I agree the trade should have been busted. However, I have some questions. Why were you trying to submit an offer at 150? What would you have done if you got filled? Would you have let someone out? Did you give the reason for the error that you meant to enter a sale? If so, that could have had an impact on the NITE's decision.
Thanks for the reply. It was a system I have that was a mix of automation and manual trading. I wasn't trying to be the advantaged party against someone who may have had the same situation like myself: My system merely picked something up and I followed up on it and placed the wrong order. If I did place a sell in the 150 range and got filled, it would have been arca/ inet or brut for the order anyways(because these ECN's are what I use) and they would have busted 100% (and I would have expected them to). Like I said, I made an error as a BUY and an error that it went off on Sumo. My broker filed and explained the trade as an error (as I explained) and Nasdaq would not bust it.
" Did you give the reason for the error that you meant to enter a sale? If so, that could have had an impact on the NITE's decision." I honestly don't believe anything I could have said justified a stock that has a n average price of 25/share to stand at 150. No matter what. I mean, maybe 1 for 6 reverse split, but that's about it. I know you stated you believe it should bust, but there is nothing that I could have said that would even remotely allow this to even have the smallest thought of sticking. Amex nailed me years ago bad and this is along the same lines. It's too bad because I really thought NASDAQ was trying to be a credible force. What really scares me is that if I didn't throw as big of a fit and loose my mind like I did, I truly believe it would have stayed as is. Sad.
As someone else said, why are you trying to trade WBPRK in the first place? So you are trying to sell at $150/share? Do you really feel like you would have been filled at that price? If you had been filled, would you have busted? Maybe they didn't bust initially to teach you a lesson (on how to enter orders properly). I am sure you will take the time to get it right next time, especially when you are trying to dick somebody else over to get $150/share for WBPRK when it is trading at $25. I really have no sympathy for your plight. You got off easy. When you screw around like this, you are playing with fire and you just got burned. Anybody who doesn't double check their orders should at least be fined a certain amount. $1k sounds about right for what you did. Sorry to be an ass, but people who: 1. have dickish intentions to begin with 2. enter a typo 3. expect to get bailed out just piss me off. PS - The busting process is inherently unfair to the little guy - get used to it. That makes it imperative for the little guy to always double, triple, or quadruple check orders before submitting them - because most likely you aren't going to be bailed out.
Sounds like you just got a raw a deal and the MM "charged" you a fee of $1000 for the error. Only recourse at this stage would be to contact the MMs compliance dept asking for an explanation.
A couple of questions: 1. Did you own the stock before you placed the order? 2. If not, were you trying to enter a short sale? It sounds like you tried to rob the bank, shot yourself in the foot and then expect the bank to pay your medical bills.
"Maybe they didn't bust initially to teach you a lesson (on how to enter orders properly). I am sure you will take the time to get it right next time, especially when you are trying to dick somebody else over to get $150/share for WBPRK when it is trading at $25. I really have no sympathy for your plight. You got off easy." First of all, you have no idea what I was doing or why and i'm not about to go further into it. If you feel the MM was "teaching me a lesson", then you proved my point. So basically the MM's rule the street and they can do whatever they see fit? I think that in this day and age that is really sad. My guess is that you are one of them. Hey man, i'm really sorry about decimalization. So basically they can place spreads on the market like that and its okay? Who teaches them a lesson? I guess you're right: I should bow down to the MM's.
Some of you guys are being a little harsh on the OP. Doesn't seem like he was trying to scam anybody. Sounds like he has an automated system and needs to fix it up. If your auto-order system is watching the bid/ask and waiting to enter the trade, poor liquidity, bad data, late quotes, etc, can easily bugger you up. What's necessary is tighter logic and "safety code" to not allow trades when something seems fishy. My system ignores any set limits I may have and only enters a buy order, for example, on the bid if it drops below my limit. I may miss a few trades, but I miss a lot of bad ones. It's also easy to check for a bogus or untradable spread. And only trading stocks with more than 200K shares/day avoids some clunkers. That still leaves plenty... Good trading to all.
Some of you guys are being a little harsh on the OP. Doesn't seem like he was trying to scam anybody. Sounds like he has an automated system and needs to fix it up. If your auto-order system is watching the bid/ask and waiting to enter the trade, poor liquidity, bad data, late quotes, etc, can easily bugger you up. An "automated system " for what purpose?? To try to sell stock at 6 times the last trade? He admitted in his first post that he held "erroneous" trades for up to three weeks before they were busted. You might ask yourself how was he the beneficiary of these trades if he is not a market maker? I would deduce that he makes a practice of posting these outrageous bids and offers with the hope of a rare home-run. The only thing unbelievable about this story is that the poster expected to get sympathy from the members of this forum.