Political turmoil around Mediterranean sea. In Greece the coalition lost their majority to some nutballs. Another insolvent country voted for socialist Hollande. Market heading south early monday morning.
Not in Amsterdam. Euronext LIFFE moved a few servers in the weekend. Changed a few wires. Trading in index futures and options has been halted for most part of the day. An attempt to re-open around 11:00 failed miserably. No AEX futures and options until 15:00. Here’s the official explanation what happened.
In the meantime the market recovered completely. Investors with long index puts missed their opportunity to take profits. Anyone with long puts or short calls should head for the VEB to reach a settlement with Euronext. Again. This is going to cost ‘em some serious money.
Sad thing is they will never learn. Trading outage is business as usual with Euronext. Miscalculating settlement prices happend less than a year ago, twice. Heads would roll in any real company. It’s time to adjust the pricing models to include a new greek variable. Risk of Euronext failure.