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標題: CME有事後之價格調整的機制，我的解讀是正確嗎? [打印本頁]

作者: William 時間: 2018-7-8 11:02
標題: CME有事後之價格調整的機制，我的解讀是正確嗎?

At 19:06:38, the CME systems implemented a 10 second halt in the COMEX silver futures contracts. Within 20 minutes, CME made an announcement in a messaging broadcast that it was reviewing all SIU7 (September futures) trades that had taken place under US$ 15.84 and all SIZ7 (December futures) trades that had taken place under US$ 15.94. After another 20 minutes, CME announced in a messaging broadcast that for SIU7, any trades executed below US$ 15.54 would be adjusted up to US$ 15.54, while for SIZ7, all trades executed below 15.64 would be adjusted up to US$ 15.64.

這段英文的意思，是CME有事後之價格調整的機制，我的解讀是正確嗎?

CME Stays Silent on Cause of COMEX Silver Price Glitch

作者: sec2100 時間: 2018-7-8 14:22
正確，謝謝林會的分享。台灣期交所的業務規則缺東缺西，因此在26當天無法事後取消或調整價格，造成超額損失至少20億。

作者: sec2100 時間: 2018-9-5 20:01
謝謝林會的這篇文章。CME的事後取消機制有做到，你期交所應該也要儘快界定出當天那些價格是不合理的，能取消就取消，不能取消自己也要賠付才對。

At 19:06:38, the CME systems implemented a 10 second halt in the COMEX silver futures contracts. Within 20 minutes, CME made an announcement in a messaging broadcast that it was reviewing all SIU7 (September futures) trades that had taken place under US$ 15.84 and all SIZ7 (December futures) trades that had taken place under US$ 15.94. After another 20 minutes, CME announced in a messaging broadcast that for SIU7, any trades executed below US$ 15.54 would be adjusted up to US$ 15.54, while for SIZ7, all trades executed below 15.64 would be adjusted up to US$ 15.64.

These speedily introduced price adjustments would appear to suggest that the CME Group quickly determined that whatever caused the sharp price falls in the COMEX silver futures prices was not part of normal COMEX futures market trading, and that the CME made the call to back out and cancel at least some of the effects of this abnormal market trading. This would also seem to suggest the CME found evidence of something untoward, either price manipulation, or unfair algorithmic trading, or unjustified stop-loss triggering etc.

While these ‘paper’ trading markets in the form of the OTC London silver market and the COMEX futures market unfortunately do have a real impact on the international silver price that is inherited by these physical markets, this latest pricing fiasco on the COMEX again demonstrates that COMEX trading of precious metals futures and London trading of fractionally-backed unallocated precious metals spot and forwards contracts are becoming more and more detached from the underlying reality of the physical gold and silver markets.

This also has an adverse effect on investor sentiment in these paper markets and could in time be a trigger for shifting gold price discovery from paper to physical.

Ronan Manly

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