Thursday, May 6, 2010

Wall Street need to be reformed!

Today,the Dow Jones Industrial Average fell nearly 1.000 points in its largest ever intraday points drop, which may have involved a trading error.
The problem was that this trading error shop on Procter & Gamble one blue chip stock weighed severely on the Dow. The stock rapidy plummeted 40% and immediately started the cascade of selling.
The selloff briefly erased more than $ 1trillion in market value and more than 29.4 billions shares changed hands in all U.S. market today.
I think that if a fat finger trade contributed to free fall the market and it cost more than One Trillion Dollars in market value, this fact should be thorough investigated.
More than 60% of trade are executed electronically and all the system should be accurate and reliable. The White House has a great opportunity for change Wall Street.

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