Nanex ~ 27-Aug-2010 ~ Sudden Halt in Intel

Published 30-May-2012

While scanning our database back to 2005 for events with crossed Nasdaq quotes matching what we found during FaceBook's IPO, we found a similar, though not close match in Intel (symbol INTC) on August 27, 2010. Suddenly, at 09:58:06.470 that morning, quotes from all reporting exchanges were sent with zero prices and a quote condition of "Market Maker Closed" and Intel stopped trading for over 15 minutes. There was no wild trade price at that time, the last trade was at $18.17. However, after over 15 minutes of no trading, Intel reopened and 3 trades from ARCA totaling 1100 shares printed at a price of $16.55. Other trades executed above $18 (similar to prices before the outage).

The $16.55 trade was reported after the halt, we wonder if it was simply delayed by this amount of time (occurred right before the halt). Since no other trades could account for the halt, we are very surprised the SEC has made no mention or report of the incident.

Chart 1. INTC 1 Minute OHLC
Suddenly, quotes from all reporting exchanges are marked "closed" and trading halts.

Chart 2. INTC 5 second interval showing trades from all exchanges.
The small red circle at 10:15 and $16.55 represents the 3 trades from Arca.

Chart 3. INTC 5 second interval showing trades, but excluding ARCA and trade reporting facilities (for clarity)

Chart 4. INTC 5 second interval showing trades along with bids and asks from each exchange.
Note the red circle at 10:15 and $16.55 representing the errant trades from ARCA (which occurred after the outage, not before).

Chart 5. INTC 5 second interval showing quotes from Nasdaq
Light green triangles show non-firm quotes.

Chart 6. INTC 5 second interval showing trades from Nasdaq

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