Trade bust on March Sugar

I got a 'trade bust' on March 08 Sugar. I placed a limit at 10.28, it opened at this price. Then IB sent back a message saying the trade was "busted" , it was the action of the exchange NYBOT because the price was "out of range", and trades at this price are cancelled.

This occurred Friday before last (the 27th), It's still quoted at the exchange as opening at this 10.28 price though. I couldn't get any information about this from NYBOT.

Has anyone experienced this before or have any comments?

 

hi.this is what you probably want to read:

http://www.nybot.com/aboutNYBOT/RuleBooks/indexRuleBooks.htm

ch.27 appendix#1 i think was the area

i have had trades busted before from the cme but sometimes they adjust them.not sure about nybot/ ice though. it only sucks if you cover and then they bust it.ouch.lol

 

you were only notified of this today or were you notified of this
that day or the following day ?

at the time of your notification of the "BUST" you should have contacted the NYBOT again and or have your
broker contact the "give-up" PIT executing broker
and request time and sales and ask if there were
trades "busted" in the opening range or at any time
during the day for March 2008 and what the "OFFICAL
daily high + low was for the day you mentioned
7.27.07 ?

also ... in the future I suggest you trade the "lead month"

( i.e. this seems to be OCT07 at this time )

good luck ... hope if you "covered" the "bust" you made out ok

 

For IB, you would actually enter the order in as .1028 IB quotes their decimals different from the normal quote of 10.28

 

I appreciate all the comments on this,

thanks for the link to the rule book.

Yes, I was fully notified. Though, ought to query the OFFICIAL opening price, because given that it was busted at this price, why does it remain as the published opening price of the day? It seems I have to query this at the exchange because IB suggested all trades at this price at the open were cancelled.

I'll trade the lead month more often, and am aware of the unique way IB quotes the prices, it's something to look out for.