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Non-Tech : Meet Gene, a NASDAQ Market Maker
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To: gene_the_mm who wrote (894)9/8/2000 5:18:48 PM
From: Apakhabar  Read Replies (5) of 1426
 
Hello Gene.

I got a call from my brokerage just now (Friday after hours) that the 200 shares I just bought are going to be reviewed by NASD and that the trade might be broken.

The stock after trading a lot at 18 x 18 1/8 sold off a bit and closed at 17 3/4. At 16:08 a trade at 17 3/4 went off. At 16:12 or so, I saw 1000 shares offered over INCA at 17. There was a single ECN bid at 16 1/2 on Island and nothing else; the next offer was at 18 I think. Liking the price but not knowing if something was up I bought 200 shares; somebody else bought 800. (The tape showed trades of 200,200,200, and 800 at 17). Moments later somebody bid at 17 on Island, and somebody offered 100 at 17 9/16 over ISLD, and that was the last trade of the day.

The party that sold to me claims it was a "clearly erroneous" trade and that they had intended to post the offer at 17 7/8.

I"m told I won't know the result until Monday but it seems crazy to me that this trade should be under review. What do you (or anyone else) know about the "clearly erroneous" rule? And do you think it should apply here?

FWIW about ten months ago I sold 100 shares of stock after hours to somebody at 10 1/2; the closing bid-ask was 11 7/16 x 11 9/16 and I just read the screen wrong (the buyer or somebody withdrew his 11 7/16 bid and the 10 1/2 immediately replaced it). It never occurred to me to try and break THAT trade (I just wised up a bit).
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