interestrateripoff Posted May 21, 2010 Share Posted May 21, 2010 'Flash crash' saw Apple shares gain 40,000 per cent Shares of the iPad maker Apple soared 40,000 per cent and traded at $100,000 apiece during the "flash crash" of 6 May, it was revealed yesterday. More details have emerged of the chaotic 20-minute trading period, when the US stock market fell 9 per cent before just as suddenly rebounding, including the fact that aberrant trades were by no means all in one direction.The details point to a system-wide withdrawal of liquidity as the main contributor to the event, among numerous other factors. And they put the focus on the practice of electronic market-makers putting in "stub quotes" at extreme prices, not ever expecting them to be traded on. Mary Schapiro, the chairman of the Securities and Exchange Commission, told a Congressional hearing yesterday that stub quotes are used by professional liquidity providers, who are given special trading privileges in return for agreeing to always provide buy and sell quotes for shares. Apple was one of five stocks in which trades were executed at the artificially high price; many others traded at the extremely low price of one cent. Wow that was some return if you could have sold! Who needs gold when you can have Apple. Quote Link to comment Share on other sites More sharing options...
papag Posted May 21, 2010 Share Posted May 21, 2010 'Flash crash' saw Apple shares gain 40,000 per cent Wow that was some return if you could have sold! Who needs gold when you can have Apple. anyone know what happened to shares in Orange Quote Link to comment Share on other sites More sharing options...
Prof Posted May 21, 2010 Share Posted May 21, 2010 'Flash crash' saw Apple shares gain 40,000 per cent Wow that was some return if you could have sold! Who needs gold when you can have Apple. InCider trading, I reckon. Quote Link to comment Share on other sites More sharing options...
EmpiricalBear Posted May 21, 2010 Share Posted May 21, 2010 Bugger if only I had known. I would have made almost exactly a million pounds. I'd better put a permanent sell order on a value of £10,000 a share in case this happens again. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted May 21, 2010 Share Posted May 21, 2010 InCider trading, I reckon. 40,000 percent proof.....fusion is invented. Quote Link to comment Share on other sites More sharing options...
LJAR Posted May 21, 2010 Share Posted May 21, 2010 InCider trading, I reckon. Post of the month! Quote Link to comment Share on other sites More sharing options...
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