Re:Wall Street’s Big Banks Are Waging a Technological Arms Race
by jfoutz on Thursday April 05, 2018 @07:33PM
(#16769734)
> Are you saying this is a regularly occurring event and that they deliberately did this?
Nah.
> Do you have any idea of the scale and complexity and risk of the code they have deployed?
No. But apparently neither do they.
> ... I make you a lot of money. ...
With basically every other risky thing people and corporations encounter, the response is "go buy insurance". Usually they're told that by finance guys.
But hey, good for them.
Re:Wall Street’s Big Banks Are Waging a Technological Arms Race
by feiofh398r39rty on Thursday April 05, 2018 @10:59PM
(#16770580)
>we do a lot of business together and I make you a lot of money
>Other banks are watching and there are plenty of other exchanges to do business with
And the answer to that should be "sorry, if we will roll back your trade, SEC will put us out of business on the fraud charges".
Re:Wall Street’s Big Banks Are Waging a Technological Arms Race
by traek on Thursday April 05, 2018 @11:41PM
(#16770722)
Every exchange that I’m aware of has a rule allowing them to roll back clearly erroneous transactions. “Clearly erroneous” isn’t always clearly defined, but it would obviously apply in the GS case (huge volume executed at $1).
Nothing about this is fraud.
There is no "whether or not who should morally be able to roll back a trade". There is a "hey, we are a customer of your business, we do a lot of business together and I make you a lot of money. We had a once in a blue moon mistake in our billions of lines of code, can you help us out. Other banks are watching and there are plenty of other exchanges to do business with"