Markets: Ghosts in the machine
By Jeremy Grant and Michael Mackenzie
Not long after lunchtime one day on the New York Stock Exchange three years ago, unusual things started to happen. Hundreds of thousands of “buy” and “sell” messages began flooding in, signalling for orders to be made and simultaneously cancelled.
The volume of messages sent in was so large that the traffic coming into the NYSE from thousands of other trading firms slowed, acting as a drag on the trading of 975 shares on the board.
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