Arca sucks - busts opening cross trade at 7:40pm

Discussion in 'Order Execution' started by fbell50, Sep 21, 2008.

  1. fbell50


    On 9/19 I sold IYF on the ARCA opening cross at 94.00. While the opening price was 35% higher than the previous close there was no reason to suspect that 94 was a bad price that would be canceled. 9/19 was a volatile day. Another stock I have, MS, opened up 42%. I can cite dozens of examples of extreme price moves.

    Now I find the trade has been busted. My datastream shows the trade corrections starting at 7:40 pm that evening. I had no chance to exit during the day.

    I feel screwed. I know ARCA posts many extreme executions that defy commonsense, but this one does not fit given the conditions on 9/19.