Fattest Finger Ever Slams Stockholm Stock Exchange With $70 Trillion Buy Order
November 29, 2012 - 9:25am
We have seen some supposed 'fat-finger' trades in the last few days but Stockholm's stock exchange was brought to its knees yesterday as a record-breaking order hit the book and halted trading for four hours. A 4.3 billion contract buy order in the OMX30 futures (the Swedish equivalent of the Dow futures) caused the fiasco. This is equivalent to a SEK460 trillion notional exposure - or 131 times the Swedish GDP (around USD70 trillion). As one trader of the exchange noted, via SvD Narangsliv, "This just shows that it can get really bananas with machines" referring to the growing element of automated securities trading on that exchange. What's Swedish for FUBAR? Via SvD Naringsliv The giant warrant december semester in OMXS30, a security equivalent to a basket consisting of the Stockholm Stock Exchange's 30 largest companies, and where trade is very important ...
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