>>What happened to the TSE today?
What the hell didn't happen to the TSE today? I tell you, if this were a private sector organisation, every one of the upper management would right now be cleaning out their desks under armed guards and deservedly so. For the second time this week that joke they call Torex (the equity trading computer) failed, only this time it fails at 3:25 PM when a massive rebalancing of the T35 and T100 index ( and the accompanying moves by the index funds) is about to occur. It was total chaos. They finally got it patched together at 3:45, but it was a joke. Our auto-rotate computers didn't work, so our option quotes weren't changing; our delta programs didn't work so we had no idea how we stood; and most damaging of all, our equity quotes weren't working, so we had no idea where stocks were trading! ABX traded last at $26.65, while our quote still showed $27.25-27.30. I would have bought a ton under $27 since I'm long Mar 27.4s and short stock, but nooo. These clowns' incompetence has taken money out of my pocket (and right now I'm a little touchy, more so than usual, about that). Ballard's last sale was $3 above that in NY and the offer was $5 above.
Ahh, Ballard. At one time today it was offered at $148, down $24 and you couldn't have pounded a BB up my butt. Only 24 hours to go now and I will be out of the worst of it. I won't jinx myself by saying what I need to have happen, but please, goddess of options, let me get through this. (If any of you know some good prayers, please say one for me.)
Once more I reiterate that Exchange management should be booted out at sword-point with extreme prejudice for incompetence, ignorance, and arrogance. I hope the Board takes a long look at recent events, and if they're too spineless to do what must be done, maybe the new crowd at the OSC will show some backbone. Right now, the public is getting screwed, and I won't even say 'in my opinion'--it's a fact.
(Let's get back to) Happy trading.
Porter |
