Black Tuesday in Oct 1987 as we have seen.
Made possible by the current algos and HFT on Wall Street.
Possible there are more to come.
http://www.zerohedge.com/article/day-market-almost-died-courtesy-high-frequency-trading
These guys have been predicting such things to come over last year and more.
Yesterday, Nasdaq cancelled a whole lot of transactions, below certain prices.
We saw it last year with Rambus and with Google in 2008.
Now, the bots almost took the whole market with them.
One person who does get it is Senator Kaufman, who should be a shining example to all the other idiots and traitors in both Congress and Senate. Senator Kaufman issued the following release:
“I also have been warning for months that our regulators need to better understand high frequency trading ... The potential for giant high-speed computers to generate false trades and create market chaos reared its head again today. The battle of the algorithms - not understood by nor even remotely transparent to the Securitiesand Exchange Commission - simply must be carefully reviewed and placed within a meaningful regulatory framework soon.”
that was probably as close to Black Tuesday in Oct 1987 as we have seen.
Made possible by the current algos and HFT on Wall Street.
Possible there are more to come.
http://www.zerohedge.com/article/day-market-almost-died-courtesy-high-frequency-trading
These guys have been predicting such things to come over last year and more.
Yesterday, Nasdaq cancelled a whole lot of transactions, below certain prices.
We saw it last year with Rambus and with Google in 2008.
Now, the bots almost took the whole market with them.
One person who does get it is Senator Kaufman, who should be a shining example to all the other idiots and traitors in both Congress and Senate. Senator Kaufman issued the following release:
“I also have been warning for months that our regulators need to better understand high frequency trading ... The potential for giant high-speed computers to generate false trades and create market chaos reared its head again today. The battle of the algorithms - not understood by nor even remotely transparent to the Securitiesand Exchange Commission - simply must be carefully reviewed and placed within a meaningful regulatory framework soon.”