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The contracts absolve NASDAQ of liability in calamities of this nature (my business was almost destroyed -- had to take a 250K loss -- thanks to an order entry
by veyron 14y ago
The contracts absolve NASDAQ of liability in calamities of this nature (my business was almost destroyed -- had to take a 250K loss -- thanks to an order entry server failure), but it doesn't make you feel better.
Having had something similar happen to me, I know how much it sucks. You accept its a possibility, but don't really believe it will happen until it does.
- joering2 14y agoI am sorry about you loss. The frustration must be tremendous, especially since we know the fault was so clearly on their system's part. How can you make $400MM (last year) and yet cannot come up with robust bullet proof transactional system, no idea.. Ain't that vicious on their part that the rules of game change when there is no other place to "gamble". Bet this 2648 (or whatever rule # it is) would not stand a chance when NASDAQ just started, but now it is "play with us or don't play at all". Ps. Do you think there is any business behind being a "trade insurer"? Similar to car accidents, every high volume trader would be given an options to be insured up to X amount by paying substantially smaller Y fee.
- bbrtyth 14y agoBut then why do exchanges feel free to reverse trades after the flash crash, but not after something like this flash freeze? From a non-trader's perspective it's as if they do whatever they like.
- luriel 14y agoIt might look like they do whatever they like because pretty much they do whatever they like.