NYSE cancels trade 6 hrs later

Discussion in 'Order Execution' started by cardsandtrading, Oct 14, 2008.

  1. Hi,
    Just wanted to confirm that I basically have no recourse via arbitration against Fidelity or action against the exchange. Looking at finra.org ... but not much info there.
    Basically I put in a sell at market for PSA shares at 3:59:02 Friday 10/10/2008 (had it ready to go with 1 click) after the 5 previous quotes in 5 seconds (no streaming) were moving at about $1 a tick (i.e. 80, 81, 82, 83, 84.5).
    I got a confirmed fill at 105.87
    Market actually went up to 110 before dropping back and trading at about 85 and closing at 84.80 about 30 seconds later.
    6 hours later the trade totally vanished from my account and I got all my shares back in my Fidelity account. Apparently the NYSE cancelled all trades during an approx 15 second period from about 86 up to 110 just saying "bad price". (There were about a dozen trades cancelled for various people).
    (I assume this is what people mean when they say "busted" trade?
    Do I have any recourse or would my efforts just be a waste of time??