obsolete + overwhelmed machinery: brokers couldn’t cope with the flood of orders; then clerks fell behind phoning in the brokers’ backed-up orders to the floor; then each order had to wait for its turn to be executed; then the updated quotations went to the ticker keyboard operators, also backed up; then more time went by between the release of the already obsolete quote and a new order based on that quote; then the circle of delays started all over again, increased. This deficient mechanism created arbitrage opps. Bizarre that nobody had thought of profiting from these lags before. I made the
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Mildred’s trick.
