You are right about the hft : "Thanks to the work of Telis Demos in an article âRaindropsâ raise questions after Facebook IPO we now know the cause of the opening delay was excessive quote cancellations. From the article: And it was one quote cancellation sneaking into a five-millisecond window that caused about 20 painful minutes, watched live by the world on CNBC television, of the delay to the opening of Facebookâs initial public offering on Nasdaqâs US market. .. In brief, the problem was that the system took two extra milliseconds to calculate the opening price. Because of a decision before to allow continuous order placement during IPOs, cancellations kept âfitting in between the raindropsâ, in the words of Bob Greifeld, Nasdaqâs chief executive, in the five milliseconds it was taking to determine a price. Only High Frequency Traders (HFTs) can cancel quotes at that rate. And ironic enough, it was mostly HFTs that benefited later when Nasdaq quotes stopped coming from the Securties Information Processor (SIP) which transmits quotes for everyone who doesn't get the premium direct feeds. The nearly 2 hour outage, from 11:54 ro 13:50 can be seen in Charts 9 and 10 below. Those who are co-located and get the direct feeds, namely HFTs, didn't experience this problem, as trades continued to come from Nasdaq." http://www.nanex.net/aqck/3099.html
the exchanges and hft have been sodomizing you for decades. only now you wake up? demand fairness , get it, or dont trade if you dont like it.
Sorry if you took a hit. But...when you stick your hand into the fire and get burnt, it's kinda hard to blame somebody else. Retail traders should never be near an IPO in the first few minutes of trading, much less in an issue like FP.
MAYBE , JUST MAYBE , they should have listed on the NYSE ... at least we would have a culpable market maker to address ... but I don't think something like this would occur within those walls
Well finally this indicates CANCELS or CANCEL AND REPLACE orders must cost something. Cancel orders swamping the queue ? This is ridiculous.
That is a facade . It had nothing to do with CANCEL / CANCEL - REPLACE orders , they just didn't want to hurt little Zuck's ego by announcing they couldn't decide what to do with all the SELL orders . Underwriter did some job heh? Pricing IPO lower would have solved all this , but I am sure there was something tied to market cap that prompted the $38 price .
I rarely post here anymore, and I thought I'd use this as an excuse to post lol..... you're right though, I can't be blaming anyone. Shit happens all the time in the trading world, and I should've done smaller size after nasdaq announced problems pre-open. (don't know if it would've cancelled) Not particularly angry at myself nor nasdaq anymore..... I've been in this business long enough to know how pointless it is to blame others....... but you still can call something dirty if it indeed was dirty....??????
As frustrating as your situation was, imagine being in the position of funds and brokers that were tossed thousands of shares at the open on Friday, and were unable to verify their fills while the stocked tanked. Yikes! Most were probably filled about 42, then got wacked big time. I was reminded of the old saying, "Be careful what you ask for because you might get it."
Being an individual trader, you weren't forced to trade this stock. I had no issues on buying just above $38 as it stalled there at 11:50-11:55 and riding it to $41. Learn how to trade better and you wont need to blame Nasdaq. It's hilarious to hear about people crying about how this stock has screwed them over. Made money both day's its been open. Best part is that I don't even have a Facebook account... Can't wait to read the responses from all the losers with an excess amount of posts on this site!