Emkay explanation

By Our Special Correspondent | www.telegraphindia.com – Tue 9 Oct, 2012

Mumbai, Oct. 8: Emkay Global Financial Services today asked the National Stock Exchange to annul the "erroneous trades" that triggered the massive crash in the Nifty last Friday.

The 50-share index of the NSE had cracked by a whopping 900 points last Friday after a dealer at the brokerage punched in an erroneous order, which led to a downwash that activated circuit filters and halted trading in the cash market for 15 minutes.

Emkay said in a statement that while executing an order to transact a Nifty cash basket on October 5 in Nifty 50, a dealer had committed a bona fide error. The error was in entering the value of the order as the quantity of the Nifty 50 basket to be transacted. The order was thereafter transmitted to the NSE trading server as a single large Nifty basket order comprising Nifty 50 stocks.

The brokerage added that the NSE had only disabled trading to facilitate investigations and primarily to prevent any further exposure until the settlement was completed.

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