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China stocks jump 6% in mystery spike

http://money.cnn.com/2013/08/16/investing/shanghai-composite-mystery/

by rossjudson • 13 years ago

2 2 13 years ago

MO

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rossjudson• 13 years ago

I had some stock-watching extended family members flipping out about this one last night. ;)

It went up, it went down, by a huge amount in a matter of minutes. At first authorities apparently said it was natural, but now there's an investigation underway.

Crazy coincidence? Automated trading run amuck? Or hackery?

washedup• 13 years ago

Supposedly it was a "fat-finger" by a Chinese state-owned equity firm (Everbright securities). In other words, an arbitrage algo gone wrong. Cost the firm $1 billion and they are now suspended from trading for who knows how long.

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