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I noticed this weird structure of the order book during trade halt of $GCT, August 19th 2022. Stock was halted at the time. Could someone explain why bid is higher than ask?

Is this just a bug in the webull app or can the order book really look like this?

screenshot #1 screenshot #2
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Depending on the market. You will see on ITCH US markets (NASDAQ / BX / PSX ) the orders come in ready to trade. But the market can't trade them because of the halt. As soon as the halt is released then everything pairs off or deltes and the market then uncrosses.

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  • $\begingroup$ How does the pairing off work? Which price is taken to match the crossed orders? $\endgroup$
    – Eugen
    Aug 21, 2022 at 17:03
  • $\begingroup$ I also think not everything will pair off due to LULD, right? $\endgroup$
    – Eugen
    Aug 21, 2022 at 17:04
  • $\begingroup$ Yeah, LULD will prevent certain sells from pairing off. As far as the uncrossing logic I beleive they go in sequential, time-order. Whatever is left at the end is the new effective market. $\endgroup$
    – JoshK
    Aug 28, 2022 at 17:16

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