Wednesday, 27 August 2014
Last updated 51 min ago
May 20 2010 | 2:26pm ET
Amidst the sudden, precipitous drop in the stock market last week, a technical glitch forced Citadel Investment Group’s market-making business to stop taking orders for exchange-traded funds.
Citadel Execution Services, which executes and routes trades for a half-billion shares every day, began to have problems at about 2:45 p.m. on May 6, according to The Wall Street Journal, five minutes after the market swoon began. Twelve minutes later, it told its clients in an email, “We are currently experiencing Equity system issues. We are advising clients to please route away.”
One of the firm’s key clients, the online brokerage TD Ameritrade, told the Journal, “there were a number of different destinations that we had to reroute.”
Citadel’s problems were with ETFs listed on NYSE Arca. It is unclear what effect, in any, the technical difficulties played in the market issues, which sent the Dow Jones Industrial Average down almost 1,000 points.
At about 3:30 p.m., Citadel began taking some orders again. The next day, it told clients its systems were back to normal.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...