I posted the time and sales because I'm the victim of that erroneous trade. I kept a screen capture of it. I wanted to hit a bid at $18.85. According to my broker website, there was a bid of 43x100 shares. And that bid whas still there about 3 seconds before I sent my order. Exactly why the trade went at $8.85 is a mystery. But it's the second time that I experience a technical glitch with my broker. That explains why I'm not totally surprised. No system is foolproof. That's why there are some rules to protect investors against potential mistakes.
Anyone here bought my shares of BCOR after hours 2 days ago?
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I posted the time and sales because I'm the victim of that erroneous trade. I kept a screen capture of it. I wanted to hit a bid at $18.85. According to my broker website, there was a bid of 43x100 shares. And that bid whas still there about 3 seconds before I sent my order. Exactly why the trade went at $8.85 is a mystery. But it's the second time that I experience a technical glitch with my broker. That explains why I'm not totally surprised. No system is foolproof. That's why there are some rules to protect investors against potential mistakes.
But according to my time and sales, from 4:01:47pm onwards (until your order arrived), the best bid was $6.40. There was no $18.85 bid.
Like I said before, my broker is not always accurate after hours. Even with many refresh to be sure that the 43x100 shares at the bid was there before sending my order, it appears that it's clearly not updated the way it's should be. Sellers were at $18.90. Is it what you have? Is your time and sales only for ARCA or for all the market? Can you show a screen grab of that or tell me where I should go to see it. It may help my case since my broker wasn't displaying the right bid. I would have never sent an order to sell if there was not bid at $18.85.
If you think of questions about this whole story that would be very appreciated to tell what they are. Everything I can gather to defend myself against my broker could help. It's seems that they failed to fix that issue in a timely manner. They are also responsible for sending my order on the market at the wrong price. It becomes obvious now that they failed to display the right bid. I guess they have an obligation to be reliable. Even after hours. The more I can get the better it will be.
I think all this talk about what was displayed means nothing. Lots of traders report having data issues at one time or another. Clearly, if the bid was real, and you were trying to hit the bid with your sell limit order, it would have traded, and if the bid didn't actually exist, it would not have hit. What your real issue is, is that the order that arrived at the exchange was for 8.85 vs. 18.85.
It seems to me like you have 2 courses of action, based on all the great replies here, and that is demonstrating a glitch in the software that allowed a limit order to go to the exchange that wasn't the price you saw when you triple confirmed the order before sending it. I have no idea what happens on Monday, but it would be beneficial for you to do some trial and error on your platform to see what you can learn about how your platform handles order after hours.
The second avenue you have seems to be why your order was filled so far away from last price if there is that 20% rule. I'm not sure if this is something your broker should have stopped, or if its the exchange that should have cancelled the order, but if there is in fact a rule like this, then you have a good shot.
But all this talk about what the best bid was or wasn't at the time doesn't mean much in my opinion. The core issue is about how your limit order that was submitted at 18.85 ended up as a limit order for 8.85.
It seems to me like you have 2 courses of action, based on all the great replies here, and that is demonstrating a glitch in the software that allowed a limit order to go to the exchange that wasn't the price you saw when you triple confirmed the order before sending it. I have no idea what happens on Monday, but it would be beneficial for you to do some trial and error on your platform to see what you can learn about how your platform handles order after hours.
The second avenue you have seems to be why your order was filled so far away from last price if there is that 20% rule. I'm not sure if this is something your broker should have stopped, or if its the exchange that should have cancelled the order, but if there is in fact a rule like this, then you have a good shot.
But all this talk about what the best bid was or wasn't at the time doesn't mean much in my opinion. The core issue is about how your limit order that was submitted at 18.85 ended up as a limit order for 8.85.
"I have no idea what happens on Monday, but it would be beneficial for you to do some trial and error on your platform to see what you can learn about how your platform handles order after hours."
The very same day the incident happened. I've reproduced all the steps I took before sending the order. The trading platform behave exactly the same each and every time. I've modified the last cancelled order at $18.85 and the right price was there.
There is one thing that I feel is a bit odd. It's the fact that once my order got filled at $8.85 the confirmation that I received was displaying "invalid date" instead of "day" which is the default option for the platform. All the other orders that I did on that day were displaying the word "day" because that was the option selected for the period that I wanted that trade to be. Is that clear?
Do you guys get odd messages like that when you trade after hours? Could it be related to the fact that the transaction occurred at the wrong price? Could it be the proof that there was a technical glitch?
The very same day the incident happened. I've reproduced all the steps I took before sending the order. The trading platform behave exactly the same each and every time. I've modified the last cancelled order at $18.85 and the right price was there.
There is one thing that I feel is a bit odd. It's the fact that once my order got filled at $8.85 the confirmation that I received was displaying "invalid date" instead of "day" which is the default option for the platform. All the other orders that I did on that day were displaying the word "day" because that was the option selected for the period that I wanted that trade to be. Is that clear?
Do you guys get odd messages like that when you trade after hours? Could it be related to the fact that the transaction occurred at the wrong price? Could it be the proof that there was a technical glitch?
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At the time of your order, I am showing a best offer of $19.50. I will PM you the time and sales file for BCOR for afterhours trading on that date.
To make some money! And I did. This erroneous trade is an exception.