This was posted on emini group list. Anybody
from cme. reading this? Please put some controls in. This seems a good idea.
I don't know stink about this area ......but....
As a former auditor....the first
thing that jumps to mind is what are the internal controls surrounding the
process in which the "erroneous" order was placed yesterday?
I don't know squat about the paper
approval process for placing the 100 lot sell or even if one is required.
But when a 100 lot sell turns into a
10,000 lot sell then the least they could do is put electronic limits in the
system if they don't want these sorts of orders throwing the markets into
Obviously they didn't think what
happened was orderly mkt behavior as they broke some/all of the trades later. So
why not prevent them in the first place.
If someone really wants to sell 10k,
let them enter 1k 10 times with a system limit of 1k. Is that too
tough....hitting the repeat button?
had almost exact same point value spikes. Maybe next session we retest it.