Going Rogue

My time on the CME floor was loaded with wild stories of crisis,calamity and trading insanity. We did a lot of business with Singapore and I had my associate on the line with them one afternoon. The accents were heavy and the lines poor back then. At 2 minutes to close the customer gave an order to "Sell a dozen." Thinking the order was "a thousand", the guy sold 500 Eurodollars. I gave an incredulous look. A second later he is running around the desk to the pit and a big flurry of activity.

He returned to the desk to say he had an error and we were short 488 contracts. I asked the customer what he wanted to do. He said "To sell a dozen." I abruptly informed him that this was not Dunkin' Donuts and he was filled. I then asked my associate why he sold 500 rather than double check? "I wanted to make sure I got at least some off in case it was a thousand," was the answer. There are no accidents.

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