Thursday, January 19, 2006

Incorrect Quotes due to Nasdaq Error

Last night Mr. Circle came back from work and told me that he found a weird thing in the stock quotes provided by scottrade. He had a conference call at 4:30. Before the conference call he checked the close price of our stocks. But to his surprise, when he was back from the conference call, he found that most of our stocks' closed prices became different. When I heard the story from him, I said "Maybe you are so concentrated in that conference call that you forgot what you saw before that". In order to prove he was correct, he pulled the chart and compared it to the quotes. Oh, my god. It turned out he was correct.

Then this morning when I checked out yahoo finance. I found there was an article written at 11:12am which declared the reason of those errors. I can't imagine what would happen if there was a price error when they execute your orders. Still "A spokeswoman for the Nasdaq had no immediate comment beyond the Nasdaq Operations notice sent Wednesday night. A spokesman for the NYSE had no immediate comment." Let's see what will happen.


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