Inputting mistake led to suspension of trading on several markets after sudden steep falls
Highlights
- Trading was briefly suspended in several European markets after sudden steep declines.
- Europe Stoxx 600 index of leading shares lost as much as 3% before closing down 1.5%.
- One of the hardest hit was Sweden’s benchmark OMX 30 index, which fell by nearly 8%, but recouped most of the losses and ended the day 1.9% lower.
- Flash crashes, or brief price collapses, can be caused by human error.
- They are common with the rise of high-frequency trading firms and become more common with high-speed firms.
- In 2020, Citi accidentally wired $900m of its own money to creditors of the cosmetics group Revlon.