NASDAQ mis-trades 1,600 stocks, but who cares?
Oddly, almost nobody noticed. Perhaps this was because the affected stocks were mostly "thinly traded issues" and the glitch affected after-hours trade resolutions made within 10 minutes (before and after) 9:30 AM.
MVA pointed this out to me today, noting it hadn't gotten the coverage it deserved. Last Friday, NASDAQ posted a terse head trader alert:
As an update to this mornings problem, NASDAQ®, on its own motion, is currently reviewing all trades between 9:19:42 and approximately 9:40:00 a.m. Eastern Time for a large number of stocks.Due to the large number of securities affected by this problem, NASDAQ has posted the complete list of securities.
TheStreet.com picked up the story in mid-afternoon when the early trades were canceled, but that's about it.
Unless you're on NASDAQ's list of "Head Traders; Technical Contacts; Compliance Officers", you don't really care about a little thing like third party software that trades more than 15% above or below where it should.