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COCO Cock-up Cooked Up?????
- Thread starter AAAintheBeltway
- Start date
Why is everyone mad at NASDAQ? I think the whole situation stinks but what was ARCA doing letting a stock trade that nasdaq had halted. Not everyone has access to ARCA books so not everyone could have traded thought ARCA.
Nasdaq stated all trades are under investigation and might be cancelled so anyone that was trading through ARCA knew that it was possible they might get half their trade busted.
Quit complaining and move on. Some people lost money on the trades some made money.
Nasdaq stated all trades are under investigation and might be cancelled so anyone that was trading through ARCA knew that it was possible they might get half their trade busted.
Quit complaining and move on. Some people lost money on the trades some made money.
Spyglass, get your facts straight before you argue a point.
1) NASDAQ reopened the stock at 11:55. They announced that the trades were under review for possible break at 11:57:33. A full two and a half minutes after the stock reopened (check NasdaqTrader.com).
2) The people who lost money on the trades were LONG AT THE BOTTOM.
3) The people who made money on the trades were SHORT AT THE BOTTOM.
4) Whoever entered the erroneous order walked away completely unscathed.
Obviously you didn't trade it, otherwise you would have a different outlook.
1) NASDAQ reopened the stock at 11:55. They announced that the trades were under review for possible break at 11:57:33. A full two and a half minutes after the stock reopened (check NasdaqTrader.com).
2) The people who lost money on the trades were LONG AT THE BOTTOM.
3) The people who made money on the trades were SHORT AT THE BOTTOM.
4) Whoever entered the erroneous order walked away completely unscathed.
Obviously you didn't trade it, otherwise you would have a different outlook.
I cant tell you excat times but i do remember that in my forum group reading that NASDAQ is looking into busting trades, ARCA wasn't trading the stock very actively until the last few minutes of the halt.
I know NASDAQ was discussing busting trades before the stock opened.
I thinbk the problem is that nasdaq announced that the trades were busted after the stock was repened. That is where NASDAQ was wrong they should have anounced that trades were busted before they opened the stock.
Your right i didn't trade it i didn't get fills on the prices I wanted doesn't mean i didn't know what was going on.
Your just upset because you lost money, next tikme don't trade in a super volitile stock that drops 16 points in 2 minutes if you can't handle the reperc ussions that might come about
Cheers
I know NASDAQ was discussing busting trades before the stock opened.
I thinbk the problem is that nasdaq announced that the trades were busted after the stock was repened. That is where NASDAQ was wrong they should have anounced that trades were busted before they opened the stock.
Your right i didn't trade it i didn't get fills on the prices I wanted doesn't mean i didn't know what was going on.
Your just upset because you lost money, next tikme don't trade in a super volitile stock that drops 16 points in 2 minutes if you can't handle the reperc ussions that might come about
Cheers
Quote from spyglass:
I I thinbk the problem is that nasdaq announced that the trades were busted after the stock was repened. That is where NASDAQ was wrong they should have anounced that trades were busted before they opened the stock.
Cheers
True.
Same deal as before,
UVLC
Member
Registered: Jul 2003
Posts: 41
07-04-03 03:20 PM
Re: Re: what was not fair?
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Quote from gerry875:
ABSOLUTELY my opinion - if somebody is allowed to trade he should know the difference between 100 and 10.000 and he should have control over his fingers.
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EXACTLY
THE QUESTIONS TO ANSWER ARE THESE
How do you trade next time a move similar to this shows up? Do you trust it? Will the trades stand? Is it news precipitating a legitimate fall? OR after market close "some" trades get busted and you may or may not have a closed position?
This is a completely f^cked up situation. The exchange selectively forces "some traders" to go home naked while the true culprits get a free ride.
Again, you are missing the point.
It has nothing to do with "not being able to handle the repercussions of trading a stock that fell 16 points". That statement is ridiculous.
The issue is that long positions were turned into short positions. That was illegal.
The firm who entered the orders walked away without losing a penny.
If you would take a moment to look at your news service, there have already been a number of groups who have filed lawsuits against NASDAQ.
It has nothing to do with "not being able to handle the repercussions of trading a stock that fell 16 points". That statement is ridiculous.
The issue is that long positions were turned into short positions. That was illegal.
The firm who entered the orders walked away without losing a penny.
If you would take a moment to look at your news service, there have already been a number of groups who have filed lawsuits against NASDAQ.
Volume - How were "long positions turned into short positions"?
I thought that flat positions were turned into short positions.
The problem was that the people who went long at the bottom sold long positions that eventually didn't actually exist.
Isn't it true that only people who sold these long positions before the trades were busted ended up being short?
Maybe the "right" way to fix the individual traders problem is to have their sells busted since they were technically illegal since there was really nothing to sell.
I thought that flat positions were turned into short positions.
The problem was that the people who went long at the bottom sold long positions that eventually didn't actually exist.
Isn't it true that only people who sold these long positions before the trades were busted ended up being short?
Maybe the "right" way to fix the individual traders problem is to have their sells busted since they were technically illegal since there was really nothing to sell.
in fairness. the NYSE kept ALL trades executed on that huge mistake last year by bear stearns. when they said cancelled all but xxxx, they meant that $600 million in trades STOOD, while they were able to cancel the rest of the order before executed. nyse did the right thing by the traders.
they did not break any trades on the NYSE, unlike the NASDAQ this year. frankly, the NYSE public relations is beyond horrible. whoever is in charge of public relations should be fired on the spot. i'd be pointing this out in the press if i were them. also, they did a horrible job defending themselves in the press when instinet was trying to get their business.
they did not break any trades on the NYSE, unlike the NASDAQ this year. frankly, the NYSE public relations is beyond horrible. whoever is in charge of public relations should be fired on the spot. i'd be pointing this out in the press if i were them. also, they did a horrible job defending themselves in the press when instinet was trying to get their business.