Nanex - Strange Days 05/11/2011

Strange Days 05/11/2011

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On 05/11/2011 the stock RLJ began it's first day of trading (an IPO). The first trade was at $17.25 followed by a series of trades at $0.0001 before resuming at $17.07:

RLJ - RLJ LODGING TRUST

The actual trades:

;ts|BEGINSTREAM|eRLJ|20110511|094200||
;ts|t|Symbol|Reporting Exg|Date|Seq #|Exg Time|Price|Size|TCondition|
t|eRLJ|NYSE|20110511|65923|09:43:18|17.2500|200|Regular|
t|eRLJ|NQEX|20110511|65926|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65927|09:43:18|0.0001|100|MCOfficialOpen|  -- NOTE: NASDAQ "Official" Open
t|eRLJ|NQEX|20110511|65928|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65929|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65930|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65931|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65932|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65933|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65934|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65935|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65936|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65937|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65938|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65939|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|66108|09:43:21|17.0700|300|Regular|
t|eRLJ|NQEX|20110511|66109|09:43:21|16.7500|2000|Regular|

Looking at the quotes as well shows this was a stub-quoting issue:

;ts|BEGINSTREAM|eRLJ|20110511|094200||
;ts|t|Symbol|Reporting Exg|Date|Seq #|Exg Time|Price|Size|TCondition|
;ts|q|Symbol|Reporting Exg|Date|Exg Time|Bid|Ask|Bid Size|Ask Size|Quote Condition|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|0.0000|1|0|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|1|1|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|2|1|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|2|2|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|3|2|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|3|3|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|4|3|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|4|4|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|5|4|Regular|
t|eRLJ|NYSE|20110511|65923|09:43:18|17.2500|200|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|5|5|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|6|5|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|6|6|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|7|6|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|7|7|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|8|7|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|8|8|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|9|8|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|9|9|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|10|9|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|10|10|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|11|10|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|11|11|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|12|11|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|12|12|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|13|12|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|13|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|12|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|11|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|10|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|9|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|8|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|7|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|6|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|5|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|4|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|3|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|2|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|1|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0000|199999.9800|0|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|1|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|2|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|3|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|4|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|5|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|6|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|7|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|8|13|Regular|
t|eRLJ|NQEX|20110511|65926|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65927|09:43:18|0.0001|100|MCOfficialOpen|
t|eRLJ|NQEX|20110511|65928|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65929|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65930|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65931|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65932|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65933|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65934|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65935|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65936|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65937|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65938|09:43:18|0.0001|100|Regular|
t|eRLJ|NQEX|20110511|65939|09:43:18|0.0001|100|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|9|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|10|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|11|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|12|13|Regular|
q|eRLJ|NQEX|20110511|09:43:18|0.0001|199999.9800|13|13|Regular|
q|eRLJ|CHIC|20110511|09:43:18|0.0000|0.0000|0|0|Regular|
q|eRLJ|NQEX|20110511|09:43:21|16.7500|199999.9800|20|13|Regular|
q|eRLJ|NQEX|20110511|09:43:21|11.7300|199999.9800|13|13|Regular|
q|eRLJ|NQEX|20110511|09:43:21|16.7600|199999.9800|20|13|Regular|
t|eRLJ|NQEX|20110511|66108|09:43:21|17.0700|300|Regular|
t|eRLJ|NQEX|20110511|66109|09:43:21|16.7500|2000|Regular|

The trades were cancelled approx. 2 hours later:

;tc|BEGINSTREAM|20110511|
;tc|NxTime|Symbol|Listed Exg|CorrectionType|OrgSeq|OrgCond|OrgPrice|OrgSize|
11:20:19|eRLJ|NYSE|Cancel;Busted;|65926|0|0.00010|100|
11:20:19|eRLJ|NYSE|Cancel;Busted;|65927|66|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|65928|0|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|439930|66|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|65929|0|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|439934|66|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|65930|0|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|439937|66|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|65931|0|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|439940|66|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|65932|0|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|439943|66|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|65933|0|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|439947|66|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|65934|0|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|439951|66|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|65935|0|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|439955|66|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|65936|0|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|439960|66|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|65937|0|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|439964|66|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|65938|0|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|439969|66|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|65939|0|0.00010|100|
11:20:20|eRLJ|NYSE|Cancel;Busted;|439972|66|0.00010|100|
;tc|ENDSTREAM|20110511|

Video Interview - O'Brien Says 2010-Type `Flash Crash' Cannot Happen Again
In this video, at 1:35 William O'Brien (CEO of Direct Edge Holdings, LLC) says "the most egregious aspects of the Flash Crash, such as a stock trading at $39 and then going to 1 penny and back up to $38 in a matter of minutes, can't happen again with the progress made the last year".

Inquiries: pr@nanex.net

Publication Date: 05/11/2011
http://www.nanex.net

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