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You'd only stick algos to automatically sell at a given time if you were mad (as you'd act on a move, not a time) - and the down and half-up tick indicate straddles set around the position.

This may have been a single rogue performing an initial sell, causing a drop which caused all the other pre-set strategies held by folks with very close to the exchange links to also sell, and then subsequently buy back to the midpoint.



Another HN user described this a long time ago: http://news.ycombinator.com/item?id=2828804


Yup. It's all about parsing FIX faster than the next dude.


Parsing FIX correctly faster than the next dude.

I've seen some fast FIX parsers. I've seen few that actually produce correct results :)


No it's about providing market liquidity in order to optimise the efficiency of production. /sarcasm


In some asset classes (e.g. equities) the exchanges and dealers have built their own proprietary protocols to reduce the excess bytes.




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