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Somehow, the final 30 seconds of trading on Tuesday left a key market barometer, a widely traded futures contract linked to the Standard & Poor's 500 index, priced at exactly 911.00 -- the figure that remained on traders' computer screens around the world throughout yesterday's memorial service.
Angus Campbell, head of market analysis at Capital Spreads, said: It may be all fun street parties outside but the Jubilee week end is being tainted with a streak of red that isn't part of the Union Jack, rather flashes of selling across traders' computer screens.
"High- frequency traders, computer programs will be displacing people out of their livelihoods".
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That trade can then cause other traders' computers to determine that momentum has shifted, and trigger huge orders to sell at the market price.
"We're not Wall Street," one veteran employee marvelled later, meaning that the Times is not in the habit of escorting newly terminated employees out the door like insider traders — computers confiscated, e-mail accounts frozen — without a proper sendoff.
Schonfeld acquired the distressed company's assets–its traders, computers and software systems.
Many traders said computer program trades accelerated the slide as market indexes fell through crucial levels.
Those traders used computer models to process and trade on the data.
There was talk one late July day about more traders taking computer courses.
So, the first issue is that in addition to our markets becoming electronic, much of the trading from institutions and more than a handful of individual traders is computer generated.
As an example, she cited French traders moving computer servers to London just to gain a vital "nanosecond" in trading time, versus what in fact was, by national or European legislative standards, the relatively speedy adoption of European moves to regulate crediting agencies.
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