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The following picture and highlight:

enter image description here

This happens often on large gap downs/ups, what is the reasoning for this phenomenon?

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  • $\begingroup$ I saw that as well just now. Pretty sure its a misprint as the Deutsche Bank ADR is fairly liquid in the US - even after the move we just saw. $\endgroup$
    – LocalVolatility
    Commented Sep 29, 2016 at 18:08
  • $\begingroup$ @LocalVolatility could you expand on what you mean by a 'misprint'? $\endgroup$
    – Robert Tan
    Commented Sep 29, 2016 at 18:10
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    $\begingroup$ By misprint I mean a transaction that is shown by either didn't happened or was cancelled after. However, it seems like I was wrong in this case. Looking at the times and sales, I see 1,800 shares traded at 12.2127 at 19:34:13. The trade is not flagged as an on exchange trade but as entered through the FINRA/NYSE trade reporting facility. I.e. it is a trade that was off exchange but reported through the exchange. The trade was probably done before the move but reported after. $\endgroup$
    – LocalVolatility
    Commented Sep 29, 2016 at 18:21
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    $\begingroup$ Another way to say it is "a trade reported out of sequence" $\endgroup$
    – nbbo2
    Commented Sep 29, 2016 at 18:31

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Elaborating a bit more on second comment to your question. In the below screenshot you see that there was a turnover of 1,800 shares in DB US Equity at 19:34:13. This was quite off the market prices at this time as shown in your chart.

DB US Equity - times and sales

As the condition code column shows, this was not a regular on-exchange transaction but reported through the FINRA/NYSE trade reporting facility. I.e. this is an off-exchange trade that was reported via the exchange. Most likely the deal was agreed upon before the move but reported after. Either the facility does not allow for entering the time stamp when the trade was arranged or it wasn't entered correctly.

enter image description here

See the FINRA webpage for details.

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  • $\begingroup$ What is the function for seeing the order log? (top picture) $\endgroup$
    – Robert Tan
    Commented Sep 29, 2016 at 18:52
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    $\begingroup$ QR <go> on Bloomberg $\endgroup$
    – nbbo2
    Commented Sep 29, 2016 at 18:55

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