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Non-Tech : Interactive Brokers / Timberhill -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (1050)	1/21/2001 5:22:36 PM
From: Mark Davis	Read Replies (3) \| Respond to 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 ;-)

To: RockyBalboa who wrote (1050)	1/21/2001 6:30:13 PM
From: dli	Respond to of 9012

Check the ECN web sites or call if they don't provide information there. E.g. REDI will bust any trade for you in stocks priced between $50 and $100 that was executed 10% or more outside the NBBO during market hours(http://www.redibookecn.com/infonotices.html). Nasdaq has their own policy which applies to SOES and SNet executions and potentially in the case of active ECNs when they SNet your order out. As for your broker, while he does not have any responsibility for the trade I would think that he has an obligation to call the ECN for you to file a complaint if you request it. Dave