Tuesday, February 28, 2012

NetDania Responds to SD Inquiry Regarding Friday's Action in Silver

Last Friday evening, we reported that the cartel had apparently dumped 102.5 million ounces of paper silver in a span of 7 minutes during late afternoon Globex trading- per volume/ candlestick action on the NetDania platform.
With reports swirling around the web early in the week that the CFTC had contacted NetDania regarding the matter, 4 days after our inquiry, we have finally received a response from NetDania regarding the apparent failed cartel raid.

In regards to the trading action last Friday in a 7 minute time-span around 14:50 EST, Net Dania responded:

Thank you for contacting NetDania Technical Support.

Please note that the numbers represent the trading volume from some of the top 5 liquidity providers and cannot be used as a guide line for the total market volume, which is unknown. It gives though some indication of the ongoing market activity.

Regarding the strange behavior of the volume, please note that our data provider encountered an issue in that period, therefore we received bad volume for a short period of time. We are aware of this issue and are working together with the data provider in finding a solution.

Please do not hesitate to contact us in case you have further questions or suggestions.

Kind Regards,
Izabela Mindak | Helpdesk Executive

NetDania SRL
84, Carol I Bvd, 1st floor
Craiova, RO-200061
Fax: +40 351 464854


Essentially, NetDania has responded that they RECEIVED BAD VOLUME DATA FROM THEIR TOP 5 LIQUIDITY PROVIDERS. 
We'll leave this issue up to SD's readers to decide whether NetDania's response should be viewed with the same integrity as their charts.