Can anyone shed some light on why there are extreme ARCA bids and asks on some stocks? For example, FDX closed at 49.99 today. There is an ARCA bid for 100 shares at .01 and an ARCA offer of 100 shares for $99.84. I see this on a huge number of stocks. It appears the offer is always double and the bid is always a penny or so. Are these guys hoping that they get filled accidentally because of a typing mistake or something? If that did happen, wouldn't the trade get busted anyway?
I've noticed that too. I haven't seen an NYSE stock where it wasn't there in the montage. It may just be after hours; I haven't paid attention to it during the regular session. I can't imagine it's anyone trying to pull a fast one; can you imagine having constant bids and offers posted on every NYSE stock? You'd have to change the order every time the price of the stock changed. And yeah, the trades would get busted anyway.
So others have noticed ARCA seems fond of placing 6 cent bids on NYSE stocks. Maybe its an advertisement to remind folks they can use ARCA to trade there. Come to think of it........