信不信由你：计算机程式与人为错误造成美股暴跌千点

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星期四下午,  程式交易加速了美国股市自由落体般的跌落。扳机的启动归咎于宝洁公司（Procter & Gamble）和至少另一个道琼斯指数里的公司3M...宝洁公司的股票从 60  美元左右大幅下跌至 39.37 美元 。

纽约证交所表示，每只股票都有它自己的“断路器水平”设置。当这些股票价格下降到低于其水平设置，那么他们可以在任何其他交易所，任何其他交易平台，以任何价格交易。当宝洁公司股价下跌到低于其“断路器水平“，从纳斯达克有出价排在 39.37 美元， （于是成交了） 纽约证交所说。

... 一些市场观察家说，他们听到一个大公司可能意外的释放了一个错误的交易，其中一个商人无意中错误的把一份160 亿美元的电子迷你与期货挂钩股指数合约出售，而不是他意愿中的1600 万美元 。

电子迷你是在芝加哥期货交易所交易。芝加哥商品交易所集团发言人阿伦勋伯格表示，该交易所正查核有关交易...


以下是英文原文：

MarketWatch Report that a trading error may have exacerbated today’s precipitous decline in stocks

The U.S. stock market’s rapid freefall Thursday afternoon was accelerated by program trading, which was triggered after a sharp drop in shares of Procter & Gamble
and at least one other Dow stock, 3M Co…
Shares of Procter & Gamble plunged to $39.37 from around $60. The New York Stock Exchange said each stock has its own circuit breaker level. When these stocks fall below their levels, then they can be traded on any other exchange or platform at any price. When P&G fell below its circuit breaker, a bid came in for the stock at $39.37 from the Nasdaq, the NYSE said.
…Several market watchers said they heard a major firm may have accidentally released an errant program, where a trader accidentaly placed an order to sell $16 billion, instead of $16 million, worth of e-minis, the futures contracts tied to equity indexes.

E-minis are traded at the Chicago Mercantile Exchange. Allan Schoenberg, a spokesman for CME Group, said the exchange was examining trades…

Lots of unusual activity today.  Clearly, the news was very negative and stocks have been under pressure, but it is possible that trading problems exacerbated the problem.

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关键词：信不信由你 美股暴跌 计算机 accelerated Accidental 计算机 暴跌

@love881113 据国外媒体报道，纽约证券交易所（NYCE）周四表示，在大盘大幅下跌超过900点期间，交易中心的交易系统没有出现技术问题。 道琼斯工业平均指数在周四下午的交易中一度跌至9867点，最终稳定在10519点.

我也看了marketwatch的这篇报道。

“where a trader accidentaly placed an order to sell $16 billion, instead of $16 million” 觉得这个错也出的太离谱了。

bloomberg上好像说没有发现太多错误。不过Procter & Gamble似乎最低跳到几美分了。nasdaq那边还说要取消当时超过60%摆动的交易。

这会真是热闹极了。  英国这边今晚还大选点票呢，零晨三四点才出来结果。伦敦金融城的人今晚都通晓上班，今天guilt(短期英国国债) 特例在零晨一点就开盘，我猜那边的交易员都在摩拳擦掌呢。经过下午晚上这么一折腾后，明天英国市场还会有一顿波动的。

不太平阿。。。。。。

至于计算机程序，我是这么看的。。。。

暴跌肯定是程序交易推动的，但触发程序的却是市场的恐慌情绪。  不过，最后指数能够又反弹回来，也是计算机的套利程序起的作用，人为交易没有这么统一并且巨大的规模把指数拉回来。

等待进一步的调查结果～

疯狂的世界!

真疯狂啊。。。。。。。。。

Exactly what are the circuit breaker levels for individual stocks? Same as for indices?

8# ectopic

If the stock or future contract or currency you had bought (with borrowed money from broker ) decreased in value past a certain level (the circuit breaker level), which set by the broker . You would be forced either to deposit more money into the account or to sell off ( buy back to cover shorts) .

That's margin call. I don't think it's the same as circuit breaker. With indices, NYSE has specific rules about when to halt market altogether when DJIA falls by 10% and 20%. But in P&G's case they allowed it to continue trading and price fell by 30%+, so I'm wondering what the rules are for individual stocks.