Nanex Research

Nanex ~ 25-Feb-2013 ~ Carlyle Crushed 19%

On February 25, 2013 at 12:38:55, the stock of The Carlyle Group (symbol CG) dropped 19% in about 1/3 of a second, the price almost fully recovered within 2 seconds. Approximately 220 trades and 66,000 shares from 11 markets were involved in the price drop. CG has a market cap of $1.46 Billion - it lost $277 million of that for less than 1 second.

Note that 287 orders were placed and canceled from BATS-Y during the drop, only 1 order executed on that exchange.

1. CG showing trades color coded by exchange and NBBO (gray shading).

2. Zooming in.. Chart shows about 27 seconds of time.

3. Zooming down to 1 second of time.
Approx 220 trades and 66,000 shares takes the price down 19% in about 1/3 of a second.

4. Same time period as chart above, but showing bids color coded by exchange. Gray shading is NBBO.
Note how many bids appear from some exchanges - and result in no executions.

5. Nanex Tick Chart

6. 1 minute OHLC bar

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