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relevé dans le journal "METRO" du vendredi 7 mai 2010 page 08

Citigroup TRADING ERROR, Wrong Price For P&G Stock Said To Have Fueled Stock Plunge

First Posted: 05- 6-10 04:04 PM | Updated: 05- 6-10 06:49 PM

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UPDATE: 6:39 P.M.:

The lightning-fast drop in Procter & Gamble's stock price this afternoon may push the markets to unwind some trades, the CEO of the New York Stock Exchange told CNBC today. Duncan Neiderauer spoke to CNBC's Maria Bartiromo and said that the "$39 trade will not stand." (P&G's stock fell from roughly $60 to $39 in the space of a minute, CNBC reports.)

Niederauer also indicated that he didn't believe reports that a Citigroup trader triggered the sell-off -- and said that tomorrow's trading will be "fairly ugly."

UPDATE: 6:14 P.M

The AP has more details on how automatic trading programs may have contributed to the stock market's downward spiral this afternoon.Here's the AP:

Computer trading intensified the losses as programs designed to sell stocks at a specified level kicked in. Traders use those programs to try to limit their losses when the market is falling. And the selling only led to more selling as prices fell.

I think the machines just took over. There's not a lot of human interaction," said Charlie Smith, chief investment officer at Fort Pitt Capital Group. "We've known that automated trading can run away from you, and I think that's what we saw happen today."

On the floor of the New York Stock Exchange, stone-faced traders huddled around electronic boards and televisions, silently watching and waiting. Traders' screens were flashing numbers non-stop, with losses shown in solid blocks of red numbers.

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