New York we had a problem: Some trades today were executed at the erroneous prices

05/06/2010 7:38 pm EST

Focus: STOCKS

Jim Jubak

Founder and Editor, JubakPicks.com

Overloaded trading systems with badly lagging prices during today's 700-point intraday plunge gave traders erroneous prices. We might know how big the problem was tomorrow.

But for tonight we do know that the New York Stock Exchange and NASDAQ are both unwinding erroneous trades.

What's an erroneous trade?

The New York Stock Exchange and NASDAQ are defining it as any trade between 2:40 and 3:00 p.m. where the price was off by 60% or more.

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