Or maybe someone didn’t realize the amount to which Aussies like to drink and be merry at this time of year, thereby underestimating liquidity in Australia today?! The image to the right (click on it if you can’t make it out) is the ASX 200 futures intraday price action for the past few days. Take a look at the prints into the close today, jamming the index up approximately 6.5% instantaneously! The index on which these futures trade represents the largest 200 index-eligible companies in Australia; the futures outstanding at the moment represent a little over $AUD27,000,000,000 in exposure. I imagine there were a few happy sellers into today’s close! Unlike the trade cancellations with Google and Rohm and Haas I put up a little while back, the Australian futures exchange did not cancel these trades. Buyer beware on those limit orders down under…
