That fat finger trader cost me $2,114,000

[tltaylor89]

Brought ACN hand over fist when it went to a penny.1 CENT just when you thought you could take a nice long vacation they reverse the transaction.

[Andy117]

I'm not sure I understand the whole thing well but should have ACN have dropped that much in the first place without the error?

[Brock Landers]

shouldn't count..was a fukkin huge mistake

[excel]

pursuant to rule 11890(b), NASDAQ, on its own motion, will cancel all trades executed between 14:40:00 and 15:00:00 greater than or less than 60% away from the consolidated last print in that security at 14:40:00 or immediately prior.

[tltaylor89]

I'm not sure I understand the whole thing well but should have ACN have dropped that much in the first place without the error?

Guy put sell order in wrong.I took a bite of my lunch and noticed the S&P had dropped 70 Halos so I run across the floor and look at the volume no unusual spikes .So the Dow starts following phones started to ring .People started to get stopped out and it snowballed.ACN went to .01 I took all my cash and piled on.Then they find out its an error they put a 30 second delay on at the NYSE, but ICE CME and the Nasdaq traded through the delay.

[tltaylor89]

last time this happened was when Dendreon DNDN had phase 3 of their drug approved by the FDA it dropped to $7 and I brought hand over fist .They halted trading and when it opened again it shot up to $27.That trade stood.

[Extra Innings]

Taylor...you really are big time...

Probably have a networth higher than the whole fukkin board.

[tltaylor89]

Taylor...you really are big time...

Probably have a networth higher than the whole fukkin board.

Money is a commodity nothing to really brag about.

[donjuan]

Where were you able to trade American stocks in the Zim Dollar?

[tltaylor89]

if you are a retail investor you can trade them on Forex.

[Extra Innings]

Money is a commodity nothing to really brag about.

It is when your time on SBR is relegated to begging for points.

[tltaylor89]

It is when your time on SBR is relegated to begging for points.

lol I have my motives dont say anything when I become the 1st points millionaire.

[donjuan]

if you are a retail investor you can trade them on Forex.

That wasn't what I was saying but lolz.

[tltaylor89]

You want to trade in ZIm Dollars?

[Skidcom]

If Greek had put up a line of Atlanta + 69 points they would have cancelled that too. Every floor trader had to know that those trades were going to be cancelled. The options guys are going to have a real fit over this. Lawyer's field day, the lawsuits will fly

[mlb]

such b.s. man

[Brock Landers]

If Greek had put up a line of Atlanta + 69 points they would have cancelled that too. Every floor trader had to know that those trades were going to be cancelled. The options guys are going to have a real fit over this. Lawyer's field day, the lawsuits will fly

good point

[Boner_18]

Obviously you don't understand what happened. There was not a fast finger misktake but the stocks continued to clear on electronic markets while halted on the nyse. W/o efficient and accurate price discovery the trade should not clear, and the pursuant to the rules it won't. You should bone up on the rules of the game before playing, there are many good reasons for this one.

[tltaylor89]

Obviously you don't understand what happened. There was not a fast finger misktake but the stocks continued to clear on electronic markets while halted on the nyse. W/o efficient and accurate price discovery the trade should not clear, and the pursuant to the rules it won't. You should bone up on the rules of the game before playing, there are many good reasons for this one.

I knew the 30 second delay was in place on the Nyse.

[tltaylor89]

How could you let the bid offer spread get that wide and still try to fill orders.

[michalis]

is this guy gonna have to pay for all the shorts he just bought or will the transaction be cancelled

[tltaylor89]

is this guy gonna have to pay for all the shorts he just bought or will the transaction be cancelled

Trades were canceled and my account reflects the amount before I brought ACN.

[cleaveland]

Here's a great conspiracy theory about this:

What if the market actually crashed and the "mistake" was a cover story that allowed the powers that be (the plunge protection team) to come in and restore everything.

The crash happened, they supported the market to keep it a float, they made up a cover story about a big "mistake" to keep everybody asleep...

That scenario is more believable to me than any other explanation.

[jjgold]

Who is this Taylor guy??

Seems like he knows a lot of shit

[ljump12]

I don't ****in believe you -- It was bid .01, not offered there... Not near a bloomberg terminal so I don't know what kind of volume went off there, but even so -- you had to know the .01 cent trade would NOT stand. Shit like that gets broken every day.

On an offnote, work for GS?

[tltaylor89]

I don't ****in believe you -- It was bid .01, not offered there... Not near a bloomberg terminal so I don't know what kind of volume went off there, but even so -- you had to know the .01 cent trade would NOT stand. Shit like that gets broken every day.

On an offnote, work for GS?

When the error occured yesterday the Nyse slowed down to 30 seconds a trade the blackbox machines kept trying to fill the orders and did everybody on the floor was asking where's he bid where's the bid .I put in a limit order and it got filled .I won't answer the Goldman Sachs question too much heat.I'm just pissed that it didn't stand rightfully so I got **** at 79 great trade.

[cleaveland]

When the error occured yesterday the Nyse slowed down to 30 seconds a trade the blackbox machines kept trying to fill the orders and did everybody on the floor was asking where's he bid where's the bid .I put in a limit order and it got filled .I won't answer the Goldman Sachs question too much heat.I'm just pissed that it didn't stand rightfully so I got **** at 79 great trade.

What's your opinion on this theory:

http://forum.sbrforum.com/players-talk/470583-conspiracy-theory-about-market-crash.html

[milwaukee mike]

i find it much easier to believe that someone with a lot of cash triggered that crash intentionally, rather than someone pushing "b" instead of "m" - i think most systems have an override that don't allow you to trade billions of shares accidentally.
even if someone pushed "b" on a mini s&p contract that wouldn't explain acn/boston beer going to .01, pg going to 39, etc etc

even more solid stuff like my cbs bonds (cpv) went from 23 to 17 in a heartbeat before coming back.

not sure why trades 50% below normal would count but not 60% (guess they had to draw the line somewhere)

here's a good question, let's say you bought 1000 shares of acn (or whatever) at 10 for $10k, sold them at 30 on the way back up for $30k and it closed at 40.
now the $10 trade would be canceled but the $30k sale would turn into a short and you wake up to find you lost $10k (because you have to cover this morning at 40) instead of making $20k??!!

[tltaylor89]

i find it much easier to believe that someone with a lot of cash triggered that crash intentionally, rather than someone pushing "b" instead of "m" - i think most systems have an override that don't allow you to trade billions of shares accidentally.
even if someone pushed "b" on a mini s&p contract that wouldn't explain acn/boston beer going to .01, pg going to 39, etc etc

even more solid stuff like my cbs bonds (cpv) went from 23 to 17 in a heartbeat before coming back.

not sure why trades 50% below normal would count but not 60% (guess they had to draw the line somewhere)

here's a good question, let's say you bought 1000 shares of acn (or whatever) at 10 for $10k, sold them at 30 on the way back up for $30k and it closed at 40.
now the $10 trade would be canceled but the $30k sale would turn into a short and you wake up to find you lost $10k (because you have to cover this morning at 40) instead of making $20k??!!

I would have had to find 1000 shares to short during those 5 minutes liquidity came out and the machines coulden't find bids so they had to offer at .01 because they are programed to add 01 to the sale of each security.

[paco]

Heard the story, didnt mean shit to me though. Sorry for ur loss Taylor, get em next time

[tltaylor89]

Heard the story, didnt mean shit to me though. Sorry for ur loss Taylor, get em next time

Ha I got em yesterday Paco .This was the only canceled trade of mines.

[ljump12]

i find it much easier to believe that someone with a lot of cash triggered that crash intentionally, rather than someone pushing "b" instead of "m" - i think most systems have an override that don't allow you to trade billions of shares accidentally.
even if someone pushed "b" on a mini s&p contract that wouldn't explain acn/boston beer going to .01, pg going to 39, etc etc

even more solid stuff like my cbs bonds (cpv) went from 23 to 17 in a heartbeat before coming back.

not sure why trades 50% below normal would count but not 60% (guess they had to draw the line somewhere)

here's a good question, let's say you bought 1000 shares of acn (or whatever) at 10 for $10k, sold them at 30 on the way back up for $30k and it closed at 40.
now the $10 trade would be canceled but the $30k sale would turn into a short and you wake up to find you lost $10k (because you have to cover this morning at 40) instead of making $20k??!!

Re: that last question

This is the problem with breaking trades, you are indeed now short, and have just lost a shit load of money. It's happened to me before.

[BatemanPatrickl]

Guy put sell order in wrong.I took a bite of my lunch and noticed the S&P had dropped 70 Halos so I run across the floor and look at the volume no unusual spikes .So the Dow starts following phones started to ring .People started to get stopped out and it snowballed.ACN went to .01 I took all my cash and piled on.Then they find out its an error they put a 30 second delay on at the NYSE, but ICE CME and the Nasdaq traded through the delay.

[tltaylor89]

Thats what happened .lot of money made that day.

[BatemanPatrickl]

Wait do you work out of your home but ran across the trading floor. Who are you Harry Potter? Did you teleport yourself onto the floor?