BusinessWeek reports that futures on Germany’s benchmark DAX Index plunged as much as 7.1 percent today as a cascade of trades pushed them down by 100 points in less than two seconds.
Contracts expiring in September plunged to 5,701 at 10:52 a.m. and 47 seconds in Frankfurt today from 5,801 two seconds earlier, according to data on processed trades compiled by Bloomberg. The futures extended losses to fall as much 7.1 percent to 5,533.5 as the underlying gauge posted the largest decline since December 2008. The DAX tumbled 346.14, or 5.8 percent, to 5,602.8 at the 5:30 p.m. close.
The contracts were placed in a volatility interruption for two minutes after the slide, Heiner Seidel, a spokesman for Deutsche Boerse AG’s Eurex derivatives exchange in Frankfurt, said by phone. More than 9,700 DAX futures changed hands in the five minutes starting at 9:50 a.m., Bloomberg data show, compared with 660 in the previous five minutes...
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