I am reading this book right now and goodness it is a hoot. Did you know that prior to computerization the error rates for stock trades was *high single digit percent*? Schwab fought theirs down to *only 6%* through process improvements then bought a used computer (for ~$500k).https://twitter.com/kevinakwok/status/1225912244745097216 …
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... an order which, given the state of the order book at the time of the order, should have been marketable.
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And that would be a market order. No one uses “marketable”. Also there are buys and sells of stock, not gains or losses of stock when referring to the transx
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Thanks! I guess he’s talking about the 70’s. Starting In late 80’s I worked for 3 legacy firms as a broker, then founded my own in SF. Errors were never mentioned as an issue by management. We wrote tickets manually, only Quotron machines. No computers. Ancient history, Ik!
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I think that error rate % is high - or as brokers we would have been hearing about it
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Actually an error would also include the 4th - getting the type of order wrong
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