Stunning: India’s BSE Stock Exchange Cancels All Trades To Save A Broker

October 28, 2011 6:05 pm

We spotted this stunning fact today:

“The BSE cancelled all futures trades in its recently introduced derivatives segment, on Mahurat Trading on 26 Oct.

It was rumoured that using algolrithm trading methods-high frequency intra-day trades using software-a Delhi-based broker had played havoc with sensex futures. While the low for the day in sensex futures was 14,000, compared to the sensex close of 17,289 in the cash segment, the average price for the broker was about 15,000. It was said on the Street that if the trades in derivatives were not annulled, the loss to this broker alone could have run up to as high as Rs 100 crore. The segment’s turnover was rumoured to have been Rs 27,000 crore, compared to BSE’s recent high figure of about Rs 500 crore.”

Statistics Source: CapitalMind

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