A fat-fingered trader wiped out NT$21 million on the Taiwan Futures Exchange

The China Post
Date: August 3, 2017
By: The China Post

TAIPEI, Taiwan — The Taiwan Futures Exchange (台灣期貨) had a rough Thursday

Taiwan Futures Exchange)

morning after a trading error wiped out nearly NT$21 million (US$700,000).

It started at 8:45 a.m., when a fat-fingered trader from President Securities Corp. (統一證券) accidentally placed two large sell orders, sending the index from 10,328 points to 10,274.

Those initial two selloffs automatically triggered stop-loss orders, which sell off a stock if it dips below a certain price.

This sent the index plummeting further to 9,408 — a loss of NT$20.82 million.

The index stabilized as what had happened became clear and recovered to 10,415 points, down 38 points or 0.39 percent.   [FULL  STORY]

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