Movement in Citigroup triggers circuit breaker, then trades back to previous trade.
Citi shares were trading at $3.80 at about 1:03 PM ET; then, off the exchange, 8,800 shares traded at $3.31, a drop of 12.7 percent.
That triggered the SEC circuit breaker, which says that any change of 10 percent in a 5 minute period triggers a 5 minute trading halt across all exchanges. It could be one trade, or a sequence of trades that collectively moved the stock down 10 percent in a five minute period, up or down.
In this case, it was a single print that was sufficient to halt trading, even though it was off the NYSE and there was ample liquidity at the NYSE.
What was this trade? We don't know. We also don't know when it was executed; we only know when it was printed. It was printed on the Nasdaq Alternative Display Facility, which is operated by FINRA.
We do not know if it was an erroneous trade; it has not yet been busted.
Once trading resumed at the NYSE, it immediately traded back to $3.79.
Get used to it. This may happen a lot this summer, particularly since any of several facilities can print trades.
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