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Dear traders:
I remember a case years ago there was a bank computer programmer who wrote the
bank's loan and savings account programs to calculate customer interest, and
had the rounding difference (after $x.xx) of the interest all credited to his
personal bank account. I don't remember how much money he "benefited" but
eventually he was caught.
I wonder if the Globex electronic trading programs, etc., are required to be
audited by independent programmers, and who do these auditor / programmers
report to?
Just curious,
Bill
In a message dated 8/29/98 8:35:02 AM Pacific Daylight Time, bnm03@xxxxxxx
writes:
> Subj: RE: Globex S&P and emini
> Date: 8/29/98 8:35:02 AM Pacific Daylight Time
> From: bnm03@xxxxxxx (Brian Massey)
> Reply-to: bmassey@xxxxxxxxxx
> To: felixty@xxxxxxxxxxx
> CC: omega-list@xxxxxxxxxx (List, Omega)
>
> And you thought future pit locals ala the S+P were out to manipulate the
> market and screw the paper. Sounds as if there's just as much if not more
> manipulation in the stocks than futures.
>
> Guess again if you think electronic
> trading is going to bring equitability for all participants. There will
> always be those who have an unfair advantage. Electronic trading makes it
> even eaiser to cheat because it's done in private with way less
> accountability. ...
>
> Brian.
>
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