The New York Stock Exchange had some issues and they rolled back some operations. To me that is ridiculous once you understand how the auction works you should know that people placed the orders and should accept the "risk of getting them filled" (which sounds ridiculous)
Image source and auction explained at https://www.wallstreetmojo.com/auction-market/
I just saw the news about the issued that required a rollback of some orders:
To me that is ridiculous. Why would someone, or something, place orders overnight and complain that their orders got filled?!?! If you didn't want your order filled you shouldn't have placed it to begin with!!
Speculation sucks! The stocks markets are designed to transfer money to the wealthy because they control the market, as shown in this recent news, they literally control it. Institutions don't lose money because they manipulate the prices, when bad stuff happens they roll back. When prices get out of control they roll back.
Imagine you are an individual investor and tried to sell something 25% above the price and "by accident" some big institution bought it. You profited a lot, so they roll it back because they "bought by accident".
I just can't believe how unreal it sounds. They placed orders and rolled back because when the market opened their orders got filled! They placed those orders and expected to cancel, apparently (?)
If that doesn't scream "hey, we placed those orders just to manipulate the market, we never intended to follow through with our bids/asks" then I don't know what does!
