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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 670.97+0.1%Nov 7 4:00 PM EST
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To: Clint E. who wrote (18057)10/16/1998 12:21:00 PM
From: Thomas M.   of 67797
 
Hazards of daytrading? <g>

A Bond Trader Elbows His Way Into the Market

By JEFFREY L. HIDAY
Staff Reporter of THE WALL STREET JOURNAL

PARIS -- The darndest things happen when you accidentally
lean on a computer keyboard. For example, you might sell
10,000 bond contracts on the Paris futures exchange without
knowing it.

It happened to someone at Salomon Smith Barney. On July
23, a trader on the Citigroup Inc. unit's Paris trading floor
rested his arm on the F12 button of workstation number 201.

Before long he'd placed orders to sell 14,500 10-year French
government-bond contracts collectively valued at 7.3 billion
francs ($1.3 billion). The contract price fell to 103.61 from
105.10. Buyers scooped up about 10,000.

"We've done all these because we were on another
screen and leaning against the keyboard, and I guess we were
trading," the trader said at the time, according to a transcript
of conversations included in a report by Matif, the French
futures exchange.

Salomon sustained losses of "several million dollars," said a
person familiar with the trades. The firm later asked Matif to
cancel the trades. Matif said no. A Salomon spokesman in
London said the firm wouldn't comment. The hapless trader?
He's still trading for Salomon, but watching his elbows.
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