You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Trades in these stocks will be canceled
- Thread starter buzzy2
- Start date
Both busted. If you would have sold it at 13, you'd be short from 13!Quote from bonds:
If somebody bought a stock for $1... then sold it at $10.... and then the stock closed at $30, if trades are busted are they short at $10 now or would both buy and sell orders be busted and would they be flat??
Although what about IRA's? You aren't allowed to be short in IRA's!
Quote from bonds:
If somebody bought a stock for $1... then sold it at $10.... and then the stock closed at $30, if trades are busted are they short at $10 now or would both buy and sell orders be busted and would they be flat??
If the cuttoff for busted trades is <$10, yes, they are short @$10 and would have to buy it back @$30 when closing it out. Major loser. That's the way the exchanges do it and it is 'not appealable'.
I was fortunate yesterday but knew it was a huge risk, so I didn't take any profits to avoid getting stuck short.
Quote from TheAngryHermit:
Both busted. If you would have sold it at 13, you'd be short from 13!
Although what about IRA's? You aren't allowed to be short in IRA's!
I believe there was an incident a few years back involving one of the education stocks (maybe CECO or APOL?). Lots of people bought the stock on a huge dip (fat finger error), then sold as the stock was recovering. Later, the exchanges came back with a bust percentage that screwed over a ton of people and some of those people had bought in their IRAs. I believe some people sued the exchanges saying they could not legally be short in their IRAs but I don't know what happened to that case. I assume that they were forced to cover their positions at a loss and that they probably didn't win.
I don't understand why trade prices aren't simply adjusted to fit within the ranged deemed acceptable instead of busting them altogether.
Some double digit stocks traded down to something like $.11...obvious price adjustments needed...but if the actual volume isn't erroneous, just bad prices, keep the trades and positions, just adjust the darn prices.
These 'subjective' rulings can be unbearable at times.
Some double digit stocks traded down to something like $.11...obvious price adjustments needed...but if the actual volume isn't erroneous, just bad prices, keep the trades and positions, just adjust the darn prices.
These 'subjective' rulings can be unbearable at times.
UpdateQuote from Aisone:
Where does this list come from? Is it the final word?
http://www.globenewswire.com/newsroom/news.html?d=191286
UPDATE -- The NASDAQ Stock Market Names Stocks With Cancelled Trades
The NASDAQ Stock Market Had No Technology or System Issues Associated With Yesterday's Trading Between 2:00 and 3:00 p.m. Eastern Time
NEW YORK, May 7, 2010 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world's largest exchange company, announced that The NASDAQ Stock Market had no technology or system issues associated with the trading that occurred between 2:00 and 3:00 p.m. ET yesterday. The NASDAQ Stock Market operated continuously and its close process ran successfully.
In addition, there is no indication at this time that a NASDAQ market participant experienced a technological failure in connection with this event. NASDAQ has coordinated a process among US Exchanges and therefore, pursuant to rule 11890(b), NASDAQ, on its own motion, will cancel all trades executed between 14:40:00 and 15:00:00 greater than or less than 60% away from the consolidated last print in that security at 14:40:00 or immediately prior. This decision cannot be appealed. NASDAQ has coordinated this decision with all other UTP Exchanges. NASDAQ will be canceling trades on the participant's behalf.
The stocks affected and the break points are posted on the following website: http://media.primezone.com/cache/6948/file/8212.pdf
Quote from buzzy2:
Update
http://www.globenewswire.com/newsroom/news.html?d=191286
UPDATE -- The NASDAQ Stock Market Names Stocks With Cancelled Trades
The NASDAQ Stock Market Had No Technology or System Issues Associated With Yesterday's Trading Between 2:00 and 3:00 p.m. Eastern Time
NEW YORK, May 7, 2010 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world's largest exchange company, announced that The NASDAQ Stock Market had no technology or system issues associated with the trading that occurred between 2:00 and 3:00 p.m. ET yesterday. The NASDAQ Stock Market operated continuously and its close process ran successfully.
In addition, there is no indication at this time that a NASDAQ market participant experienced a technological failure in connection with this event. NASDAQ has coordinated a process among US Exchanges and therefore, pursuant to rule 11890(b), NASDAQ, on its own motion, will cancel all trades executed between 14:40:00 and 15:00:00 greater than or less than 60% away from the consolidated last print in that security at 14:40:00 or immediately prior. This decision cannot be appealed. NASDAQ has coordinated this decision with all other UTP Exchanges. NASDAQ will be canceling trades on the participant's behalf.
The stocks affected and the break points are posted on the following website: http://media.primezone.com/cache/6948/file/8212.pdf
Great, thanks for the source.