APAKHABAR...AND OTHERS...
I am an INSTINET subscriber, a market maker, and I personally do about $30,000 to $40,000 of business (or more) per MONTH on INSTINET. You would guess that I am a 'valued customer' right? The EXACT same scenario happened to me where I carelessly sold an $18 stock at $17 at about 4:05 pm (about 1500 shares I believe). I called them, told them it was 'clearly erroneous', bitched, moaned, complained and threatened to call NASDAQ's market regulation desk if I had to to file a clearly erroneous. Well, to make a long story short I did not have a leg to stand on and the trade stood.
The odds of them breaking your $17 stock that was for 200 shares only and 3/4 out of the money is ridiculous. Moreover, the rule for after-hours and pre-market trading is CAVEAT EMPTOR (buyer beware). To me, clearly erroneous is selling a $17 at $7 with no news out. That, you can make a case to NASDAQ to. 200 shares 3/4 out of the money? IMHO, not a chance and I would suggest you fight it all the way. I have been 'taken' for far worse, as I cited above, so I would guess you will be fine.
Breaking after/before hours trades that are within 1 point of the previously closed market is VERY unlikely. Again, CAVEAT EMPTOR.
Let us all know what happened,
-- Gene |
