Chinese trade data is stunning … but this is Unbelievable

Author: Eamonn Sheridan | Category: News

I’m reading this, but I can’t believe it … surely not??? A “programming issue”???

Bats Global Markets Inc., the third- largest U.S. stock exchange operator, said it discovered a programming issue with the computers underpinning its markets that allowed trades that violated U.S. guidelines intended to ensure all investors get the best possible price…. The trades at inferior prices, called trade-throughs because they trade through or ignore the best available bid or offer, may have happened 433,000 times, an average of 410 a day from October 2008 to January 2013

Oh, so it was only a programming issue for four and a half years…

Bats Says System Errors Caused Pricing Problems Over 4 Years