This is just a "cover their ass" explanation. It doesn't make sense that they would even allow this order (more than 50% off the last official price) without some manual confirmation/intervention.
Anyone here bought my shares of BCOR after hours 2 days ago?
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This is just a "cover their ass" explanation. It doesn't make sense that they would even allow this order (more than 50% off the last official price) without some manual confirmation/intervention.
If you were entitled to request a bust, and the broker refused/didn't comply with your request, they are at fault.
Not sure how you should proceed, maybe get a lawyer.
Not sure how you should proceed, maybe get a lawyer.
Nasdaq has a 20% rule after hours that can be found here. So a bust should have been allowed here.
https://www.nasdaqtrader.com/Trader.aspx?id=ClearlyErroneous
https://www.nasdaqtrader.com/Trader.aspx?id=ClearlyErroneous
Moral, treat your trading platform like a loaded Ouzi
The 20% rule in question (7.10) only sets a minimum that MUST have occurred for the trade to have been erroneous. That in and of itself is not sufficient to define a clearly erroneous execution. In fact, the literature itself states that a properly routed limit order likely does not meet the CEE even if outside the 20%. The circumstances of the trade matter. Furthermore, each provides exceptions to the numerical guidelines for significant news events and that a separate reference point may be set in that situation.
But I agree with the above, a lawyer should be your next stop regardless--the retainer is nothing compared to a $43k loss.
But I agree with the above, a lawyer should be your next stop regardless--the retainer is nothing compared to a $43k loss.
Im aware that circumstances are looked at.
You say a "properly routed limit order" doesn't count? How stupid would that be.
If I accidentally sell IBM for 1 cent , properly routed , its good to go. lol.
You say a "properly routed limit order" doesn't count? How stupid would that be.
If I accidentally sell IBM for 1 cent , properly routed , its good to go. lol.
Well, reading comprehension may be required here.
Does it REALLY say what you claim?
Let's get other opinions.
Does it REALLY say what you claim?
Let's get other opinions.
It says only those executions that exceed the numerical guidelines *may* be clearly erroneous.
And then it's explicit that exceeding the guidelines alone is not sufficient to determine it's clearly erroneous.
Furthermore, it's elsewhere explicit that a separate reference point may be determined during certain market conditions which includes news relevant to the security.
And then it's explicit that exceeding the guidelines alone is not sufficient to determine it's clearly erroneous.
Furthermore, it's elsewhere explicit that a separate reference point may be determined during certain market conditions which includes news relevant to the security.
It think they know that they did something wrong. I would like to deal with ARCA by myself but they don't allow it. My broker told a few things and there is no way I can verify if it's true without talking to ARCA.