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Nasdaq Gives Up: Will Not Unhalt Options Market Today
Just when you thought Healthcare.gov was the worst designed system and that nothing could match government incompetence, here comes Nasdaq, and adding insult to repeated shutdown injury from over the past several months, has just announced it will not unhalt the Options Market before the weekend, and will cancel all open orders. As for the scapegoat: "a significant increase in order entries." In other words, a blast of HFT quote churn again - just like the flash crash.
From Nasdaq:
On Friday, November 1st at 10:36:57 a.m. ET, NASDAQ OMX halted trading on the NASDAQ Options Market (NOM), one of the exchange group’s three U.S. options markets.
A significant increase in order entries inhibited the system’s ability to accept orders and disseminate quotes on a subset of symbols, which resulted in the NOM halt.
As equities options trading continues on eleven other venues, including NASDAQ OMX PHLX and BX Options, NASDAQ OMX has determined it is in the best interest of market participants and investors to cancel all open orders on the NOM book at 10:36:57 a.m. ET, and to continue the market halt through the close. Equities trading has not been impacted.
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"free markets" at work...
/s
> "Equities trading has not been impacted."
PHEW!!!
LOIC, financial edition
When you consider what nasdark is up against it's surprising it isn't offline more often.
Speaking of pills?... Where's my morphine drip?
Sure hope the U.S. Army is keeping careful watch over those poppy fields they’re cultivating in Afghanistan for the international drug cartels, cause after this event we'll be needing more knockout drugs to handle this continued financial illusion.
Or is that delusion?
How can I max out my margin account with weekly calls when I'm BTFATHing if they keep halting it!!!
Yeah, really. Thank God nothing important happened.
Well, come on, they're "Free Markets". It's like; you know, Free Pussy, and Free Lunch, I mean come on, you gotta leave a little slack in the definition here; "Free" is terrific advertizing, right?
Of course they are free. They don't cost Goldman a dime
self help - get Carson block on it stat! - http://hedge.ly/1bJSCN3
I saw that. Once you enter the world of "mark to fantasy" accounting, what does or does not exist becomes rather subjective.
This is how the major exchanges will crash some day. The HFT's will be programmed not to halt, but to go into Full Retard mode to kill the system. It'll happen overnight too. If you have a position in the market, you'll be screwed. Remember, "Cash is King".
Some algo designer will come up with an algo that can push the system to the circuit breaker limit and then keep the system just off the circuit breaker limit so the system bleeds out.
Remember, "Cash is King". I'll try, but it sounds kind of complicated.
If these are the most deep and liquid markets in the world, I'd hate to see what everybody else has.
LOL. spit up my tea on that one. thanx for the giggle.
Doc,
was thinking the same thing.
Of interesting note, I ran across a guy on one of the auction sites for firearms selling an Colt upper receiver. Of interest was that the receiver had the Colt Diamaco markings - meaning - made in Canada. That particular marking on a reciever sold down here in the usa is RARE. Bought it ASAP, figured that some other gun nut might see it and have understanding. Anyways i wouldnt worry about the guns per se, I am more concerned about the ammo situation. You can never have enough AMMO! NEVER!
They're just never going to fix this, are they? Not even ATTEMPT to fix it. On and on and on until we get to the point where every morning we'll all be wondering "I wonder if they'll open teh market today?"
"I wonder if the bank will open today..."
Stack 'em if you got 'em.
And as an added bonus to the applet you build in either the left or right column of the ZH page, you can put an additional bucket next to DOW, NASDAQ and S&P that is a special column with "tally" that records outages >= 1 hour.
Better still.
When the threshold exceeds 3 hours, take everything else off ZH with just the announcement of the index du jour that went "blue screen".
By the way what are the SLAs for these outages based on in milliseconds when the client loses it's trading day? Gets kind of expensive after a certain amount of time with the litigation for outage time -No?!
Commence Project Pork Shank!
Thought experiment time:
If someone told you six months ago that the markets, including quote systems would be subject to a lengthy string of significant failures on a near daily basis, what would you expect that to do to confidence and rates of participation on those markets?
If someone told you three years ago that a commodities brokerage could gamble away the money you had on deposit, then declare bankruptcy and the govt would work diligently to protect the brokerage against your claims as an insured depositor, what would you expect that to do to confidence and the desire of amateur and professional investors alike to hold money in these kinds of institutions?
If someone told you two years ago, that the idea of "bail-in" would be worked into policy documents at a high level, and into the laws of many countries and that a test case in an EU nation crafted by the IMF, ECB and EC would prove the idea that a depositor is nothing more than an unsecured creditor, how would you expect the masses and investment professionals to react to that?
If someone told you today that the comex was going to cash settlement of precious metals contracts within 6 months because of an inability to meet demand for redemption of paper contracts sold short, how would you expect amateur and professional investors to react to the news once it happens?
For answer to these questions (which are excellent by the way) see "Red Pill" and the response underneath.
Aren't drugs great?
They make everything that's negative go away. I think this is a queue for moving some of your Google earnings since it passed it's remarkable threshold last week into MORE Pfizer, Novartis, and GlaxoSmithKline.
Oh and be sure to only take the drugs that use heroine in them.
I was just reading an article about the apparently lack-luster opening sales day for the Ipad Air in Britian. Consensus seems to be if it had a fingerprint reader it would sell better.
So help me, but I think they are right.
Is it me or has the world and all its institutions turned to shit since hussein obama was selected to be the last one to shut the lights off?
amazing how stocks always shoot higher when nasd breaks.
FEDs beta realeses do it every time.