Now that the NYSE no longer has to concern itself with various overeager acquirers procuring highly confident letters from the likes of Jefferies that it can procure 10x Debt/EBITDA B2/B- HY bonds to purchase every single public exchange in the world, it can focus on doing what it does best: busting flash smash trades, and taking away the profits of those who are lucky enough to spot an algo gone apeshit and trade against it. Earlier this morning the stock of Strategic Hotels and Resorts 8.25% Cumulative Preferred Shares (BEE.PR.C) traded from $29 to $2,600 in just about a second. Thank you NYSE, SEC and fair and efficient markets. Or, according to Mary Schapiro, Waddell & Reed. Naturally none of this is any consolation to those who may have prudently been hoping that some idiot robot will take the stock into the stratosphere and had a $2,600 sell limit: all trades (all 15,900 of them) above $29.74 were cancelled. Thank you fair and efficient SkyNet.
(Charts courtesy of Nanex)
And for a complete list of the actual cancelled prints, check out Nanex' website.