Wednesday, July 4, 2012

Floor trader prevented a mutti-millions loss on Wall street


Peter Giacci, wall street trader,Giacchi a wall street Floor trader and market maker for GETCO has identified an error on an order and prevented a broker-dealer to loose millions of dollars.
According to Reuters, this is how it happened:
    On friday around 4 p.m. a broker-dealer placed an order for 17 millions shares of  "Monster" trading at $8.5, which was a huge order for this stock, as the close was approaching, Giacchi was looking for people to fill the order, but the number of shares for this order seemed to be suspicious for this stock, and he contacted the Broker-dealer who explained that he was looking for another stock named " Monster beverage corp" a new entrant on the S&P 500.
Peter Giacchi did a great job according to his boss,  he avoid a several million loss to his client and it shows the importance of combining human and computerized systems.
Giacchi whose mother was a broker and father was barber on wall street, has always dreamed about working there, after graduating from Santa Clara university, he worked at the American Stock Exchange as a specialist and then started at the NYSE in 1996 as a DDM.

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