You are viewing:-
you're reading...
0.General, 1.Trading HFT more

9 Dec 2016 (AFR) – Citi trading algorithm involved in sterling October ‘flashcrash’

(9 December 2016, AFR, p29, by Katie Martin and Caroline Binham)

‘The UK investigation into October’s “flash crash” in sterling has focused heavily on the Japanese trading operations of Citigroup, which fired off repeated sell orders that exacerbated the pound’s fall, according to bankers and officials involved in the inquiry. Citi’s traders are not believed to have started the slide in the currency in thin Asia trading but its Tokyo desk played a key role in sending the pound to its lowest levels in 31 years, bankers and officials said. The value of the pound fell from $1.26 to $1.14, with a 9 per cent slide in about 40 seconds. The Bank of England has said publicly that the October 7 crash is “set apart by the lack of a clear fundamental trigger” but its investigation of the event…’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

Advertisements

About robertbrain

Brainy's Share Market Toolbox. Read the honest truth about the sharemarket. Develop or fine tune your investing/trading strategies using share price charts (technical analysis), or learn about the investment strategies of others. Melbourne (Australia) based - supporting share market investors and traders to build wealth through smarter investing using my Share Market Toolbox arsenal of weapons to tackle the market.

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: