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Algos Gone Wild: BABA "Glitch" Halted 7 Seconds, "100s Of Flash Crashes" Into Close

As business media pats itself on the back for the BABA IPO, proclaiming how it's the most important, and biggest IPO of all-time and on "the most efficient and transparent" exchange, perhaps it was just oversight that they forgot to mention BABA's 7-second halt "glitch" this afternoon as BABA trading exceeded 25% of all volume at some points. But that was minor compared to the utter clusterfuck that occurred as AAPL shares started to tumble and, as Nanex points out, 100s of individual stocks instantly flash-crashed and dashed by over 1% at 1550ET. These are your unrigged, transparent, efficient markets...

 

Via Nanex,

BABA Algo trading was massive...

 

During the first 20 minutes,

often exceeded 25% of all trading volume in NMS stocks pic.twitter.com/gnKVhI9psZ

— Eric Scott Hunsader (@nanexllc)

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Do any of these charts look like the "efficient, transparent" markets we are told about every day?