DislikedI'm not asking how stop loss orders are working. I'm asking who and where could make this kind of operation. According to MBT banks were "resting" at 5pm (rollover time). Then who and how was someone able to make transations. There were no banks.Ignored
Every ECN broker handles rollover a bit differently (i.e. they may or may not have an offline time with no trading ability, and the offline time may vary). IB is a strict 15-minutes offline. MBT is a bit discretionary it seems (as is Duka IIRC).
MBT may have seen the lack of liquidity/high volatility and extended the offline period a few minutes longer (purely speculation). If so, it would have been done in an effort to protect traders' positions, though in this instance, it may have inadvertently hindered those whose stops weren't executed.
As Justin pointed out, that type of move hasn't happened since the Sunday open post-Lehman bankruptcy. For anyone trapped in a long position with their stop order un-executable, it must have been gut wrenching watching USD/JPY dive 300 large in 20mins.. I imagine the phone lines at a lot of brokers were jammed that hour..