It seems like busted trades is another area where the retail investor gets hurt. If an institution enters a wrong price, they can just speed dial Island and get the trade broken. On the other hand, if a retail investor did the same thing, i think it would be much harder for them to undo the trade.
well, we were able to break an erroneous ISLD trade last week with no problems. all we did was to call our broker (datek) and the trade was busted in 15 minutes. the order was to buy a $6 stock at $3000, though -- perhaps it would have been tougher if it were closer to the market. - jaan
i had a busted trade today , sold EOP pref from my account and somehow instinet got it confused and I ended up selling EOP common. Have never owned EOP common.Was sort of suspicious because it sold at a level the stock did'nt trade at during the day .When I called my broker to check on it he initially scolded me for trying to trade an illiquid stock ?????????. Then he said they would bust the trade.