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How about the day that I owned a boatload of OEX puts- Oct ' mini crash.(if
my memory can be trusted)
Here's one way they did it:
At exactly 2 pm, one hour early, the CBOE just decided to close. It was the
very first and only time in history
that they did that.
I was unable to liquidate my puts on the close, as was my plan.
The very next day, get this:
I wanted to sell them at the open:
they were maybe 20 or 30 points in the money. They had been the CLOSEST
strike, with the most volume:
CBOE opened in "rotation": read: let our members cover their ass first:
My option strike was opened at 9:10 am Central: I covered my puts then,
about 10 points less than I could have, and, no telling what I could have
got at the close: The published "closing price" was the last traded price
at 2pm!!!!
----- Original Message -----
From: "ian.b" <ian_b@xxxxxxxxxxxxxxxxxx>
To: "Omega-List@xxxxxxx Com" <omega-list@xxxxxxxxxx>
Sent: Sunday, February 22, 2004 3:27 AM
Subject: [OT?] Exchanges reactions to big mistakes/manipulations?
> Dear List,
>
> Last year, there were sessions with unusual movement
> caused by mistaken orders or a unusual situation (i.e. e-mini).
>
> Could you send me links, notifications, explanations
> from an exchange or a brokerage regarding trade cancellation? .
>
> I would like to know the way the exchanges handle this.
>
> Regards
> ian
>
>
>
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