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Special Forums News, Links, Events and Announcements Complex Event Processing RSS News Beware the weight-challenged digits Post 302439476 by Linux Bot on Thursday 22nd of July 2010 04:15:02 PM
Old 07-22-2010
Beware the weight-challenged digits

John Bates
07-22-2010 01:33 PM
Fat fingers (or weight-challenged digits to my politically correct friends) have had a good run lately. First we heard that Deutsche Bank had to close its quantitative trading desk in Japan after an automated trading system misread equities market data. The system generated a massive sell order that caused the Nikkei 225 Stock Average to dive (full story here: http://tinyurl.com/23rnn5v). Then an unknown trader spiked the Swedish krona and a computer glitch at Rabobank smacked sterling by about 1%, according to the Wall Street Journal (http://tinyurl.com/2el9kgw).

Although the press was surprised that the efficient foreign exchange market was susceptible to trading errors, it is just as vulnerable as equities or futures. In FX, trades are often made directly to an FX trading destination such as EBS, Reuters or Currenex. In many institutions, trades are often made without adequate pre-trade checking or risk management applied.

As my colleague, Deputy CTO - Dr. Giles Nelson, told the Wall Street Journal: “The consensus in the market is that this was a computer-based trading error, but ultimately there would have been a human involved somewhere.”

Human error is part of being human. The reality of highly automated trading is that the programs are built by humans and run by super-fast machines. And unless there are robust computerized checking mechanisms that vet trades before they hit the markets, errors can wreak havoc in the blink of an eye.

Deutsche Bank's algorithms generated around 180 automated sell orders worth up to 16 trillion yen ($183 billion) and about 50 billion yen's worth were executed before the problem was addressed. The Rabobank mistake could have dumped £3 billion worth of sterling into the market in one lump, rather than splitting it up to lower market impact - but luckily the bank spotted the error and stopped the trade before it was fully completed. The Swedish krona mistake sank the krona against the euro by 14% before it was spotted. 

Pre-trade risk checks would help to prevent errors, trade limit breaches, or even fraudulent trading from occurring. And pre-trade risk controls need not be disruptive.  Ultra-low latency pre-trade risk management can be achieved by trading institutions without compromising speed of access.  An option is a low latency "risk firewall" utilizing complex event processing as its core, which can be benchmarked in the microseconds. 

With a real-time risk solution in place, a message can enter through an order management system, be run through the risk hurdles and checks, and leave for the destination a few microseconds later. The benefits of being able to pro-actively monitor trades before they hit an exchange or ECN or FX platform far outweigh any microscopic latency hops. They include catching fat fingered errors, preventing trading limits from being breached, and even warning brokers and regulators of potential fraud - all of which cost brokers, traders and regulators money. 



Source...
 

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MONOP(6)							   Games Manual 							  MONOP(6)

NAME
monop - Monopoly game SYNOPSIS
/usr/games/monop [ file ] DESCRIPTION
Monop is reminiscent of the Parker Brother's game Monopoly, and monitors a game between 1 to 9 users. It is assumed that the rules of Mo- nopoly are known. The game follows the standard rules, with the exception that, if a property goes up for auction and there are only two solvent players, no auction is held and the property remains unowned. The game, in effect, lends the player money, so it is possible to buy something which you cannot afford. However, as soon as a person goes into debt, he must "fix the problem", i.e., make himself solvent, before play can continue. If this is not possible, the player's property reverts to his debtee, either a player or the bank. A player can resign at any time to any person or the bank, which puts the property back on the board, unowned. Any time that the response to a question is a string, e.g., a name, place or person, you can type `?' to get a list of valid answers. It is not possible to input a negative number, nor is it ever necessary. A Summary of Commands: quit: quit game: This allows you to quit the game. It asks you if you're sure. print: print board: This prints out the current board. The columns have the following meanings (column headings are the same for the where, own holdings, and holdings commands): Name The first ten characters of the name of the square Own The number of the owner of the property. Price The cost of the property (if any) Mg This field has a `*' in it if the property is mortgaged # If the property is a Utility or Railroad, this is the number of such owned by the owner. If the property is land, this is the number of houses on it. Rent Current rent on the property. If it is not owned, there is no rent. where: where players are: Tells you where all the players are. A `*' indicates the current player. own holdings: List your own holdings, i.e., money, get-out-of-jail-free cards, and property. holdings: holdings list: Look at anyone's holdings. It will ask you whose holdings you wish to look at. When you are finished, type "done". shell: shell escape: Escape to a shell. When the shell dies, the program continues where you left off. mortgage: mortgage property: Sets up a list of mortgageable property, and asks which you wish to mortgage. unmortgage: unmortgage property: Unmortgage mortgaged property. buy: buy houses: Sets up a list of monopolies on which you can buy houses. If there is more than one, it asks you which you want to buy for. It then asks you how many for each piece of property, giving the current amount in parentheses after the property name. If you build in an unbalanced manner (a disparity of more than one house within the same monopoly), it asks you to re-input things. sell: sell houses: Sets up a list of monopolies from which you can sell houses. It operates in an analogous manner to buy. card: card for jail: Use a get-out-of-jail-free card to get out of jail. If you're not in jail, or you don't have one, it tells you so. pay: pay for jail: Pay $50 to get out of jail, from whence you are put on Just Visiting. Difficult to do if you're not there. trade: This allows you to trade with another player. It asks you whom you wish to trade with, and then asks you what each wishes to give up. You can get a summary at the end, and, in all cases, it asks for confirmation of the trade before doing it. resign: Resign to another player or the bank. If you resign to the bank, all property reverts to its virgin state, and get-out-of-jail free cards revert to the deck. save: save game: Save the current game in a file for later play. You can continue play after saving, either by adding the file in which you saved the game after the monop command, or by using the restore command (see below). It will ask you which file you wish to save it in, and, if the file exists, confirm that you wish to overwrite it. restore: restore game: Read in a previously saved game from a file. It leaves the file intact. roll: Roll the dice and move forward to your new location. If you simply hit the <RETURN> key instead of a command, it is the same as typing roll. AUTHOR
Ken Arnold FILES
/usr/games/lib/cards.pck Chance and Community Chest cards BUGS
No command can be given an argument instead of a response to a query. 4th Berkeley Distribution May 6, 1986 MONOP(6)
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