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Phil:
Actually, it's the new quarter end process, where they mark the futures and
options to prices that a committee feels is 'reflective' of the market value of
the underlying cash [this was the 3rd quarter it's been done, I believe]. And
this was the strangest one, with S&P futures being marked roughly 2 big figures
below the closing range and Nasdaq 100 futures being marked 7 ticks above the
high of the day.
No, no market manipulation...the price never traded. But the cash finish meant
they had to use that price to mark things where the committee felt the futures
and options prices should have been.
But it was wild to see.
Best,
Tim Morge
Phil Lane wrote:
> I noticed they closed the futures early - too bad I wasn't ready - anyway it
> seems the last ticks in the sp and nd futures were at one price, but then
> the official "closing" prices were something else entirely -
>
> I was wondering what's behind it, who is doing the price fixing and is there
> any reason to expect it will hold, or will prices return more or less to
> their last-traded values?
>
> Thanks for any info, and have a great weekend!
> Phil
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