Yeah, that sounds like a legit bust. I had the $370c and was watching like a hawk after trading resumed....I would not have missed a spike in the spreads like that. Sounds like you got filled outside of the NBBO. My understanding is the broker must contact you directly if someone requests a bust within NBBO...doesn't sound like the case here. Was it at 3:55 or do you mean 3:55ish? Because 3:55 was 10 mins in and the spreads were down under $2 by then. Also search "Clearly erroneous execution" both in the forums (thread content...not just title) and on google. This is the 'busted' trade regulation.
Thanks Vandzant and beerntrading! I will definitely try to get TD to at least get me some commission free trading! I wasn't contacted at all until the next morning so morning of the 8th today. In fact they just left a vmail before market open and asked me to return the call no details or urgent marked, which i ended up doing an hour or so into market open. The fill times are attached, im MT timezone, so 2 hours before ET.
Yeah, I know there's a 30 min window after the trade to bust it...The other time I heard of this the counterparty's broker contacted the counter party who refused to bust the trade (it was within the NBBO....a fat finger error, and ATH....so different situation there--wasn't busted). There's your execution...this one is certainly interesting. You weren't the only one (but you were the best!)
Here you go...here's the other thread where this was discussed. You'll see right off the bat, you're in better shape than the last time this got discussed here. https://www.elitetrader.com/et/thre...shares-of-bcor-after-hours-2-days-ago.309244/
Thanks so much for the reply! Wow, i see how many filled outside NBBO, at least theirs were within reason i guess. The other thread is a terrible situation for that person! I guess i should have known that the fill was completely out of reason. Will follow up with TD on procedure and what if anything brokedown on their side, maybe i can push for something from them. Thanks again!
It looks like someone directed a market order to CBOE. Everything below $12 and 12.05, 12.55 and 13.30 would have been resting orders (profit taking)...$12 was likely the market maker who was providing liquidity (meaning the MM's spread was likely $6.50 x 12.00 on CBOE). Being so near close and on a very lop-sided market there was a considerable delta hedge risk to carry, and after the 11 contracts went, there was nothing behind the MM but a few profit targets and you. So market order for 21+ contracts gets direct routed to the exchange and they buy up all the liquidity (it's entirely possible no one was above you and their order went partially filled). That's only $36k in play. But it's a really strange order because this was someone with enough know-how to bust a trade, also had at least $15k to throw at this trade ($7.50 x 21+ contracts), but doesn't have basic knowledge of routing an order and irresponsibly using a market order in a very illiquid environment. Stranger still was the two orders just above yours that look like they were part of the same order, but these were inter-market sweeps. It's ordinary to see, for example, someone sweep the market with a bid of $8 against a $7.50 offer (particularly with low liquidity) but you'd never do it without a limit. But 27 contracts at $8 would be a very ordinary order for a pro to place in that trading environment--I'd need the deep book history to try to infer the counter party's intent. I think the counter party's order must have gotten wrong somewhere between their broker and CBOE.
I cant say i fully understand the counter parties actions as you described them above, but i would like to, so will read up on order flow to understand this a little better. Thanks so much. I looked at the market depth for that call yesterday after it filled and saw a really strange order with 0 size at 998 and 999, could that have something to do with it or is this normal, wish i had grabbed a screen print!