I have hard that P&G is asking for an investigation of todays action. Apparently it was dark markets moving the market around. And that is no ‘glitch’. I would believe that more than a glitch since I watched it and at one time there were no bids or no offers.
I have never seen anything like it.
http://en.wikipedia.org/wiki/Dark_liquidity
From what I gather, a huge sell order for PG went out. It came back “No bid” so, the computer offered it again at a lesser price. Again, it came back “no bid.” And so on and so forth, until things really got out of hand.
Anyway, I’ve been on the trading floor at a large financial institution, and the people who are allowed to make large sales are segregated from the run of the mill traders.
So, that tosses out the idea some low level trader made this mistake.
From there, I’m supposed to believe not only did a very experienced trader make a multiple zero mistake on the amount of stock for sale, they also put the trade out without some kind of limit as to how often it would be offered or how low the price was allowed to go.
An experienced trader made at least two mistakes on the same trade? And the software allowed the trade to go through without screaming bloody murder? That I don’t buy, not for a second.
I’m also pretty sure the regular traders at financial institutions have limits as to how many zeros they’re allowed to input in the trading software they use.
I’m going with financial terrorism.