I've been robbed

Quote from tradethis:

I agree. Go to the media. They love stories of the "little guy" getting screwed. As well they should. Why should we bail out the computer programs (which were obviously the only ones selling down there)? It's their program that screwed up, they should be forced to pay the consequences.
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GO TO MEDIA !!!!!!!!

GO TO MEDIA this guy is right on

Post your loss for world to see, how unfair and rigged the game is :mad:
 
I think this thread really shows the ignorance of traders on ET, busted trades happen all the time, if you sold your longs and thought that there wasn't a possibility of your trades from ridiculous prices being busted then get back to paper trading because you're not ready for the big show.
 
I don't trade equities but with futures...

If the Trade cleared it stands. If the op sold his bargain buys before the trade cleared than he is S.O.L. If the trade was cleared than the clearing house is responsible for the transactions and guaranteeing full performance.

The Clearing House is the legal counter party to both legs of every trade and earns a fee for settling trading accounts, clearing trades, collecting and maintaining margin monies, regulating delivery, and reporting trading data.
 
Quote from Ghost of Cutten:

The existence of unilateral trade busts means that in a true market crash, less liquidity is provided. Liquidity providers will shy away from providing bids & offers because if they get filled and it turns out to be a loser, the trade won't get busted; and if they get filled and it's a winner, the trade will get busted. Heads you lose tails they win. Also, if you get filled at a low price during a crash, you then have that margin tied up because you don't know if you will keep the position or not - you cannot use that money to buy other stuff, and you cannot exit the trade for fear of it being busted and ending up naked short. Trade busts paralyze market liquidity during crashes, when it is most needed.
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I agree, busting trade during crash event is extremely wrong. this is not relate to misprinting or misquoting from exchange. it is 2 different things, big guy love to mixed it up to save their ass.
 
Quote from freewilly:

I am appalled by so many people think this is just tough luck. No, it is not, it is illegal. How can they bust a trade? Trade was made, it was a done deal.......

Think about this, guys, if NASDAQ can do whatever they want, they may some day take your money away simply because you have made money.
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if you are ever on the other side of a trade that was clearly a mistake you will sing a different tune.
 
the broker would just cancel the trade.

as long as you still had a position and sold...

it doesn't matter if you didn't read the bulletin board.

i'm sure you broker would just cancel it. and you owe nothing.

don't forget this wall street, those shares and positions are not real..it's a virtual exchange virtual reality. okay.

Quote from ko_:

On May, 6 I've bought 1000 shares of PWV for $0.20 and sold them for $12. My profit was almost $12k. As you know next day such positions was canceled. So instead of profit I had short position for $12. I had to cover it for $17. My balance is__ $ -5K._
Is there anybody who lost money by this way?
What do you think about suing?
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Quote from DrPepper:

Please forgive my obvious ignorance, but I am confused. Does the person who sold PG at $1 get their shares back from the person who bought PG at $1 and got their trade busted?
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yes. busts are always initiated by the party that got screwed in the trade.
it is the traders responsibility to know the bust rules. the way to be safe is if you get a fill that you know is a gift dont sell it until the next day.
 
Quote from Free Thinker:

yes. busts are always initiated by the party that got screwed in the trade.
it is the traders responsibility to know the bust rules. the way to be safe is if you get a fill that you know is a gift dont sell it until the next day.
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Agreed!
 
I ain't no real smart feller, but I do know bullshit when I smell it!

And there's a really bad odor coming out of Wall Street.
 
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