The pound flash crash cost Sports Direct £35m in profits with robot traders blamed for the plunge



Sports  Direct warned of a £35million profit hit from a flash crash in the pound – prompting Chancellor Philip Hammond to call for calm on the currency markets.
Sterling collapsed 9 per cent against the dollar in seconds shortly after midnight yesterday, falling under $1.15 before immediately bouncing back up.
Robot traders are thought to be behind the unprecedented plunge. And the collapse led experts to warn tough-talking politicians on the Continent that they were 'sitting on a bed of nitroglycerin' and could crash the bloc's economy.
Beleaguered retailer Sports Direct became the first... read more

 
7 October 2016 in Business, Views: 52
Source: Daily Mail
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