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Crude Halted info from CME 2_13-2012
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Crude Halted info from CME 2_13-2012

  #1 (permalink)
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Crude Halted info from CME 2_13-2012

"Due to technical issues, the CME Globex Crude Complex markets have been halted."

"The following actions will be taken on CME Globex Crude Complex Futures and Options markets prior to the market opening: All day and session orders, including GTDs with today's date will be cancelled. All GTCs that have been acknowledged will remain working."

CME Group - Futures & Options Trading for Risk Management

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Quick Summary
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The price moved a little bit up. CL 03-12 should now trade somewhere around 101.00

Chart attached, comparing CL 03-12 and USO.

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Crude Complex Market Halted - Update: Market To Reopen At 3:15pm With 15 Minute Preopen | ZeroHedge

Mike

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Seems to me something went pretty wrong here, either on outbound datafeeds, or perhaps even on order fills. Firstly, no sells on that upthrust move after the (re)open is obviously a problem. But to see that amount of buyers and a COT of 5,877 on a 5min bar at that time of day is just not fitting. This is a CQG feed. It'd be interesting if a DTN/IQ feed shows the same type of data, or even the same volume count. Or, we're likely never to know. Regardless, price is what it is and was what it was.

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I heard that as I commented on the chat box that there was an extremely fast HFT algo that went crazy and ended up overloading the NYMEX. I haven't confirmed this but if you look at the what happened, there's definitely the appearance of another algo at work. I've seen the cone shaped pattern in the past and this one was almost similar. Started small and eventually grew to a 16 tick range in an attempt to sweep the book.

The CME needs to investigate what happened here. This is getting way out of hand.

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Crude Halted info from CME 2_13-2012-2012-02-13-cl-products.jpg   Crude Halted info from CME 2_13-2012-cl-03-12-second-2_13_2012.jpg  
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Beljevina View Post
Seems to me something went pretty wrong here, either on outbound datafeeds, or perhaps even on order fills. Firstly, no sells on that upthrust move after the (re)open is obviously a problem. But to see that amount of buyers and a COT of 5,877 on a 5min bar at that time of day is just not fitting. This is a CQG feed. It'd be interesting if a DTN/IQ feed shows the same type of data, or even the same volume count. Or, we're likely never to know. Regardless, price is what it is and was what it was.

I wish they would come out with explanation on this stuff. From my chart had that algo look. Just ridiculous market can be broken by a rogue algo. Just should not happen imo. Even if an algo goes rogue the exchanges need to build system that won't break when it happens. Not sure if can be done but they need to throw alot of money at it or regulate these algos. Bad solution to shut down exchange leaving traders stranded while markets still move.

I am all for leaving market alone and not over regulate but this stuff is just plain dumb.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."

Last edited by liquidcci; February 13th, 2012 at 06:13 PM.
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liquidcci View Post
I wish they would come out with explanation on this stuff. From my chart had that algo look. Just ridiculous market can be broken by a rogue algo. Just should not happen imo.

It will happen more and more for the foreseeable future, imo.

Mike

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Big Mike View Post
It will happen more and more for the foreseeable future, imo.

Mike


Shame Mike but your right.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
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liquidcci View Post
I wish they would come out with explanation on this stuff. From my chart had that algo look. Just ridiculous market can be broken by a rogue algo. Just should not happen imo. Even if an algo goes rogue the exchanges need to build system that won't break when it happens. Not sure if can be done but they need to throw alot of money at it or regulate these algos. Bad solution to shut down exchange leaving traders stranded while markets still move.

I am all for leaving market alone and not over regulate but this stuff is just plain dumb.

I just got an email from MBTrading the other day that said they will start charging a fee for excessive order modifications that do not end up in any fills. Maybe the exhcanges should implement something along those lines to regulate these algo guys... You broke it, you bought it!

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