I was just wondering if the NYSE breaks "erroneous" trades in the manner that the NASDAQ does. I checked the NYSE site and can't find where they would list such an action if one was taken. Does anyone know?
The only instance I've been involved with or heard of was a couple years ago when the TXN specialist's clerk keyed in the wrong price to open the stock at. He was out by a whole dollar and they busted the entire opening print, like it never happened. With a specialist controling the bid and ask and no one allowed to trade on nyse outside his spread, I can't think of any other way they would bust one of their own trades.
To second what was said above, i havent heard of a trade broken on NYSE, but i have had one broken on Arca and Inet trading NYSE issues. One time i had an order price improved because the fill was unfair. I set a brutdot market sell and i was fill some stupid price that never showed on the chart by the specialist. I whined and they actually improved the price 25 cents.
I was trading ACI last year, I think maybe July or something, and I got printed 500 shares by the specialist, $1.05 out of the money. Literally, it was my 500 shares and another 300 shares far out of the money. I had to double check to see what had happened b/c it was odd and I saw my fill was on the NYSE. We called the floor at like 11 am. Apparently, the trade had to be discussed several times throughout the day and finally, at 3:30, Art Cashin was the final vote and he voted NOT to break the trade. It was ridiculous, the spec can make a mistke and print $1.05 out of the money when the stock wasnt trading near that level and I get stuck with the loss. Makes sense right?