What the heck happened with NITE mm today. Anybody have the inside scoop? I got all kinds of messages today from IB saying they were busting many of their orders.
they had major system problems that was flooding the market with sell orders in their stock. So Nasdaq, making sure that one of their own wouldn't lose money, busted all the trades to make them whole again. Now I wonder - if I told Nasdaq that my trades were all erroneous (just the losing ones, of course), do you think they would bust my trades?
MBG, Thanks.....I wish I could have all my trades taken care of like that. Nothing like supporting them. I wonder how many people will actually get their account straight? You can bet your bottom dollar theirs will look ok.
I'm baffled. Aren't there strict laws/regulations re how/when a stock is halted and how/when they break trades? In this example we are talking about thousands of trades worth millions of dollars. Anyone have a link or know the skinny on these regulations? Thanks.
Knight Trading Group, Inc. (Nasdaq: NITE) today made the following statement on pre-market trading in NITE stock June 3, 2002: There are no corporate developments at the Company to warrant the unusual trading this morning. We have identified and are working to correct a software glitch in the Knight trading system that affected only Knightâs stock. The glitch generated a large series of sell limit orders in Knight stock, which were routed to various destinations and disrupted trading in our security. This was isolated to Knightâs stock and had no bearing on client business. Knight is operating under normal operating conditions, without interruptions. We worked with various execution centers to correct these erroneous orders in Knightâs stock. Knight does not make a market in its own stock. Knightâs strategy is sound, our balance sheet is strong, and we are looking forward to building the business going forward. So there it is - next time you have a problem with a trade (you know, major losses and the like) just call one of your buddies at the 'ol Nasdaq and tell them you had a major software glitch with your Windows 98 machine (also, use fancy words like hard drive failure, bad memory, IT guy got fired, power problems, etc.) and tell them you want the trade busted the NITE way, and it should be done without hesitation.
it's those darn 'glitches' again. But the spin this thing got on Bloomy this morning...and the Kozlowski thing...what a bunch of bear market hooey. BFD if a two dollar stock is down another two...so WHAT if Kozlowski MIGHT not have paid sales tax on some paintings. Should a conglomerate sell off 6 bux as a result? This IS a bear market, isn't it. Under Clinton, the stock would have doubled on such news..../rant
Thats because the money supply tripled from clinton's first day in office up until his last day in office. Money for nothing and the chicks for free!
From http://www.thestreet.com/markets/marketfeatures/10025248.html : According to Putnam Lovell analyst Richard Repetto, Knight traded 2.8 million shares at an average price of $1.86 before the stock was halted. The Nasdaq Stock Market plans to cancel all trades in Knight shares that were executed from 8:23 a.m. EDT to 8:48 a.m. EDT. "This is consistent with actions taken by other exchanges," the Nasdaq said. What the hell is that supposed to mean? They make up the rules as they go along?!?!