MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, October 10, 2012 The Latest ETF Trade Foul Is Not Quite Knight Remember the Knight Capital incident that embroiled the ETF world back in the dog days of August? Well, it wasn't quite a repeat, but a similar error occurred yesterday. A much smaller series of fishy ETF trades occurred yesterday morning, according to Bloomberg Businessweek. The transactions occurred at off-exchange venues and, according to reporter Nikolaj Gammeltoft, most of them were of just one or two trades involving fewer than 300 shares. This is minuscule compared to the $440 million snafu cause by Knight. FINRA did not name the firm that reported the trades, but said they were reviewing them for errors. All of the transactions were canceled. The article goes into great depth about the problems with ETF trades, with one CEO calling the field the "wild west" because of a lack of clear policy. One fund affected by the incident was the Financial Select Sector SPDR Fund. It went up 2.8 percent before the trades were erased. To read more, see the original article here. Printed from: MFWire.com/story.asp?s=41583 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |