• 14 Dec 2012 at 12:57 PM

Oops, Again: Bargain Basement Edition

You know those technical issues that the stock exchanges were having a little while back? They’re still here.

Some premarket transactions in nine big-name stocks were canceled Thursday morning, in the latest example of the trading glitches that have plagued markets this year…

The bad trades came from a securities firm that was sending transactions based on faulty data, said people familiar with the problems. It wasn’t clear where the bad data originated.

Just a little glitch, right? Not exactly.

For example, in the seconds before 9:30, several bursts of Citigroup trades pulled the stock’s price down from about $36 to as low as $20.10, according to a Wall Street Journal analysis of FactSet data. Most of the 49 Citigroup transactions that were later canceled were 100-share orders at $29.99.

The same period saw 101 canceled trades in Hewlett-Packard’s stock, which briefly jerked the price from $14.55 to as low as $3.06. In all, the exchange canceled 402 trades involving 141,629 shares, according to data provider Nanex.

The bad numbers hit only the Nasdaq. The Big Board, BATS and Direct Edge said they weren’t affected. Almost enough to make on pine for the buttonwood tree. But not quite.

Nasdaq Cancels Trades Over a Firm’s Bad Data [WSJ]
Nasdaq Cancels Some Trades in Goldman, Sprint After Error [Bloomberg]
Nasdaq reschedules botched WhiteHorse IPO [Reuters]

21 comments (hidden for your protection)
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Comments (21)

  1. Posted by Buy Side Bookie | December 14, 2012 at 1:03 PM

    Odds on this being UBS?

  2. Posted by UBS Gambling MD | December 14, 2012 at 1:04 PM

    Huh? Are you illiterate? It clearly says " several bursts of Citigroup trades," so clearly they're the institution being discussed, why do all you buyside guys think you're so smart?

  3. Posted by Dateraider | December 14, 2012 at 1:10 PM

    Bad trades by UBS aren't cancelled.

  4. Posted by Just a raw dude | December 14, 2012 at 1:19 PM

    What about the technical problems Dealbreaker is still having?

  5. Posted by DB IT Rodents Union | December 14, 2012 at 1:57 PM

    We just found out Matt blew our whole 401(k) dealing in MBIA bonds and off the run ABS, just so he could y'know have a bit of skin in the game whilst watching their performance on Bloomberg. Nowadays I'm just kind of "meh" about the whole thing.

  6. Posted by Comment Fixing VP | December 14, 2012 at 2:02 PM

    "Trades by UBS aren't cancelled"

    FTFY

  7. Posted by VonSloneker | December 14, 2012 at 2:21 PM

    "Almost enough to make [ONE] pine for the buttonwood tree." Other than that, no concerns.

    - Ed.

  8. Posted by VonSloneker | December 14, 2012 at 2:23 PM

    He didn't blow the whole 401(k) on MBIA bonds…he did buy a little something for the office.

    - Intern in charge of keeping the DB-Margaritaville Marg Machine churning

  9. Posted by Felix | December 14, 2012 at 2:42 PM

    oooops I did it again…..I played with your heart….

    -Hopefully stuck in your head now and not just mine

  10. Posted by Really Hungover Guy | December 14, 2012 at 3:23 PM

    Thank you for that, I kept looking at that thinking I should know what it means but not quite being able to place it.

  11. Posted by VonSloneker | December 14, 2012 at 3:37 PM

    Yup stuck in my head…that is, the red leather body suit, not the song

    - Erstwhile Mousketeer

  12. Posted by Lyle | December 17, 2012 at 5:00 AM

    Didnt UBS pull this shit in Australia a couple of weeks ago? lobbed several billion off ANZ Bank.

  13. Posted by Illterati | December 17, 2012 at 2:39 PM

    Trades being made in Citigroup….

    I would hate to see your pitch-books.

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  20. Posted by amber | February 15, 2014 at 2:15 AM

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