Someone Was Trying to Steal Money
I don't know if it was insider trading, or just the standard front-running that accompanies the high frequency trading out there, but the fact that the New York Stock Exchange was unable to report trades for much of the morning due to a flood of "erroneous" trades is a byproduct of some thing to do with the seamier side of the markets.
My guesses:
My guesses:
- A software glitch on a machine doing computerized trading.
- Someone trying to capitalize on inside information using high speed trading (which, BTW, the NYSE does not do HFT, so it gets odd).
- A deliberate attempt to take down reporting so some sort of funny business could get done in the dark.
NYSE Euronext (NYX.N)(NYX.PA), the parent of the exchange, said the delays followed "an inordinate influx" of orders received as Friday's session got under way. Later in the session, the company had to temporarily transfer quote processing to a backup system before the problem was resolved around noon.Yeah, and it could just be an ordinary f%$#-up, and I'm being a conspiracy nut.
The exchange's quote delays caused some tickers to be locked, but a NYSE spokesman said trades were continuous throughout.
"It was an influx of erroneous orders which were caught before they were executed," said Ray Pellecchia. He could not say where the orders came from.
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