>>18218534 lb NYSE Gets Wave of Sell Orders, Unleashing Stock-Market Chaos
NYSE Publishes List Of Busted Trades From Today's Market Open Chaos; Leaves Dozens Of Abnormal Trades Stand
Nearly six hours after the NYSE failed to conduct opening auctions in hundreds of names which led to sheer price chaos, LULD halt triggers and dozens of freaked out traders, moments ago the New Jersey-based stock exchange gave some additional detail, noting that a "system issue" - it is still unclear just what that was - resulted in continuous trading of certain securities commencing at 9:30am ET (how about everyone trying to get dafuq outta 'dodge' at once since you've got many ANALysts telling everyone "the Big One" is coming-you'll notice they NEVER have these problems when it's to the upside)without an opening auction print. As a result, a number of Core Trading Session trades occurred prior to the receipt of Limit Up Limit Down bands; these trades are eligible under to be reviewed as clearly erroneous. In other words, all trades that did not enter the opening auction and went straight to open trading status are being busted. However, many other clearly erroneous trades will also stand.
The NYSE also published a list of the 251 companies whose trades it is busting below and above a given LULD band. What is concerning is that many clearly abnormal trades within these bands will stand - for example all XOM trades between $106.90 and $118.15 and all WFC trades between $42.57 and $47.05 will remain -leading to huge losses for anyone who had a market open order (and this is why you DON"T use Market Orders kiddos) and who was stopped out in the opposite direction of the price spike; alternatively it will also mean sizable gains for anyone who was on the other side of the trade. Traders and portfolio managers were stunned by the magnitude of the apparent moves profiled earlier. Wells Fargo appeared to have crashed 15%, Walmart looked like it wiped out $46 billion, and AT&T seemingly swung between a 20% gain and a 21% tumble in a matter of seconds: for many traders these intervals will stand, and mean the difference between huge gains and losses.
https://www.zerohedge.com/markets/nyse-publishes-list-busted-trades-todays-market-open-chaos-leaves-dozens-abnormal-trades
Full list of Companies affected at link-and total nonsense for an excuse