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IPFS News Link • Stock Market

"Termination Event" Arrives: Traders Panic As XIV Disintegrates -90% After The Close

• zerohedge.com by Tyler Durden

What was frightening was the speed at which the market tanked," said Walter "Bucky" Hellwig, Birmingham, Alabama-based senior vice president at BB&T Wealth Management, who helps oversee about $17 billion.

"The drop in the morning was caused by humans, but the free-fall in the afternoon was caused by the machines. It brought back the same reaction that we had in 2010, which was 'What the heck is going on here?"

Some tried to blame it on a fat-finger or 'machines', but in this case it was not the normal cuprits per se...

"There was not a single self-help; there were no outs; there were no fat fingers that we saw," Doug Cifu, CEO of high-speed trading firm Virtu, told CNBC.

"There were no busted trades, no repricing. It was just an avalanche of orders around 3 o'clock-ish."


www.universityofreason.com/a/29887/KWADzukm