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Marc,
By the time the Government supposedly asked brokerage firms to support
the market it was all over. How about those specialists. They are
supposed to make an orderly market. A lot of them did go bust or
close to it but many kind of fell asleep. Who could blame them the
TAPE was over an hour behind so none of us really knew what the market
was doing in 87. Sure was fun.
Best regards,
Jimmy Snowden
mailto:jhsnowden@xxxxxxx
Sunday, February 22, 2004, 12:19:00 PM, you wrote:
mm> Oops, forgot the yr. it was '89, oct mini-crash.
mm> I remember the next day. This is History, as far as I am concerned. We
mm> should be able to watch a show about it on the History Channel. The
mm> president of the NYSE at the time was on TV
mm> at the open trying to "soothe' peoples nerves. It was HILARIOUS!!!
mm> He was there, and the market was dropping like a rock.
mm> He said something like this: "Well, the market is down right now, it's down
mm> about 50 points, now, wait a minute, it's down about 80 points. We have
mm> confidence that we have the liquidity to handle this. Everything should be
mm> ok. Wait a minute the, dow is down 100 points, wait, wait a minute. What??
mm> the dow is now up. wait. yes, up 10 points, yes , the market is, wait a
mm> minute, the market IS up , now its up 50 points!!!" I swear, it was so
mm> fast, it made your head spin. This market had gone up in the BLINK of an
mm> eye!
mm> Then of course, do not forget that during the crash of '87, many big firms
mm> were basically TOLD to support the market- by none other than Uncle Sam.
mm> They didn't really talk about it for years. But that's a fact.
mm> Best Wishes,
mm> Marc Miller
mm> ----- Original Message -----
mm> From: "ian.b" <ian_b@xxxxxxxxxxxxxxxxxx>
mm> To: "Omega-List@xxxxxxx Com" <omega-list@xxxxxxxxxx>
mm> Sent: Sunday, February 22, 2004 3:27 AM
mm> 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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