Russian Exchange Halts FX Trading Due To "Software Glitch"
BATS, Nasdaq, Knight, NYSE, and now the MICEX Moscow exchange - everyone is following the tried and true principle: If complete trading halt due to unknown circumstances, then blame software glitch. At 3:58pm local time, FX trading in the Moscow market halted FX trading due to what spokesman Nikita Bekasov said, was a "software error." Unclear if this is the same kind of error that nearly wiped out Knight in a few minutes of trading. What is clear is that it is always the software's fault, never the programmer. Also, no mention of a rogue Stuxnet variant has been ever mentioned here, or anywhere else. Finally, we eagerly await the latest report of weekly equity flows due out later today: one doesn't have to confuse statistics with heuristics and have a political prediction blog to know the number will be negative as usual.