'Big Figure' Jumps Cause Hiccups On Reuters Dealing 2000-2 Service
LONDON--Spot foreign exchange traders in London using Reuters' Dealing 2000-2 forex trading service experienced what one user describes as "10 minutes of sheer pandemonium" on Wednesday February 12, due to human error in a period of high volatility.
The problems were caused by traders hitting off-market quotes when the sterling/Deutsche mark rate was incorrectly posted onto the service some 100 basis points above where the market was actually trading -- a so-called "wrong big figure" error.
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