8, 2005, Mizuho Securities mistakenly placed a sell order
for 610,000 shares in J-Com Co.
A Citigroup Inc trader placed a sell order
for 119,231 shares of the stock at a price of AUD0.024, instead of AUD2.40.
- buy order - above the highest high +5 pips<br> - sell order
- below the lowest low and -5 pips
They said in a statement: "An erroneous data entry for a trade resulted in a considerable sell order
According to CNBC, there is speculation that an error caused the massive sell-off. A trader reportedly entered "billion" instead of "million" in a sell order
for Procter & Gamble.
media, the precipitous fall was partly caused by a trader who placed an erroneous sell order
, sparking a chain of sell orders
across the board.
On-line brokerage firms, Spear Securities and Quick & Reilly Group have a 24-hour daily buy and sell order
. Electronic portfolio management automatically updates the investor's portfolio to reflect every transaction.
The regulator observed that the entities placed buy and sell orders
in a synchronised manner within seconds of each other and reversed the trades within a short time with wide variation in prices of the trades.
All buy and sell orders
entered during the pre-opening of QAMCO must have a price limit.