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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Press Release: Error Trade in DIST triggers Market Halt

Press Release: Error Trade in DIST triggers Market Halt

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monash


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
lol! WTf? this is BULLSHIT!!
no wonder why foreigners leave CSE. These bastards not even capable of managing a nursery. are these so called shameless sec officials at least passed grade 8? seriously even poor labors are intelligent than them..

UKboy


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Market goes up, market goes down, markets crash, etc
All these things are not just happening at CSE. These can be happened at any market in the world.
Only thing is our market is still an immature market in terms of technical and regulations. so the % of happening these things may higher than a stable slow growing western markets.

Take it slow..!

mono


Vice President - Equity Analytics
Vice President - Equity Analytics
@aj wrote:Wow, 120,000 can halt the market. Is CSE really a stock market?

Now there is "a reason" for the downturn. Smile Blame everything on the transaction.

you can do it with any stock market that has halting rules. for example if i sell 100 aapl at .2 usd that would dent the nasdaq considerably

insidertrader


Manager - Equity Analytics
Manager - Equity Analytics
There is a NEST 100 which upped the price by 7%. It's in the top 10 market capitalization list. This is probably bought by them to remove some redness in the market after the halt at 11:30. If you remove that 100 the final number should be much redder. Just an example. I think people have mentioned they used CARS, BUKI, SLT 100s like this frequently.

How tiny and few the CSE is and people cry against new listings.

chamith


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@mono wrote:
@aj wrote:Wow, 120,000 can halt the market. Is CSE really a stock market?

Now there is "a reason" for the downturn. Smile Blame everything on the transaction.

you can do it with any stock market that has halting rules. for example if i sell 100 aapl at .2 usd that would dent the nasdaq considerably

i dont think that is the case. I think even if you put a sell at 2$ the order will be filled by the highest buy order. Today there must have been less DIST buy orders around 140. If some1 put a sell order at market price it would fill up all the buy orders starting from the highest till all sell out. Unfortunately final 100 or so orders must have been around 100 lkr.

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Here again the incompetency and lack of transparency are adding more fears to the already volatile market place which would put pressure to slide the indexes further down.

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics
@Kithsiri wrote:Here again the incompetency and lack of transparency are adding more fears to the already volatile market place which would put pressure to slide the indexes further down.

lets face it that trade saved the market

monash

monash
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
didn't you guys see the other side of this trade?
i just checked my system. This 1200 DIST trade happened @ 10.57am. can you remember before this trade done, ASI and MPI already down more than 2%. If i'm not mistaken MPI down nearly 3% at around 10.45. from the start of market they tried to keep ASI and MPI up by pushing CARS and BUKI up. But that attempt was failed as sellers keep on hitting their buy orders. So they ran out of options and only option they had was halt the market. This might have done to trigger more panic on sellers to get MPI down by decreasing the remaining 2-3 %.

So i think this was done intentionally to halt the market to prevent that crash. Because if market continued to crash at the rate before halt, then ASI would end up around 5500 Razz Very Happy

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
@aj wrote:Wow, 120,000 can halt the market. Is CSE really a stock market?

Now there is "a reason" for the downturn. Smile Blame everything on the transaction.

That is why ppl say our SEC and CSE are not capable enough to perform their duties.

wallstreetguy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Google Flash Crash. You will get an idea. This has happen in the states recently

chamith

chamith
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@monash wrote:didn't you guys see the other side of this trade?
i just checked my system. This 1200 DIST trade happened @ 10.57am. can you remember before this trade done, ASI and MPI already down more than 2%. If i'm not mistaken MPI down nearly 3% at around 10.45. from the start of market they tried to keep ASI and MPI up by pushing CARS and BUKI up. But that attempt was failed as sellers keep on hitting their buy orders. So they ran out of options and only option they had was halt the market. This might have done to trigger more panic on sellers to get MPI down by decreasing the remaining 2-3 %.

So i think this was done intentionally to halt the market to prevent that crash. Because if market continued to crash at the rate before halt, then ASI would end up around 5500 Razz Very Happy

In CSE a index can only fell max of 5%. If that happens 30min market halt would trigger. So even if gradually mkt fall bellow 5% they will put a mkt halt. Therefore your assumption is not correct

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Dist was trading around 140/= at that time.So how could anyone trade DIST at 100/= at once.It is very hard to believe that there was no buy order in between 100/= and 140/=.
Simillar thing happened one or two months back for Hayleys.It was trading around 370/=.Suddenly there was a trade around 290/=.Then again trade around 370/=.Later there was an announcement saying that 290/= trade was an error.(I can not remember the exact date and values.)

godswen

godswen
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@mono wrote:
@Kithsiri wrote:Here again the incompetency and lack of transparency are adding more fears to the already volatile market place which would put pressure to slide the indexes further down.

lets face it that trade saved the market

Yes, because of that only the slide stopped. If not it would have been a disaster with a lot of panic sellers, like they gave TAFL at 76 GRAN at 80, BFL at 170 at the last minute before the market halt.

Anyways there is something up with the DIST trade.

10:57:09 140.00 100 148.90 140.00 -9.60 -6.42
10:57:09 143.50 100 148.90 143.50 -6.10 -4.08
10:57:09 140.00 100 148.90 140.00 -9.60 -6.42
10:57:09 100.00 1,200 148.90 100.00 -49.60 -33.16

The seller had to sell maximum of 1500 shares to reach 100.. So that means there were no buyers below 140 untill 100? (I wish I had this order book opened). It trading at 145 minutes before this trade.
So Was it done intentionally?

Anyways it's up to CSE now to have a look at it, they can do a market replay and check what has happened, they have a (powerful) surveillance system installed, and some (experienced) people monitoring! isn't it?

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics
@rijayasooriya wrote:Dist was trading around 140/= at that time.So how could anyone trade DIST at 100/= at once.It is very hard to believe that there was no buy order in between 100/= and 140/=.
Simillar thing happened one or two months back for Hayleys.It was trading around 370/=.Suddenly there was a trade around 290/=.Then again trade around 370/=.Later there was an announcement saying that 290/= trade was an error.(I can not remember the exact date and values.)

you can just sell at 100, buyer will pay only 100 even if his bid is 130

godswen

godswen
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@mono wrote:
you can just sell at 100, buyer will pay only 100 even if his bid is 130

But shouldn't it match it at 130?

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@mono wrote:
@rijayasooriya wrote:Dist was trading around 140/= at that time.So how could anyone trade DIST at 100/= at once.It is very hard to believe that there was no buy order in between 100/= and 140/=.
Simillar thing happened one or two months back for Hayleys.It was trading around 370/=.Suddenly there was a trade around 290/=.Then again trade around 370/=.Later there was an announcement saying that 290/= trade was an error.(I can not remember the exact date and values.)

you can just sell at 100, buyer will pay only 100 even if his bid is 130
Sometime back I tried to do such a thing.(Not to manipulate the market but just to see whether I can do it or not) But it did not happen.Trade happened at the price of immediate buy order ie I could not bypass the orderbook to artificially lower the price.(My online trading system is DirectFN from capital trust.)

godswen

godswen
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@rijayasooriya wrote:
(My online trading system is DirectFN from capital trust.)

It's not decided by the online trading software but from the Exchange system.

bliss

bliss
Senior Equity Analytic
Senior Equity Analytic
@chamith wrote:
@mono wrote:
@aj wrote:Wow, 120,000 can halt the market. Is CSE really a stock market?

Now there is "a reason" for the downturn. Smile Blame everything on the transaction.

you can do it with any stock market that has halting rules. for example if i sell 100 aapl at .2 usd that would dent the nasdaq considerably

i dont think that is the case. I think even if you put a sell at 2$ the order will be filled by the highest buy order. Today there must have been less DIST buy orders around 140. If some1 put a sell order at market price it would fill up all the buy orders starting from the highest till all sell out. Unfortunately final 100 or so orders must have been around 100 lkr.

I agree with u Chamith....In CSE orders fill out as the way u xplained...
Othrwise u hv 2 make a crossing deliberately...

bliss

bliss
Senior Equity Analytic
Senior Equity Analytic
Anyway MIT is upgrading CSE system....we cn see some improvements....

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@rijayasooriya wrote:
@mono wrote:
@rijayasooriya wrote:Dist was trading around 140/= at that time.So how could anyone trade DIST at 100/= at once.It is very hard to believe that there was no buy order in between 100/= and 140/=.
Simillar thing happened one or two months back for Hayleys.It was trading around 370/=.Suddenly there was a trade around 290/=.Then again trade around 370/=.Later there was an announcement saying that 290/= trade was an error.(I can not remember the exact date and values.)

you can just sell at 100, buyer will pay only 100 even if his bid is 130
Sometime back I tried to do such a thing.(Not to manipulate the market but just to see whether I can do it or not) But it did not happen.Trade happened at the price of immediate buy order ie I could not bypass the orderbook to artificially lower the price.(My online trading system is DirectFN from capital trust.)

You only can place the order ( sell or buy) 50% up/down from the previous mkt price. In DIST someone would have placed the order purposly to dip the index down. there may be no buyers inbetween Rs.140-130. Further in broker ATS system there is a command called qualifier ( this for price and qty) If two brokers agreed the qty and price, both can use this command and execute the trade. I think someone would have done purposly.

Orelse unintentionally just place the order @ Rs.100, if some one get panic and selling to buyer's quote.

What to do!!!!!!

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@godswen wrote:
@mono wrote:
you can just sell at 100, buyer will pay only 100 even if his bid is 130

But shouldn't it match it at 130?

No: It's clear- if you willing to sell at 100, buyer will pay only 100, why he should pay more when the seller is selling lower. That's how system works.

I can remember similar thing happened in 2010- October-November correction, Market was on a free fall and suddenly small quantity of HNB-X went at Rs.15, where at that time it was trading at higher than Rs.200: I'm not sure whether it was corrected or not.



Last edited by WildBear on Sat Nov 26, 2011 1:24 pm; edited 1 time in total

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
In essence, all what you are saying is any unscrupulous person can stall a market activity by playing with a decimal point?

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@seyon wrote:
@rijayasooriya wrote:
@mono wrote:
@rijayasooriya wrote:Dist was trading around 140/= at that time.So how could anyone trade DIST at 100/= at once.It is very hard to believe that there was no buy order in between 100/= and 140/=.
Simillar thing happened one or two months back for Hayleys.It was trading around 370/=.Suddenly there was a trade around 290/=.Then again trade around 370/=.Later there was an announcement saying that 290/= trade was an error.(I can not remember the exact date and values.)

you can just sell at 100, buyer will pay only 100 even if his bid is 130
Sometime back I tried to do such a thing.(Not to manipulate the market but just to see whether I can do it or not) But it did not happen.Trade happened at the price of immediate buy order ie I could not bypass the orderbook to artificially lower the price.(My online trading system is DirectFN from capital trust.)

You only can place the order ( sell or buy) 50% up/down from the previous mkt price. In DIST someone would have placed the order purposly to dip the index down. there may be no buyers inbetween Rs.140-130. Further in broker ATS system there is a command called qualifier ( this for price and qty) If two brokers agreed the qty and price, both can use this command and execute the trade. I think someone would have done purposly.

Orelse unintentionally just place the order @ Rs.100, if some one get panic and selling to buyer's quote.

What to do!!!!!!

Yes that is a possibility.

bakapandithaya

bakapandithaya
Vice President - Equity Analytics
Vice President - Equity Analytics
I am happy, coz mkt is closed for half an hpur. coz it reduced my loss lol!

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics

seyon,
Orelse unintentionally just place the order @ Rs.100, if some one get panic and selling to buyer's quote.
What to do!!!!!!


If that is the case this transaction cannot be considered as an error. Isn't it?

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