This page has been archived and commenting is disabled.
Monday Humor: Spot The "Potentially Erroneous" Trade
The fine upstanding people at the NASDAQ noticed something odd this morning with SBAC:
- *POTENTIALLY ERRONOUS 'SBAC' TRANSACTIONS BEING PROBED
After some discussion, they have decided that it is indeed erroneous that, as Nanex notes, SBA Communications (a $10 billion market cap company) should see its stock price jerk from $80 to $299.73 in the space of a few seconds. NASDAQ will be canceling these trades on behalf of the participants involved (we suspect the "buying" algorithm is more relieved than the "seller")
See if you can spot any "erroneous" trades here...
On October 14, 2013, at 8:35:46, the price of SBA Communications Corp (Symbol: SBAC, market cap: $10 billion) rocketed from $80 to $299.78 in a few seconds. Prices returned to the $95 for a while and finally to the $80 range. Most of the trades were canceled later.
1. SBAC ~ Trades color coded by reporting exchange and NBBO (red shaded part is crossed market.
2. SBAC ~ Bids and asks color coded by reporting exchange.
And after extensive investigation - NASDAQ decided this was "erroneous"....
Pursuant to Rule 11890(b) NASDAQ, on its own motion, in conjunction with NYSE-Arca has determined to cancel all trades in security SBA Communications Corp. (SBAC) at or above $84.13 that were executed in NASDAQ between 8:35:00 and 8:36:00:00 ET. This decision cannot be appealed. NASDAQ will be canceling trades on the participants behalf.
»
- 8258 reads
- Printer-friendly version
- Send to friend
- advertisements -
Soooo that GOLD thing that happens like every morning...?
"Frustrating." - Bart
What's the volume? I was under the impression that these insta-spikes are a means for a big sum to change hands.
edit: 10K, in less than a quarter second. Nice.
"organic trading"
Weird, this stock is one of my biggest shorts. I guess I lucked out.
NASDAQ will be canceling these trades on behalf of the participants involved (we suspect the "buying" algorithm is more relieved than the "seller")
As is always the case in these situations, at the bottom of someone’s deep pockets is a NASDAQ coupon for a “Do Over”.
Would love to know whose "buying algorithm" it was (and more importantly, on whose behalf). Guesses?
So if I make a dumb trade, I can just have NASDAQ cancel it out for me???
What do you mean those guys are "more" equal?
You're sure that there aren't any more bullshit-trades like these today?
Justice would be served here if the buyer was forced to eat the trade. Coxxukking algo manipulations.
Had it been you or I, we would be eating it as we aren't part of the "club".
I ate a ridiculous AGQ order fill once. I called the broker and got the middle finger.
i suspect that "buyer" has connections and is protected, as others have stated had it been you or i we'd be forced to eat it
Mulligan world.
Nope. Looks pretty normal to me.
<Welcome to the new normal.>
Erroneous trades would decrease if you just let the marketplace reward and punish its members.
But I guess that was before the WS Welfare State... If ever...
The entire stock market is an erroneous trade.
Dear Sir,
Your market order to buy 100 shares of SBAC has been filled at $299.00. Since you only had $10,000 in your account when the order was filled, we regret to inform you that we had to liquidate your position at $89. Please send us $11,000 to cover the negative balance in your account as soon as possible. Please be aware that we are here to serve your investment needs now and in the future. Yours truly, the staff of Churn, Burn & Turn Investment Advisors.
http://vegasxau.blogspot.com
Caught out ... "STOPPED IN" ... as in "BAIL IN"
I meant to press CTRL-ALT-DEL, but I hit ENTER instead. My bad. Do-over.
And after extensive investigation - NASDAQ decided this was "erroneous".
And after extensive investigation - the Squid told us this was "erroneous".
There fixed that.
Machines don't make mistakes...
DC Lottery:
No Winning Tickets Will Be Cashed Until Further Notice
http://homment.com/dclottery-cash
Erroneous?? I don't think so! We just got to see the price of the stock in December...TODAY! Naz green - Surprise!!!
Not to mention the contract party to an OTC derivative purchased from both the buyer and seller which was priced on the hi-lo average of SBAC trading for the day ??????
Anyone looking into that possibility, that both the buyer and seller may have both become huge winners if this trade had stuck?
My humorous monday moment was about 30 minutes ago, I got up from my desk and turned the TV on. It was on CNBC. The young Kelly Evans girl was interviewing a congressman from South Carolina about the budget/debt limit. After a while, she asked him if he had been "hearing anything from Charlotte?". He very matter of factly stated, "not much, since I represent South Carolina."
She has inside connections at the NSA so she was referring to his mistress, just to remind him why he was going to vote the way he was instructed to vote.
Because his boss is in the top floor office at Bank of America.
These the same guys that went all-in on TWTRQ?
When do they cancel the trades that put Tesla at $190, Netflix at $300, Price line at $1000, etc.
Based on any fundamental logic, the trades are clearly erroneous. Therefore, the stocks should be reset to a level that makes sense.
Clearly, if a respectable brand valuation firm puts Apple at $98 billion, we should start there.
I heard priceline is worth so much because they got William Shatner as a spokesperson.
Very Logical.
Negative. That would not be logical Captain.