Jamal Awil

← An Engine, Not a Camera

Nobody knew where they stood. [fact]

Option prices rose to levels that defeated the nascent automated systems, many of which could cope only with double-digit dollar prices. When option prices rose to $106, "it appeared on your sheets as ... $6.... So your account [with the clearing firm] was off by $20 million the next day... Nobody knew where they stood."

Donald MacKenzie, An Engine, Not a Camera, loc. 918