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An Illustrated Fat Finger In Healthcare Stocks Causes Avalanche Of Broken Trades And Pain For Anyone With A Sub 30% Limit

Submitted by Tyler Durden on 05/03/2011 16:33 -0400

Yesterday we reported that the NYSE was seeking to break a bunch of trades in healthcare related stocks, after an unprecedented surge sent Pfizer up to $90 and Eli Lilly over $60, Abbot Labs to $280, and JNJ to $100. Today, via MarketWatch we learn that this was not a now traditional HFT freak out, but apparently a "brokerage" fat finger. Why a brokerage would be executing in size at 6 pm Eastern, when the market to the best of our knowledge is beyond illiquid, is beyond us. From MarketWatch: "The sharp spikes in dozens of health-care stocks late Monday — trades eventually cancelled by two exchanges — were caused by a brokerage’s bad order on a basket of health-care stocks, said Nasdaq OMX exchange spokesman Frank De Maria. The exchange was not releasing the name of the brokerage, De Maria said by phone Tuesday. Late Monday, Nasdaq said it was cancelling trades in 26 healthcare stocks, and exchange operator Direct Edge decided to cancel trades on 52 stocks that traded more than 30% from their previous print and were executed between 4:57 p.m. and 5:05 p.m. Eastern. Cancelled trades included those of Boston Scientific Corp. , Medtronic Inc. , Aetna Inc. , Bristol-Myers Squibb and Baxter International." That said, if you were short into this flash smash with a stop loss that is 10%, 20% or even 29.99% away from the NBBO, you are fresh out of luck. And let that be a lesson to you: if you carry over a short from one day to the next, and have a sub 30% stop loss limit, you will likely see at least a 30% loss.

And here, courtesy of Nanex is what happened in excruciating detail:

PFE

LLY

JNJ

BMY

ABT

- advertisements -

Tue, 05/03/2011 - 16:39 | 1235684 101 years and c...

"That said, if you were short into this flash smash with a stop loss that is 10%, 20% or even 29.99% away from the NBBO, you are fresh out of luck."

isnt that the point? operation destroy shorts, while they are away, is working beautifully.

Tue, 05/03/2011 - 21:57 | 1236646 CPL

More like watching them destroy every last retail trader out there. In today's case. The longs got it in the ass for a 30% price tag.

God I'm glad my trades last ten minutes maximum and only if the weather looks right. Only way to trade this slop in the last three years. Armed to the teeth with a personal HFT to provide signals and a very well trained trigger finger.

Can already hear them out there, the longs that is, "steady hands people, steady hands".

Tue, 05/03/2011 - 16:46 | 1235690 Mercury

So essentially the exchanges' story is - a tisket a tasket a fatfingered healthcare basket?

I guess the lesson here is that if you fuck up, you better fuck up big or else you won't be granted a "do-over" by the regulatori and will have to open up your own wallet to cover the error.

How's that for an incentive structure?

Tue, 05/03/2011 - 16:50 | 1235718 cosmictrainwreck

excellent summation.....do-over, bitchez (just not you little bitchez)

Tue, 05/03/2011 - 16:45 | 1235698 Sudden Debt

To bad these spikes only last 2 to 3 minutes... no way I could intercept a trade that fast.

Wouldn't that be a super short plays to catch.

Tue, 05/03/2011 - 16:46 | 1235713 Gubbmint Cheese

Unfortunately SD.. you and I both know that if we made money on the trade there's a 100% change it would get busted. We are not part of 'that' club.

Tue, 05/03/2011 - 20:48 | 1236506 Mesquite

>Gubbmint Cheese

Thank you for the post...

Now I know it's not just me that get's screwed regularily..(and not even kissed first..)

No discrimination here, this market 'does' everybody..

(At least now I know I'm not going crazy..)

Be safe all..

Wed, 05/04/2011 - 00:40 | 1237051 Dr o love

you and I both know that if we made money on the trade there's a 100% change it would get busted.

Not true. I had stop limit buy orders for a flash (reverse) crash for SH where I had 3 orders to buy 1000 shares. One of the 3 orders was busted because it was too far from the criteria. The other two stood pat for an easy $10,000 overnight.

Tue, 05/03/2011 - 16:43 | 1235704 Commander Cody

And why shouldn't shorts be absolved from the obvious market anomaly as well? Sounds like lawsuit time to me.

Tue, 05/03/2011 - 16:48 | 1235712 101 years and c...

shorts have been declared terrorists, and therefore, have no rights and can be tortured and shot at will. lawsuit? LOL!

Tue, 05/03/2011 - 16:48 | 1235710 topcallingtroll

Vanguard brokerage has 7.50 limit orders even if you talk to a broker.

Tue, 05/03/2011 - 16:51 | 1235716 bob_dabolina

UBS in a bout of desperation to make some $$$ hired Lenny Dykstra to trade healthcare stocks for them. Nothing else seemed to be working.

He dropped an oversized twizzler on his Bloomberg keypoard causing the twizzler to push on the "B" and the "M" at the same time.

-SEC

Tue, 05/03/2011 - 16:49 | 1235719 shushup

So if you were long they just put you back to where you were before the run and if you were short you get fucked? I think there is a discrimination law suit here for sure.

Tue, 05/03/2011 - 16:49 | 1235720 SheepDog-One

Serves em right, anyone in these stock markets will get what they deserve sooner or later. They want to take your money, and they will get it short now, and longs later.

Tue, 05/03/2011 - 16:52 | 1235721 Alcoholic Nativ...

Al-Qaeda shoulda hit wall street with a plane.

Tue, 05/03/2011 - 16:53 | 1235724 Verum

OT: looks like the billion prices project is back up for USA

Tue, 05/03/2011 - 16:51 | 1235725 oldmanagain

A stop loss on a short is a buy stop. If they cancel all buys this would make the short trader whole again, ie stil short.

Tue, 05/03/2011 - 16:55 | 1235730 Tyler Durden

Over the 30% threshold yes.

Tue, 05/03/2011 - 17:15 | 1235785 Ratscam

its the scam of rats

Tue, 05/03/2011 - 16:58 | 1235734 Seasmoke

If a stock falls in a forest and no one is around to stop loss, does it make a sound?

Tue, 05/03/2011 - 17:01 | 1235739 TraderTimm

I'm not surprised by anything HFT does anymore. It is the largest alpha-test of automated software in a highly nonlinear environment. One day, like rogue waves, there will be another confluence of hyper-speed trading that will destroy the indexes.

Also, to potentially save your sanity perusing newsfeeds with a certain-leader-of-a-terrorist-group splattered everywhere, try the following:

1) Install the Greasemonkey add-on for firefox found here: https://addons.mozilla.org/en-US/firefox/addon/greasemonkey/

2) Navigate here to download the word-replacement script: http://userscripts.org/scripts/show/79426

3) You may need to close and re-open the browser. Once open, you can right-click on the greasemonkey-head icon, select User Script Commands ---> Add words.

4) After you add them with the '+' click 'Done'

5) Laugh and laugh as your formerly loathed persons, terms, etc.. become filtered realtime and replaced as "stupid retard" and so on.

Works great for trolls on forums as well :)

Tue, 05/03/2011 - 17:13 | 1235781 blunderdog

I replaced OBL with Ben Bernanke.

Is that so wrong?

Tue, 05/03/2011 - 17:20 | 1235819 Alex Kintner

Technically both Terraists. They just have different tactics.

Tue, 05/03/2011 - 17:03 | 1235745 rsi1

bah, this was after hours, barely anyone executes stop losses in after hours because of liqudiity. its stupid to put stop loss valid for a.hours. an expensive lesson for some..

Tue, 05/03/2011 - 17:02 | 1235750 scratch_and_sniff

Moral of story - stops are for suckers unless they are uber tight to lock in gains.

Tue, 05/03/2011 - 17:07 | 1235754 rsi1

when you show a chart, its good to show the volume that was executed, it seems like these were bad trades due to a fat finger, maybe they should not be cancelled, but the volume is tiny!!!! you convinently forgot to mention this is a non event considering the volume is miserably small.

Tue, 05/03/2011 - 17:13 | 1235786 Tyler Durden

Presenting miserably small volume:

;tc|BEGINSTREAM|20110502|
;tc|NxTime|Symbol|Listed Exg|CorrectionType|OrgSeq|OrgPrice|OrgSize|
18:33:27|eABT|NYSE|Cancel;Busted;|1261842|73.00000|200|
18:33:27|eABT|NYSE|Cancel;Busted;|1261843|75.00000|100|
18:33:27|eABT|NYSE|Cancel;Busted;|1261844|80.00000|100|
18:33:27|eABT|NYSE|Cancel;Busted;|1261845|80.00000|312|
18:33:27|eABT|NYSE|Cancel;Busted;|1261846|85.00000|100|
18:33:27|eABT|NYSE|Cancel;Busted;|1261847|278.03000|393|
18:35:40|eBMY|NYSE|Cancel;Busted;|1268743|39.00000|300|
18:35:40|eBMY|NYSE|Cancel;Busted;|1268744|39.20000|200|
18:35:40|eBMY|NYSE|Cancel;Busted;|1268745|40.00000|200|
18:35:40|eBMY|NYSE|Cancel;Busted;|1268757|41.00000|151|
18:35:40|eBMY|NYSE|Cancel;Busted;|1268760|41.75000|200|
18:35:40|eBMY|NYSE|Cancel;Busted;|1268761|41.75000|5300|
18:35:40|eBMY|NYSE|Cancel;Busted;|1268762|45.00000|3000|
18:36:02|eDVA|NYSE|Cancel;Busted;|1444287|130.00000|100|
18:36:21|eBSX|NYSE|Cancel;Busted;|1268742|11.25000|150|
18:36:21|eBSX|NYSE|Cancel;Busted;|1268746|11.37000|500|
18:36:21|eBSX|NYSE|Cancel;Busted;|1268747|11.90000|580|
18:36:22|eBSX|NYSE|Cancel;Busted;|1268748|11.90000|390|
18:36:22|eBSX|NYSE|Cancel;Busted;|1268749|15.00000|500|
18:36:22|eBSX|NYSE|Cancel;Busted;|1268750|15.00000|100|
18:36:22|eBSX|NYSE|Cancel;Busted;|1268753|18.60000|500|
18:36:22|eBSX|NYSE|Cancel;Busted;|1268754|20.00000|800|
18:36:22|eBSX|NYSE|Cancel;Busted;|1268755|24.34000|100|
18:36:22|eBSX|NYSE|Cancel;Busted;|1268756|28.85000|266|
18:36:22|eBSX|NYSE|Cancel;Busted;|1268758|28.88000|600|
18:36:22|eBSX|NYSE|Cancel;Busted;|1268759|28.95000|122|
18:37:11|eCAH|NYSE|Cancel;Busted;|1268614|70.00000|135|
18:37:51|eGILD|NQNM|Cancel;Busted;|1396515|53.52000|117|
18:37:51|eGILD|NQNM|Cancel;Busted;|1396516|54.61000|500|
18:37:51|eGILD|NQNM|Cancel;Busted;|1396517|55.00000|1000|
18:37:51|eGILD|NQNM|Cancel;Busted;|1396518|56.00000|106|
18:37:51|eGILD|NQNM|Cancel;Busted;|1396519|58.20000|200|
18:37:51|eGILD|NQNM|Cancel;Busted;|1396521|59.00000|104|
18:37:51|eGILD|NQNM|Cancel;Busted;|1396522|62.50000|200|
18:37:51|eGILD|NQNM|Cancel;Busted;|1396523|65.00000|100|
18:37:51|eGILD|NQNM|Cancel;Busted;|1396524|65.00000|100|
18:37:51|eGILD|NQNM|Cancel;Busted;|1396525|69.00000|100|
18:37:51|eGILD|NQNM|Cancel;Busted;|1396526|69.99000|5515|
18:37:52|eMDT|NYSE|Cancel;Busted;|1401008|55.50000|135|
18:37:52|eMDT|NYSE|Cancel;Busted;|1401014|65.00000|100|
18:37:55|eCELG|NQNM|Cancel;Busted;|1183956|80.00000|140|
18:37:55|eCELG|NQNM|Cancel;Busted;|1183957|93.46000|1000|
18:37:55|eCELG|NQNM|Cancel;Busted;|1183958|93.46000|500|
18:37:55|eCELG|NQNM|Cancel;Busted;|1183959|95.00000|100|
18:37:55|eCELG|NQNM|Cancel;Busted;|1183994|79.00000|100|
18:39:30|eJNJ|NYSE|Cancel;Busted;|1383353|87.00000|100|
18:39:30|eJNJ|NYSE|Cancel;Busted;|1383354|90.00000|400|
18:39:30|eJNJ|NYSE|Cancel;Busted;|1383355|94.00000|200|
18:39:30|eJNJ|NYSE|Cancel;Busted;|1383356|99.00000|100|
18:39:30|eJNJ|NYSE|Cancel;Busted;|1383357|100.00000|100|
18:39:44|eZMH|NYSE|Cancel;Busted;|1286718|86.00000|110|
18:40:32|eMHS|NYSE|Cancel;Busted;|1401024|100.00000|100|
18:41:35|eLLY|NYSE|Cancel;Busted;|1401035|57.37000|100|
18:41:35|eLLY|NYSE|Cancel;Busted;|1401036|65.00000|500|
18:44:44|eMRK|NYSE|Cancel;Busted;|1237169|48.00000|186|
18:44:44|eMRK|NYSE|Cancel;Busted;|1237170|50.00000|100|
18:44:44|eMRK|NYSE|Cancel;Busted;|1237171|50.00000|100|
18:44:44|eMRK|NYSE|Cancel;Busted;|1237172|50.00000|781|
18:44:44|eMRK|NYSE|Cancel;Busted;|1237173|51.30000|206|
18:44:44|eMRK|NYSE|Cancel;Busted;|1237174|55.00000|100|
18:44:44|eMRK|NYSE|Cancel;Busted;|1237175|59.97000|1400|
18:44:44|eMRK|NYSE|Cancel;Busted;|1237176|60.00000|100|
18:44:44|eMRK|NYSE|Cancel;Busted;|1237177|60.00000|265|
18:44:44|eMRK|NYSE|Cancel;Busted;|1237178|60.00000|200|
18:44:44|eMRK|NYSE|Cancel;Busted;|1237179|64.00000|250|
18:45:22|eMYL|NQNM|Cancel;Busted;|1454212|58.75000|225|
18:46:17|ePFE|NYSE|Cancel;Busted;|1392581|27.60000|800|
18:46:17|ePFE|NYSE|Cancel;Busted;|1392582|27.77000|300|
18:46:17|ePFE|NYSE|Cancel;Busted;|1392583|28.00000|200|
18:46:17|ePFE|NYSE|Cancel;Busted;|1392584|28.00000|160|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392585|28.00000|160|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392586|28.00000|600|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392587|28.06000|500|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392588|28.10000|200|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392589|28.50000|104|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392590|29.00000|600|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392591|29.70000|150|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392592|29.75000|100|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392593|29.94000|100|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392594|29.99000|150|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392595|30.00000|470|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392596|30.00000|6500|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392597|30.00000|200|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392598|30.00000|200|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392599|30.00000|300|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392600|30.00000|100|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392601|30.00000|100|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392602|30.00000|1000|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392603|30.00000|500|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392604|30.00000|1200|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392605|30.50000|900|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392606|30.99000|273|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392607|31.17000|100|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392608|31.99000|200|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392609|32.00000|100|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392610|32.00000|100|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392611|33.90000|175|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392612|34.15000|1000|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392613|35.00000|200|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392614|35.00000|100|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392615|35.00000|200|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392616|36.00000|350|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392617|36.00000|200|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392618|36.68000|100|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392619|37.00000|150|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392620|37.77000|550|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392621|37.80000|400|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392622|39.00000|800|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392623|40.00000|100|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392624|40.00000|700|
18:46:18|ePFE|NYSE|Cancel;Busted;|1392625|40.00000|206|
18:46:19|ePFE|NYSE|Cancel;Busted;|1392626|45.00000|231|
18:46:19|ePFE|NYSE|Cancel;Busted;|1392627|49.25000|1500|
18:46:19|ePFE|NYSE|Cancel;Busted;|1392628|50.00000|610|
18:46:19|ePFE|NYSE|Cancel;Busted;|1392629|88.71000|559|
18:46:19|eCSMA|PACF|Cancel;Busted;|228953|21.02000|89500|
18:47:45|eSYK|NYSE|Cancel;Busted;|1278272|80.00000|400|
18:49:15|eVAR|NYSE|Cancel;Busted;|1286711|95.00000|1560|
19:05:18|eAGN|NYSE|Cancel;Busted;|1261786|111.16000|600|
19:05:30|eAGN|NYSE|Cancel;Busted;|1261784|104.72000|400|
19:15:52|eKOF|NYSE|Cancel;Busted;|1404176|79.46350|1288|
19:15:53|eELP|NYSE|Cancel;Busted;|1448074|27.58330|5400|
19:15:53|eSCCO|NYSE|Cancel;Busted;|1188539|36.69270|47632|
19:15:53|eSQM|NYSE|Cancel;Busted;|1188540|60.53870|4100|
19:15:53|eCCU|NYSE|Cancel;Busted;|1284561|59.99400|430|
19:15:53|eCPL|NYSE|Cancel;Busted;|1284562|89.46920|2300|
19:15:53|eEBR.B|NYSE|Cancel;Busted;|1448073|18.28520|1100|
19:15:53|eEBR|NYSE|Cancel;Busted;|1448072|14.53470|16200|
19:15:59|eKOF|NYSE|Cancel;Busted;|1404177|79.46350|1288|
19:15:59|eELP|NYSE|Cancel;Busted;|1448077|27.58330|5400|
19:15:59|eSQM|NYSE|Cancel;Busted;|1188542|60.53870|4100|
19:15:59|eSCCO|NYSE|Cancel;Busted;|1188541|36.69270|47632|
19:15:59|eCPL|NYSE|Cancel;Busted;|1284564|89.46920|2300|
19:15:59|eCCU|NYSE|Cancel;Busted;|1284563|59.99400|430|
19:15:59|eEBR.B|NYSE|Cancel;Busted;|1448076|18.28520|1100|
19:15:59|eEBR|NYSE|Cancel;Busted;|1448075|14.53470|16200|
19:22:38|eBSX|NYSE|Cancel;Busted;|1268751|15.24000|220|
19:22:38|eBSX|NYSE|Cancel;Busted;|1268752|16.48000|180|
19:23:39|eCEPH|NQNM|Cancel;Busted;|1183941|81.10000|100|
19:24:57|eFRX|NYSE|Cancel;Busted;|1232423|49.22000|100|
19:24:57|eFRX|NYSE|Cancel;Busted;|1232424|55.22000|100|
19:24:57|eFRX|NYSE|Cancel;Busted;|1232425|59.22000|100|
19:24:57|eFRX|NYSE|Cancel;Busted;|1232426|65.22000|100|
19:24:57|eFRX|NYSE|Cancel;Busted;|1232427|69.22000|100|
19:24:58|eFRX|NYSE|Cancel;Busted;|1232428|75.22000|100|
19:26:48|eMHS|NYSE|Cancel;Busted;|1401021|88.54000|400|

Tue, 05/03/2011 - 18:23 | 1236049 Zero Govt

how long to type that TD ?

Tue, 05/03/2011 - 23:04 | 1236837 CPL

CTRL-C

CTRL-V

Wed, 05/04/2011 - 06:55 | 1237298 Zero Govt

sarc off: i knew that

Tue, 05/03/2011 - 23:05 | 1236840 CPL

No shit on the miser trades...un-fucking-believable that they get to shark like that after hours.

Tue, 05/03/2011 - 17:10 | 1235766 Cdad

This is absolute bullshit. The answer is given because the truth is less encouraging. The fractured markets are out of control. And as the case was in the summer of 2007, and again in the fall of 2009, these prints presage a period of volatility to come.

As suggested in the article, shorts were taken out and new shorts established at higher levels. As for trades being cancelled, I would believe that like I believe everything else the exchanges say. Duncan Niederauer lies for a living.

Hedge fund wars, bitchez!

Tue, 05/03/2011 - 20:03 | 1236369 willien1derland

Totally agree! What a load of sh!t-once again Wall street gets away with fraud - what I find hilarious is that the NYSE would waste their time preparing a statement that is as fictional as Harry Potter-May God save us from our Government

Tue, 05/03/2011 - 17:25 | 1235831 Cursive

I have a lot of trades I'd like to cancel, but I'm not connected.

Tue, 05/03/2011 - 17:49 | 1235912 tallen

So much for free markets. If your retarded enough to set a market order for a humongous amount of shares when the volume is light, what do you expect to happen.

Tue, 05/03/2011 - 17:50 | 1235916 ThirdCoastSurfer

The real fun starts soon after Citi "splits" on Friday!

Goodbye liquidity bonuses, goodbye 500 million daily shares trade commissions.

If you think the sharks are frenzied now, read this:

"The floor broker earns a fixed commission on the trade and the upstairs desk gets the liquidity rebate from the exchange."

http://www.tradersmagazine.com/news/citi-cuttone-trading-107454-1.html?zkPrintable=true

No one with a stop will be safe!

Tue, 05/03/2011 - 18:22 | 1236036 Zero Govt

Fat Finger In Healthcare Stocks Causes Avalanche

You mean the Kiss of Death of CNBC surely who tipped the Healthcare sector today as a fab performer

..last week it was Jim Cramer urging investors to "Buy Buy Buy" Silver and we know how that turned out!!

Tue, 05/03/2011 - 18:20 | 1236037 mkkby

The only reason I ever traded was because I was relatively protected by tight stops. This is so broken I don't know why anyone plays in their sandbox.

Tue, 05/03/2011 - 20:24 | 1236448 AgShaman

Haha. Whenever the "Fat Finger" comes back around...I can't help but think about Lenny (John Malkovich) in "Of Mice and Men" explaining to Gary Sinise how he was just "Pettin' the rabbit with the fingers"....while the bunny lays dead in his hands. Funny shyt.

Tue, 05/03/2011 - 20:44 | 1236495 gwar5

The Ectomorphically Challenged Digit strikes again.

Tue, 05/03/2011 - 20:54 | 1236518 boooyaaaah

Chapter 2 at DeepCapture

Posted on 03 May 2011 by Mark Mitchell

Tue, 05/03/2011 - 22:16 | 1236705 Papasmurf

If fat finger paid $90 for PFE, fatfinger deserves to pay $90 for PFE. That would end the fat fingerfucking of the markets.

Tue, 05/03/2011 - 23:06 | 1236835 insidious

I don't really get it (except to the extent that they are intentionally screwing people). If its a mistake and the exchange is going to break some of the trades why don't they just break all of them which occured during the specified period and on the stocks in question?

An Illustrated Fat Finger In Healthcare Stocks Causes Avalanche Of Broken Trades And Pain For Anyone With A Sub 30% Limit

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