October 22, 2011 § Leave a comment
What a torrid day I had.
Was in the office till 7pm trying to unwind the fat-finger deal I did yesterday. It happened while I was reading the paper in the morning trading. Came across a rather fruity Times’ article about free gratuities on British Airway flights to Montserrat when I hit the zero button a couple more times than I intended to. I would have faced a bit of trouble if my friend Mike at JP hadn’t told me about it at lunch.
But fear not, total losses capped out at 15m which I was able to put in the escrow account.*
Anyway the major lesson to be learnt this week: Fat Finger syndrome, what is it, how did it originate and what to do about it (see thought piece).
*For those of you unfamiliar with escrow accounts these are private accounts that traders keep to put any accidental losses into. Its no big deal as the losses are wiped out by future profits. But it makes the business run more smoothly around bonus time (in a couple of months). Haven’t checked escrow for a while, will probably get around to it next week, if I have time.