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Non-Tech : Interactive Brokers / Timberhill
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To: RockyBalboa who wrote (1050)1/21/2001 5:22:36 PM
From: Mark Davis  Read Replies (3) of 9012
 
Trades executed on Selectnet or ECN's that are way outside of the market are generally known as 'CLEARLY ERRONEOUS'.

Nasdaq has a policy of breaking such trades, but you must report it promptly to your broker and Nasdaq. A trade executed at 7 for a stock trading at 77 would not stand, unless the victim failed to report it. That's my understanding in any case.

A point or two would probably not fall into this category particularly on a volatile stock. I've seen MM's with stuck quote machines forced to sell or buy stock well outside of the market. These trades are almost always broken by Nasdaq and can cause traders that have closed the trade out to be stuck with longs or shorts they had not intended. Dangerous game to buy that 50 stock for 45 from guy with the bad quote ;-)
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