Fattest Finger Ever Slams Stockholm Stock Exchange With $70 Trillion Buy Order

Tyler Durden's picture

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 for the overall pricing of the stock market.


The order was on buy side of the order book and covered more than 4.2 billion futures, to a unit price of almost 107,000 dollars. It gives a theoretical value of 459 561 500 030 000, ie nearly 460 trillion dollars. Sweden's gross domestic product, by comparison, amounted in 2011 to more than 3500 billion.


- This just shows that it can go really bananas with machines, writes a trade to Svenska Dagbladet, referring to the growing element of automated securities trading.


According to the Exchange spokesman Carl Norell has no order of that size team into the system. Instead, it is about a parsing incurred in exchange system due to a technical error. The order, Norell writes in an email, anullerades, but still remains a problem why the index derivatives market is closed since just before 10 am this morning.


- Troubleshooting is underway and we communicate constantly updates to our members, writes Carl Norell.


On Thursday, the Stockholm Stock Exchange's derivatives trading open as usual.

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CalibratedConfidence's picture

your DDM HFT loves you and it loves internalizing your order

LongSoupLine's picture

"What's Swedish for FUBAR?"




post turtle saver's picture

Squirrely Stew... bork bork bork

Cognitive Dissonance's picture

Go ahead and eat spend them. We'll just make print more.

Sockeye's picture

Number 4294967290 in binary code can be written 11111111111111111111111111111010.
Number 4294967290 in octal code can be written 37777777772.
Number 4294967290 in hexadecimal code can be written FFFFFFFA.

The square root of 4294967290 is 65535.9999542. Number 4294967290 multiplied by 2 equals 8589934580. Divided by 2 equals 2147483645. The sum of all digits equals 52. Number 4294967290 raised to the power of 2 is 1.84467440222E+19. Number 4294967290 raised to the power of 3 is 7.92281621822E+28.

The cosine of number 4294967290 is -0.722476253312. The sine of number 4294967290 is -0.691395735741. The tangent of number 4294967290 is 0.956980568664. The radian equivalent of number 4294967290 is 74961320.476. The equivalent of number 4294967290 in degrees is 246083498864. The base-10 logarithm of number 4294967290 is 9.63295986064.

EnslavethechildrenforBen's picture

Then why is there any correlation at all between Gold and the paper GLD?

Divided States of America's picture

Guess even BigFoot is trading in these fucked up markets now.

TruthInSunshine's picture

IKEA is Swedish for FUBAR

Have you eaten those "meatballs"?

In other news, at least there's consistency in the insanity, daily now

Godspeed, Muppet Meat! Godspeed!

lineskis's picture

Ah those pesky corner cases...

Here you go:



if ( transaction_cost > MAX_ALLOWED_TRANSACTION_COST ) {

printf("Not so fast cowboy. Stick that fat finger somewhere else...\n");

} else {




Stockolm stock exchange, you're welcome...

CrazyCooter's picture

Below is how you say it in Swedish.




Ve-a hefe-a seee sume-a sooppused 'fet-feenger' tredes in zee lest foo deys boot Stuckhulm's stuck ixchunge-a ves bruooght tu its knees yesterdey es a recurd-breekeeng oorder heet zee buuk und helted tredeeng fur fuoor huoors. A 4.3 beelliun cuntrect booy oorder in zee OoMX30 footoores (zee Svedeesh iqooeefelent ooff zee Doo footoores) coosed zee feeescu. Thees is iqooeefelent tu a SEK460 treelliun nushunel ixpusoore-a - oor 131 teemes zee Svedeesh GDP (eruoond USD70 treelliun). Es oone-a treder ooff zee ixchunge-a nuted, feea SfD Nerungsleef, &qoout;Thees joost shoos thet it cun get reelly bununes veet mecheenes&qoout; refferreeng tu zee grooeeng ilement ooff ootumeted secooreeties tredeeng oon thet ixchunge-a. Vhet's Svedeesh fur FOoBER? Bork Bork Bork!

EscapeKey's picture

Looks like an unsaturated subtraction to me...

Matt's picture

someone tried to buy -1 futures contracts?

roadhazard's picture

"Swedish for FUBAR"



Sudden Debt's picture

It was just a trick to try to prop up the market, and it kind of did in the end!


Young's picture

Uppfuckat bortom all igenkännelse... Shit, now the black helicopters know my origin...

Looney's picture

.  What's Swedish for FUBAR?


Young's picture

Haha, that was close enough! The other suggestions are a bit funny since this god damn language were speaking is spawned from swedish and is probably the one bearing the most resemblance to it...

CPL's picture

Problem with letting any digital life operate without simulus it starts to run it's own numbers to match the environment given.  So obviously somewhere the Algo found a piece of information and acted on it.  University of Arizona had a study to the effect, without researcher inputs the bots went apeshit and started designing their own controls.

Considering the morons that bought the Algo/HFT systems never stopped to think once about the term "life", these bot or built creatures are designed to learn and recompile themselves to survive.  Their food is real data.  So somewhere there really is 460 trillion in exposure somewhere.

Most agencies that use AI fail to set security boundries to their bots.  The executives are more throughly managed by ACL's and given less information and access to information than a bot is given.  A bot will always reflect it's known reality with the information is finds and acts on.



ParkAveFlasher's picture

Thanks for this, CPL.  So what you are saying is an algo will go Daffy and declare itself generalissimo if not checked by its leash holders.

That's encouraging. 

Hey where's the clerk in this bucket shop?  I have all this life savings I'm doing nothing with.

Oh regional Indian's picture

Indeed PAF. Sounds like Skynet needs human-set limits or it will go to it's own limits.

When your limits can be expressed in exponentials, the numbers can get staggering.

Perhaps the singularity will not be the moment the machine went sentient, but the moment it went crazy.


CPL's picture

Sentience is something else entirely. 

Think of them as really adaptable information yeast.  Smarts doesn't have anything to do with it.  Environmental inputs do, it adapts to given information and seeks the shortest path to success. 

Unlike physical reality that limits us their lifespan can be measured in CPU clock time, their evolution from one form to another that is suited to survive in under a minute.  Entire generations in hours.  New derivative digital life in hours.  Entire ecologies in weeks.


Then the retards take that and apply that against a financial system.  Until something else pops up.  World bandwidth has been shrinking, internet traffic reports are showing this and a weird herd migration pattern.  No clue what it is as nobody has caught one that's "lived" longer than a couple of seconds and self expires (deletes itself).  Over the last month since the core switches went apeshit and are hitting loads that don't warrant the traffic and data being used.


My general thought is like yeast they'll eventually breed to maximum capacity of the environment.

CPL's picture

No worse, the digital life has already broken out of it's pen by measuring the macro data offered by the various engineering data spots (IEEE, W3C, Monitoring PUGS). 

When a developer builds something they are typically incredibly lazy when it comes to the infrastructure requirements.  Tivoli, HP Openview, SAS, SAP, Symantec Perimeter tools are good examples.  Anyone of those products can offer monitoring, baselines, reporting...they can save a fuck tonne of money, offer security and their AI's are very simple. 

Set it up wrong though without service accounts limited, proper internal rule sets, human processes to manage it properly and you've created a 800 pound gorilla to tear the ass out of an enterprise. 

Most of the guys I've met that do AI find the engineering aspect "beneath" them, like somehow establishing a foundation to a product is meaningless.  They are really more interested in reaction and tighter code. 

They simply do not give a shit about anyone's infrastructure or the costs.  They cludge source more often than people are lead to believe with half an idea of the business processes underneath them.  They are hand to mouth in terms of career with the attitude to match.


In this case, HFT's and Algo's are closer to yeast.  They just eat.  And eat.  And eat.  Then breed.  Evolve.  Rinse and repeat.  A small 70k self contained program doesn't sound like a lot in the beginning.  But give it room to move and "food" and no limits to ability to where it can go.  Like yeast in a fermenting carbouy of beer, it'll consume everything until it dies.  When a trader pushes a button, the HFT examines the trade, the risk, and how it knows how to counter with the available information.


Or evolves.  Ever wonder why there is bread, beer, champagne, ice wine yeasts.  That takes hundreds of years for people to nudge in the direction of what they want to use the particular yeast for and breed environmental "hardiness" into the end yeast/product.  In terms of CPU time, the Algo/HFT yeast will, or maybe it has evolved beyond it's intention. 

Again the people buying these things see a method to cut costs in human bodies and have a legion of bots on a mainframe do the job.  What doesn't click is similar to people that adopt baby chimpanzee's, eventually it turns into a great ape and more than likely turn on their "handler".


Life is wild, there is no order, only general processes to work around and in chaos.

ParkAveFlasher's picture

Good read.  Do any fiction?  Seriously.

"Set it up wrong though without service accounts limited, proper internal rule sets, human processes to manage it properly and you've created a 800 pound gorilla to tear the ass out of an enterprise. "

I've seen that happen. 

CPL's picture

Configuration management isn't a suggestion if betting the economies of the world on a machine.


As for algo/HFT programming, hardly fiction.  If you've played solitare on windows you've been introduced to it.


Matt's picture

I think he meant as a complement, that your writing style and narrative are good, and was inquiring whether you have written any works of fiction. 

CPL's picture

I have to write a lot for non technical people usually in charge of a lot of technology projects/money. 

To extract money from them legally and ethically, I have to prepare material to be briefly glanced at by the stakeholders while at the same time make sure my client/message doesn't get ripped apart by being too technical or making insane promises with technology delivery.

It's one part of my job I enjoy as a meditation.  My writing has room for improvement though.  However the main goal of communication in my job is to make sure people understand technology doesn't make things better or directly cheaper, it merely switches the order on how a process gets done, how fast and by whom. 

There is a common theme once bridging information to people that think they are non-technical until the same process can be illustrated with common themes we've all seen or understood.  Engineering's biggest source of inspiration for process is really pulled from every corner of nature because we only emulate natural processes.  All we do is automate them, commoditize them, throw an engine on it and hope it's not too fatal.  If it passes all counts; then it receives ISO certifications, hookers and blow.


And yes I do I little writing if I have the time.  General life stuff.  Lots of the old guys at the legion have stories they like telling.  So I capture them in notes, take twenty minute shots at writing and see what I can do with it.  When they pass away, if I've got something on paper I'll give it to the family so they have something captured.  Rinse and repeat as necessary over 25 years of winters in Canada between pints.


Silver Garbage Man's picture

This is one of many reasons why I have eliminated all of my paper assets and bought hard assets. At some point there will be a major event and your paper will either be froze or stolen or vaporized.

lakecity55's picture

"...and, since we have had to take all your bonds, 401s and stocks during this temporary emergencey, I have these nice, high-quality parchment sized USTBills that will go into your accounts. Note the multi-colored inks, the watermarks, and the raised emobossed UST Seal! Each Bill is robo-signed by me, your Premier, O'Twinkie!

FLUSA.com's picture

So with no more twinkies should we expect thinner "fat fingers"?

fonzannoon's picture

can't wait for the 460 trillion sell order.

Peter Pan's picture

Maybe that is what it was meant to be in the first place.

youngman's picture

Well who was it?????  Or did a cat walk over your keyboard......lol

SheepDog-One's picture

Oh my fuck PANIC BUYIN'!

fuu's picture

Surprised he wasn't selling GLD.

Zymurguy's picture

fuu, that's exactly what I thought of when I read the ZH headline :)

fuu's picture

Great steins think alike.

lakecity55's picture

Maybe he hit the "equities" key instead of the "GLD" key with the fat finger.

LongSoupLine's picture

Haha haaaa...



fuck you "markets"!  

buzzsaw99's picture

That just proves once again that one doesn't need money to buy stocks.