Massive "Fat Finger" Seller Appears In Swiss Francs

Tyler Durden's picture

One glance at the 'ticks' surrounding this morning's so-called "fat finger" in EURCHF and it is clear that this was anything but a human trader falling asleep on his keyboard or accidently selling 100 yards and not 100 million CHF... Welcome to the 'unrigged' markets... (in FX also)... where stop-hunting algos rip to a 50-day moving-average in milliseconds to remove all stops before fading back ingloriously to unchanged. As Nanex suggests, this started in the CHF futures market...


The ramp took EURCHF up to its 50DMA before fading back...


And appears from the adjusting bids and offers to be anything but a fat finger error...


and here is Nanex with the close up in the CHF futures market...

On April 16, 2014 at 10:35:24, about 1800 Swiss Franc Futures contract suddenly dropped prices in 1 second. Prices mostly recovered over the following 12 seconds.

1. June 2014 Swiss Franc (6S) Futures on April 16, 2014

2. Zooming in


Fat finger - or algos gone wild?

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PlusTic's picture

ALGO's gone crazy!  shut these fukks down already...this is a daily occurence...

Kirk2NCC1701's picture

Blonde algos on tramp-o-lines, causing bouncy benefits.

max2205's picture

I once knew a girl named Algo

She was a trader with Goldman


She was fast on her feet


And she seemed kinda sweet


Except her vag smelled like squid

CHX's picture

I think you're talking about some Olga here...

Four chan's picture

give em a millisecond and they will take a second.

monkeyboy's picture

So I think your saying that these markets might be rigged???

Kaiser Sousa's picture

its all just fucking bullshit...

i just watch to see how fucking much more stupid it gets on a daily basis...

watch, ignore, and buy more SILVER...


I Am Not a Copper Top's picture

Couldn't agree more.  The more "stoopid" it gets the more metal I stack.  Call it therapy or whatever.  It makes me feel good now and will make me feel even better when the wheels finally come off of this thing.  Although things will generally suck for most others and I will not be able to gloat about it.

LawsofPhysics's picture

Just another oligarch getting their "fair share".

Dr. Engali's picture

Damn Waddell and Reed screwing things up again.

Cdad's picture

LOL!  These incompetent criminal bankers still think we check the back pages of the financial newspaper to see what happened in "markets."  Good grief!  How obvious does it all have to get before "ropes and lamp posts" becomes popular in Google search terms?

It is ridiculous...and the idea that this "market" will continue is absurd.  Crash helmet ready?  Just watch the is telling you everything you need to know.



medium giraffe's picture

Loving the random 30 pip spike on the eur/chf spot.  Have the algos been fooled into thinking there's a usd/chf rally on here too?  lol

Archduke's picture

just saying april 16 is vix options and futures expiry...

DavidC's picture



venturen's picture

Thank you, Sir! May I have another beating?

Bill of Rights's picture
Ukrainian pro Russia presidential candidate is beaten

ebworthen's picture

It's those peace loving Western Ukranian's, who want to join the peaceful E.U. and U.S., doing the beating.

"Please, we must have peace at all costs" as they put unelected neo-Nazi's in power and send troops to put down those who protest unelected leaders.

youngman's picture

What is the end game for get the price they can buy more...or is it just showing how weak the markets really are....or a show of strength by the HFTs.....just a shot across the bow for the rest of us....when they do attack in low can they take it....????  close to zero I bet...

Cdad's picture

Ah...we're in the territory when one morning soon, the whole joke "market" opens 15% lower, and grinds lower from there.  Good luck.

GFORCE's picture

Whether its a fat finger or not, it's just a market reaction to thin volume and a big order which gets filled across a wider range of price. Considering the CHF pegs its currency at 1.20 this could've been anything... SNB trades, hedge fund...

Glass Seagull's picture



One man's fat finger is another man's manipulation

mayhem_korner's picture



I'd like you to meet my friends Al and Go.

Fuh Querada's picture

" Yet the huge volume of HFT orders adds liquidity to the market."


mayhem_korner's picture



"Fat finger" is bankspeak for "wealth transfer."

harrypotter's picture

Every Buyer has a Seller and Every Seller has a Buyer , so its not rigged, clean trades..........

headhunt's picture

How about a financial penalty for these fat finger f**Ks

A_Nejad's picture

Damn them Belgians!!!

Azannoth's picture

I think there is Method in this Madness not just craziness

CHX's picture

SNB stopping out some of those unwanted FX "speculators", me reckons. CHF no safe haven, it's pegged to the EURO, and until things break (and I mean really break), SNB will defend the 1.2 level at all costs. All fiat will burn, CHF included. 

Milton Waddams's picture

Sweep them stops. Domo Arigato

elwind45's picture

Someone likes the EURO because of recent banking union work?

NoWayJose's picture

The algos have essentially destroyed the use of stop-loss orders -- unless you have your own algo that can cancel them in 0.2 milliseconds....

Nana's picture

SNBs wife doing it again!!!!!! Need some cash for the Easter Skii Holssssss Bitchzes......

TheBird's picture

you realize that move is next to nothing right? A large order in spot .. chf or eur could easily spike the cross. Not everything is cross traded.

Uncle Remus's picture

Front-page blurb photo+avatar for this post looks like a stick man with Tyler's head at the top of a push-up.


Or just lack of sleep.

AvoidingTaxation's picture

Don't touch the Swiss. They're starting to be anxious.

Keep staking. I mean, Right now is the right moment to start buying some fucking Silver/Platin/Gold/Palladium.

Right now.
  for the insiders :)