theguardian
In
just 20 minutes the New York Stock Exchange had witnessed it’s biggest
stock plunge in decades, all traced to one gargantuan sell order
It was 6 May 2010. In the UK it was general election day, in the
US,Wall Street was gripped by mounting anxiety about the Greek debt
crisis. The euro was falling against the dollar and the yen, but despite
the turbulent start to the trading day, no one had expected the near
1,000-point dive in share prices.
In a matter of minutes the Dow Jones index lost almost 9% of its
value – in a sequences of events that quickly became known as “flash
crash” . Hundreds of billions of dollars were wiped off the share prices
of household name companies like Proctor & Gamble and General
Electric. But the carnage , which took place at a speed never before
witnessed, did not last long. The market rapidly regained its composure
and eventually closed 3% lower.
There was a frenzy of speculation about what might have caused the
rout, with explanations ranging from fat fingered trading to a
cyberattack. But within days, officials in the US were blaming big bets by a trader on Chicago’s derivatives exchange.
By the end of September, an official report by the two main US
regulators pointed to a $4.1bn (£2.7bn) sell order instigated by a US
mutual fund, said to be Waddell & Reed.
At
2.32 pm, the mutual fund had used an automated algorithm trading
strategy to sell contracts known as e-minis. It was the largest change
in the daily position of any investor so far that year and sparked
selling by other traders, including high frequency traders.
The official report
by the Securities and Exchange Commission and the Commodity Futures
Trading Commission outlined a “hot potato” effect as the HFTs started
and buying and then reselling the e-mini contracts. Some orders were
executed at “irrational prices” as low as one penny or as high as
$100,000 before the share prices returned to their pre-crash levels by
3pm. In just 20 minutes, 2bn shares worth $56bn had changed hands.
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