A few days ago I was watching quotes for the CAD March contract and the bid/ask was a steady .9907 .9909 with the last transaction at .9907, very slow time and not much movement. Then out of the blue a low ball bid came in at .9885 and was filled at .9885, the bid then want back to .9907 and then the last transaction went back to .9907. I wasn't watching the number of contracts so don't know how many contracts passed hands at .0022 below market. What caused this? Was it a pre-arranged sale at .9885? Would a stop be activated even though it was very brief, maybe 10 seconds or so.
Interactive Brokers and the time was about 1:30 AM EST. I figured it was an organized trade at a set price and time between two parties.