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Frontrunning: December 7

  • Futures rise for third day in a row (Reuters); Banks Lead Stock Rally as Bonds Gain With Hopes Pinned on Draghi (BBG)
  • Monte dei Paschi bolsters European stocks, ECB looms (Reuters)
  • Finding Risk in All the Wrong Places as Trump Era Begins (BBG)
  • Goldman Tells Stock Pickers to Rejoice as Correlations Decline (BBG)
  • Trump’s ‘Wall’ at Mexico Border Vanishing as GOP Lawmakers Bolt (BBG)
  • AT&T CEO: Time Warner Deal Would ‘Disrupt’ Cable TV Model (WSJ)
  • Americans Are Paying Apple Millions To Shelter Overseas Profits (BBG)

"Panicked" Citi Trader "Who Fired Off Repeated Sell Orders" Behind Pound Flash Crash

"Panicked" Citi Trader "Who Fired Off Repeated Sell Orders" Behind Pound Flash Crash

In what may be the latest example of unintended irony, shortly after the October 7 pound sterling flash crash, which saw the UK currency plunge by more than 9% against the dollar, falling from $1.26 to $1.14, in about 40 seconds - a historic flash crash in one of the world's most liquid currencies - we presented a forensic explanation of what happened in that minute when sterling plummeted in a bidless market from Citigroup. 

 

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