This Is What A $130 Million Market Levitating Fat Finger Looks Like

Tyler Durden's picture

Earlier we reported on a completely inexplicable 10% surge in the IWR ETF resulting from a whole lot of busted trades. We didn't know precisely how many trades were involved until the kind folks at Nanex sent us this cheat sheet. The answer: 1,379,128 shares of IWR! Which, at the prices crossed, amounts to just over $130 million. We wonder: which algo could afford to lose $130 million on what in retrospect was a busted fat finger, and just what is the purpose of lifting every single offer into an offerless market beyond the point of ridiculousness? Luckily, the trades, which crossed just after close, did not happen 5 minutes earlier, or the market would have seen a fully blown inverse flash crash, carrying across all asset classes. On the other hand, we know of one person who is very focused on the Russell 2000 as an indication of the overall strength of the economy. Is the Fed now, in perpetuating its 3rd mandate, solely focused on buying IWR (and/or other) ETFs?

From Nanex:

And below are the actual 1,379,128 busted shares:

Cancelled Trades:

tc|NxTime|Symbol|Listed Exg|CorrectionType|OrgSeq|OrgCond|OrgPrice|OrgSize|
16:53:10|eIWM|PACF|Cancel;Busted;|225190|98|94.35000|292|
16:53:10|eIWM|PACF|Cancel;Busted;|225191|98|94.35000|500000|
16:53:10|eIWM|PACF|Cancel;Busted;|225192|98|94.35000|499708|
16:53:10|eIWM|PACF|Cancel;Busted;|225193|98|94.35000|230|
16:53:10|eIWM|PACF|Cancel;Busted;|225194|98|94.35000|560|
16:53:10|eIWM|PACF|Cancel;Busted;|225195|98|94.35000|928|
16:53:10|eIWM|PACF|Cancel;Busted;|225196|98|94.35000|581|
16:53:10|eIWM|PACF|Cancel;Busted;|225197|98|94.35000|178|
16:53:10|eIWM|PACF|Cancel;Busted;|225198|98|94.35000|1200|
16:53:10|eIWM|PACF|Cancel;Busted;|225199|98|94.35000|2360|
16:53:10|eIWM|PACF|Cancel;Busted;|225200|98|94.35000|7638|
16:53:10|eIWM|PACF|Cancel;Busted;|225201|98|94.35000|2800|
16:53:10|eIWM|PACF|Cancel;Busted;|225202|98|94.35000|1000|
16:53:10|eIWM|PACF|Cancel;Busted;|225203|98|94.35000|4562|
16:53:10|eIWM|PACF|Cancel;Busted;|225204|98|94.35000|2800|
16:53:10|eIWM|PACF|Cancel;Busted;|225205|98|94.35000|2638|
16:53:10|eIWM|PACF|Cancel;Busted;|225206|98|94.35000|2800|
16:53:10|eIWM|PACF|Cancel;Busted;|225207|98|94.35000|181|
16:53:10|eIWM|PACF|Cancel;Busted;|225208|98|94.35000|204|
16:53:10|eIWM|PACF|Cancel;Busted;|225209|98|94.35000|609|
16:53:10|eIWM|PACF|Cancel;Busted;|225210|98|94.35000|591|
16:53:10|eIWM|PACF|Cancel;Busted;|225211|98|94.35000|9409|
16:53:10|eIWM|PACF|Cancel;Busted;|225212|98|94.35000|291|
16:53:10|eIWM|PACF|Cancel;Busted;|225213|98|94.35000|2509|
16:53:10|eIWM|PACF|Cancel;Busted;|225214|98|94.35000|1000|
16:53:10|eIWM|PACF|Cancel;Busted;|225215|98|94.35000|6191|
16:53:10|eIWM|PACF|Cancel;Busted;|225216|98|94.35000|3809|
16:53:10|eIWM|PACF|Cancel;Busted;|225217|98|94.35000|2800|
16:53:10|eIWM|PACF|Cancel;Busted;|225218|98|94.35000|1000|
16:53:10|eIWM|PACF|Cancel;Busted;|225219|98|94.35000|1991|
16:53:10|eIWM|PACF|Cancel;Busted;|225220|98|94.35000|8009|
16:53:10|eIWM|PACF|Cancel;Busted;|225221|98|94.35000|1591|
16:53:10|eIWM|PACF|Cancel;Busted;|225222|98|94.35000|1209|
16:53:10|eIWM|PACF|Cancel;Busted;|225223|98|94.35000|1000|
16:53:11|eIWM|PACF|Cancel;Busted;|225224|98|94.35000|7391|
16:53:11|eIWM|PACF|Cancel;Busted;|225225|98|94.35000|2609|
16:53:11|eIWM|PACF|Cancel;Busted;|225226|98|94.35000|2800|
16:53:11|eIWM|PACF|Cancel;Busted;|225227|98|94.35000|1000|
16:53:11|eIWM|PACF|Cancel;Busted;|225228|98|94.35000|113|
16:53:11|eIWM|PACF|Cancel;Busted;|225229|98|94.35000|277|
16:53:11|eIWM|PACF|Cancel;Busted;|225230|98|94.35000|9610|
16:53:11|eIWM|PACF|Cancel;Busted;|225231|98|94.35000|2800|
16:53:11|eIWM|PACF|Cancel;Busted;|225232|98|94.35000|1000|
16:53:11|eIWM|PACF|Cancel;Busted;|225233|98|94.35000|2129|
16:53:11|eIWM|PACF|Cancel;Busted;|225234|98|94.35000|7871|
16:53:11|eIWM|PACF|Cancel;Busted;|225235|98|94.35000|2800|
16:53:11|eIWM|PACF|Cancel;Busted;|225236|98|94.35000|1000|
16:53:11|eIWM|PACF|Cancel;Busted;|225237|98|94.35000|4232|
16:53:11|eIWM|PACF|Cancel;Busted;|225238|98|94.35000|200|
16:53:11|eIWM|PACF|Cancel;Busted;|225239|98|94.35000|5568|
16:53:11|eIWM|PACF|Cancel;Busted;|225240|98|94.35000|2800|
16:53:11|eIWM|PACF|Cancel;Busted;|225241|98|94.35000|1000|
16:53:11|eIWM|PACF|Cancel;Busted;|225242|98|94.35000|2832|
16:53:11|eIWM|PACF|Cancel;Busted;|225243|98|94.35000|600|
16:53:11|eIWM|PACF|Cancel;Busted;|225244|98|94.35000|6568|
16:53:11|eIWM|PACF|Cancel;Busted;|225245|98|94.35000|1000|
16:53:11|eIWM|PACF|Cancel;Busted;|225246|98|94.35000|2800|
16:53:11|eIWM|PACF|Cancel;Busted;|225247|98|94.35000|10000|
16:53:11|eIWM|PACF|Cancel;Busted;|225248|98|94.35000|804|
16:53:11|eIWM|PACF|Cancel;Busted;|225249|98|94.35000|1996|
16:53:11|eIWM|PACF|Cancel;Busted;|225250|98|94.35000|1000|
16:53:11|eIWM|PACF|Cancel;Busted;|225251|98|94.35000|10000|
16:53:11|eIWM|PACF|Cancel;Busted;|225253|98|94.35000|2800|
16:53:11|eIWM|PACF|Cancel;Busted;|225254|98|94.35000|1000|
16:53:11|eIWM|PACF|Cancel;Busted;|225255|98|94.35000|10000|
16:53:11|eIWM|PACF|Cancel;Busted;|225256|98|94.35000|2800|
16:53:12|eIWM|PACF|Cancel;Busted;|225257|98|94.35000|1000|
16:53:12|eIWM|PACF|Cancel;Busted;|225258|98|94.35000|22404|
16:53:12|eIWM|PACF|Cancel;Busted;|225259|98|94.35000|27596|
16:53:12|eIWM|PACF|Cancel;Busted;|225260|98|94.35000|16000|
16:53:12|eIWM|PACF|Cancel;Busted;|225261|98|94.35000|700|
16:53:12|eIWM|PACF|Cancel;Busted;|225262|98|94.35000|6000|
16:53:12|eIWM|PACF|Cancel;Busted;|225263|98|94.35000|6000|
16:53:12|eIWM|PACF|Cancel;Busted;|225264|98|94.35000|4000|
16:53:12|eIWM|PACF|Cancel;Busted;|225265|98|94.35000|2000|
16:53:12|eIWM|PACF|Cancel;Busted;|225266|98|94.35000|2000|
16:53:12|eIWM|PACF|Cancel;Busted;|225267|98|94.35000|2000|
16:53:12|eIWM|PACF|Cancel;Busted;|225268|98|94.35000|2000|
16:53:12|eIWM|PACF|Cancel;Busted;|225269|98|94.35000|300|
16:53:12|eIWM|PACF|Cancel;Busted;|225270|98|94.35000|100|
16:53:12|eIWM|PACF|Cancel;Busted;|225271|98|94.35000|100|
16:53:12|eIWM|PACF|Cancel;Busted;|225272|98|94.35000|100|
16:53:12|eIWM|PACF|Cancel;Busted;|225274|98|94.35000|1500|
16:53:12|eIWM|PACF|Cancel;Busted;|225275|98|94.35000|800|
16:53:12|eIWM|PACF|Cancel;Busted;|225276|98|94.35000|200|
16:53:12|eIWM|PACF|Cancel;Busted;|225277|98|94.35000|400|
16:53:12|eIWM|PACF|Cancel;Busted;|225278|98|94.35000|100|
16:53:12|eIWM|PACF|Cancel;Busted;|225279|98|94.35000|2400|
16:53:12|eIWM|PACF|Cancel;Busted;|225280|98|94.35000|2200|
16:53:12|eIWM|PACF|Cancel;Busted;|225281|98|94.35000|5000|
16:53:12|eIWM|PACF|Cancel;Busted;|225282|98|94.35000|500|
16:53:12|eIWM|PACF|Cancel;Busted;|225283|98|94.35000|500|
16:53:12|eIWM|PACF|Cancel;Busted;|225284|98|94.35000|200|
16:53:12|eIWM|PACF|Cancel;Busted;|225285|98|94.35000|300|
16:53:12|eIWM|PACF|Cancel;Busted;|225286|98|94.35000|200|
16:53:12|eIWM|PACF|Cancel;Busted;|225287|98|94.35000|250|
16:53:12|eIWM|PACF|Cancel;Busted;|225288|98|94.35000|1140|
16:53:12|eIWM|PACF|Cancel;Busted;|225289|98|94.35000|250|
16:53:13|eIWM|PACF|Cancel;Busted;|225290|98|94.35000|266|
16:53:13|eIWM|PACF|Cancel;Busted;|225291|98|94.35000|1500|
16:53:13|eIWM|PACF|Cancel;Busted;|225292|98|94.35000|200|
16:53:13|eIWM|PACF|Cancel;Busted;|225293|98|94.35000|1190|
16:53:13|eIWM|PACF|Cancel;Busted;|225294|98|94.35000|4000|
16:53:13|eIWM|PACF|Cancel;Busted;|225295|98|94.35000|200|
16:53:13|eIWM|PACF|Cancel;Busted;|225296|98|94.35000|115|
16:53:13|eIWM|PACF|Cancel;Busted;|225297|98|94.35000|470|
16:53:13|eIWM|PACF|Cancel;Busted;|225298|98|94.35000|10400|
16:53:13|eIWM|PACF|Cancel;Busted;|225299|98|94.35000|2002|
16:53:13|eIWM|PACF|Cancel;Busted;|225300|98|94.35000|620|
16:53:13|eIWM|PACF|Cancel;Busted;|225301|98|94.35000|100|
16:53:13|eIWM|PACF|Cancel;Busted;|225302|98|94.35000|500|
16:53:13|eIWM|PACF|Cancel;Busted;|225303|98|94.35000|200|
16:53:13|eIWM|PACF|Cancel;Busted;|225304|98|94.35000|200|
16:53:13|eIWM|PACF|Cancel;Busted;|225305|98|94.35000|200|
16:53:13|eIWM|PACF|Cancel;Busted;|225306|98|94.35000|250|
16:53:13|eIWM|PACF|Cancel;Busted;|225307|98|94.35000|636|
16:53:13|eIWM|PACF|Cancel;Busted;|225308|98|94.35000|547|
16:53:13|eIWM|PACF|Cancel;Busted;|225309|98|94.35000|1000|
16:53:13|eIWM|PACF|Cancel;Busted;|225310|98|94.35000|1000|
16:53:13|eIWM|PACF|Cancel;Busted;|225311|98|94.35000|200|
16:53:13|eIWM|PACF|Cancel;Busted;|225312|98|94.35000|1400|
16:53:13|eIWM|PACF|Cancel;Busted;|225313|98|94.35000|321|
16:53:13|eIWM|PACF|Cancel;Busted;|225314|98|94.35000|200|
16:53:13|eIWM|PACF|Cancel;Busted;|225315|98|94.35000|100|
16:53:13|eIWM|PACF|Cancel;Busted;|225316|98|94.35000|100|
16:53:13|eIWM|PACF|Cancel;Busted;|225317|98|94.35000|1000|
16:53:14|eIWM|PACF|Cancel;Busted;|225318|98|94.35000|389|
16:53:14|eIWM|PACF|Cancel;Busted;|225319|98|94.35000|120|
16:53:14|eIWM|PACF|Cancel;Busted;|225320|98|94.35000|100|
16:53:14|eIWM|PACF|Cancel;Busted;|225321|98|94.35000|350|
16:53:14|eIWM|PACF|Cancel;Busted;|225322|98|94.35000|800|
16:53:14|eIWM|PACF|Cancel;Busted;|225323|98|94.35000|139|
16:53:14|eIWM|PACF|Cancel;Busted;|225324|98|94.35000|100|
16:53:14|eIWM|PACF|Cancel;Busted;|225325|98|94.35000|400|
16:53:14|eIWM|PACF|Cancel;Busted;|225326|98|94.35000|155|
16:53:14|eIWM|PACF|Cancel;Busted;|225327|98|94.35000|184|
16:53:14|eIWM|PACF|Cancel;Busted;|225328|98|94.35000|1725|
16:53:14|eIWM|PACF|Cancel;Busted;|225329|98|94.35000|200|
16:53:14|eIWM|PACF|Cancel;Busted;|225330|98|94.35000|300|
16:53:14|eIWM|PACF|Cancel;Busted;|225331|98|94.35000|380|
16:53:14|eIWM|PACF|Cancel;Busted;|225332|98|94.35000|100|
16:53:14|eIWM|PACF|Cancel;Busted;|225333|98|94.35000|100|
16:53:14|eIWM|PACF|Cancel;Busted;|225334|98|94.35000|300|
16:53:14|eIWM|PACF|Cancel;Busted;|225335|98|94.35000|100|
16:53:14|eIWM|PACF|Cancel;Busted;|225336|98|94.35000|101|
16:53:14|eIWM|PACF|Cancel;Busted;|225337|98|94.35000|200|
16:53:14|eIWM|PACF|Cancel;Busted;|225338|98|94.35000|1170|
16:53:14|eIWM|PACF|Cancel;Busted;|225339|98|94.35000|100|
16:53:14|eIWM|PACF|Cancel;Busted;|225340|98|94.35000|100|
16:53:14|eIWM|PACF|Cancel;Busted;|225341|98|94.35000|270|
16:53:14|eIWM|PACF|Cancel;Busted;|225342|98|94.35000|119|
16:53:14|eIWM|PACF|Cancel;Busted;|225343|98|94.35000|300|
16:53:14|eIWM|PACF|Cancel;Busted;|225344|98|94.35000|300|
16:53:14|eIWM|PACF|Cancel;Busted;|225345|98|94.35000|49700|
16:53:14|eIWM|PACF|Cancel;Busted;|225346|98|94.35000|400|
16:53:14|eIWM|PACF|Cancel;Busted;|225347|98|94.35000|775|
16:53:15|eIWM|PACF|Cancel;Busted;|225348|98|94.35000|125|
16:53:15|eIWM|PACF|Cancel;Busted;|225349|98|94.35000|200|
16:53:15|eIWM|PACF|Cancel;Busted;|225350|98|94.35000|100|