The Pound's Flash Crash - The Danger of Algorithms

The pound dropped as much as six per cent to $1.1841 today.

For why?

It seems that there was a case of fat fingers or idiotic trading in Asian markets that caused an algorithm to kick in and start dumping Sterling.

Algorithms are all very well, occasionally. However, to rely on them to "manage" trading is foolhardy in the extreme!

Turn the bloody things off and take responsibility for poor trading decisions!