Are Goldman Sachs and Morgan Stanley this evil? They are part of industry who potentially stuff quotes and then cancel after manipulating a price. Now, they may have lost thanks the the Singapore Exchange. This article said:
Goldman Sachs Group Inc. and Morgan Stanley asked some counterparties to cancel or amend trades in Jardine Matheson Holdings Ltd., after a $41 billion flash crash on Thursday saw shares change hands far below the market level, according to people familiar with the matter.
Singapore Exchange Ltd. decided not to cancel the trades. Sellers had “ample time” to withdraw their orders if they didn’t want to offload shares at the low price, SGX said after reviewing the incident. The exchange attributed the decline to sell orders that overwhelmed bids during the pre-open, for which neither a fat finger nor a malfunctioning computer system were responsible.
If it was a Western big exchange regulator, it most likely would have be accepted and gone unnoticed.
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