5 ms·
Actually the people who bought at .01 got screwed; when the buy at .01 gets cancelled then you are suddenly in a short position if you've already sold the share
by dkasper 16y ago
Actually the people who bought at .01 got screwed; when the buy at .01 gets cancelled then you are suddenly in a short position if you've already sold the shares, and you'll have to cover.
- joezydeco 16y ago...if you held the shares past the 20 minute cancellation window, right?
- DavidSJ 16y agoQuite the opposite. If you did not hold the shares past that window, then you'll end up in a short position.
- joezydeco 16y agoOkay, I'm missing something. I buy at 0.01, then sell at 40.00 during the window. My buy and sell transactions both get cancelled, so how am I out anything? I can see the guy on the other end of the sell transaction getting screwed, but what happens to me? I can see what you mean if I bought at 0.01 to cover a short, but I'm looking at a simple position.
- DavidSJ 16y agoOops, you're right.
- gizmo 16y agoThis was the first thing that sprang to mind as I read the article. How can this be their policy? How can the Nasdaq be so cavalier about this? "Better luck next time, please come again!" Even in a casino you get paid when the dealer makes a mistake. The gamblers wouldn't stand for anything else: they put their money at risk. It's only the crooked bookies who don't pay out when a big underdog wins. But even the crooked bookies try this this on the wrong people eventually, with all the expected consequences.
- muhfuhkuh 16y ago>Even in a casino you get paid when the dealer makes a mistake. Perhaps, but I've seen article after article that says a "software glitch" caused the jackpot on some slot machine and they refused to pay out when a player hit it.