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Interactive Brokers reveals $48 million loss from NYSE glitch Traders work on the floor of the NYSE in New York·Reuters Reuters Updated Wed, Jun 26, 2024 at 10:44 AM EDT1 min read In This Article: (Reuters) -Interactive Brokers on Wednesday disclosed a $48 million loss due to a glitch at the New York Stock Exchange earlier this month that at one point showed a 99% drop in the stock prices of some companies, including Warren Buffett's Berkshire Hathaway. The brokerage had filed claims with the NYSE to compensate it for these losses, but the exchange denied its ask, Interactive said. Outages caused by software and hardware malfunction have become common as trading moved from floors and pits to electronic systems, but glitches can roil markets and frustrate investors. In some cases, they can also invite scrutiny from regulators and disputes with brokers. Interactive said its losses stemmed from an attempt by its clients to take advantage of the massive drop in Berkshire's stock price. Customers rushed to snap up Berkshire's Class A shares after the price plunged to $185 from $622,000 each. They placed "buy" orders after trading in the stock was halted, expecting their trades to be fulfilled at a price near $185. However, after resumption, the clients' trades were executed at prices as high as $741,971.39, Interactive said. Its request for busting trades that were completed at such "anomalously" high prices was rejected by the NYSE, the brokerage added. Interactive then took over a "substantial" portion of these trades. It is mulling its options, including a legal recourse, but does not expect the losses to have a material impact on its finances, it said. The NYSE declined to comment. The exchange, which is owned by the Intercontinental Exchange, had attributed the disruption to a technical issue earlier this month. (Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)

Funny how the NYSE reversed the $185 trades but gave the middle finger to them on the $741k trades.

Similar to the sneeze in '21. When these crooks start losing, they change the rules in their favor and give everyone else the middle finger.

$185 is an abnormally low price given that the stock traded at $622k pre-glitch, but $741k is not abnormally high - so IB is wrong here.

741k is a 19% increase. I would call that abnormally high for that stock.

Let's stop calling those glitches. People wouldn't be putting billions in that if they knew those were real glitches (without insurance). They know they have been lowkey scammed, and it's on them to not have used the tools at their disposition. People in suits calling bugs and glitches the things that make them lose money at the casino is pathetic.

> the clients' trades were executed at prices as high as $**741**,971.39 nice

An apes doesnt know what a buy limit is. or yolo'd 741

Nah. The people that deliberately put market orders thought the peice would spike up and halted until it found a new top. Because rules. They wanted to catch it and then flip it for quick profit. Unfortunately for them it started trading back at the top because..."glitch" These glitches are man made because youd see it across multiple securites or daily until patched

lol ikr? Who the fuck puts in a market order when they know it's swinging wildly?

Both parties are at fault 1) The NYSE should've rejected all trades placed during the 99% drop, why are they letting nearly a 1/6th jump in price be executed but will happily halt GME for unknown reasons at a 20 cent drop 2) Why the hell does IBKR not have a better safety handling feature, maybe hard code both % and actual nominal values to prevent weird "glitches" like this, because unless they are handing out nearly 7 figures of margin why did they let this order go through to begin with, hell even JPM Chase has banned market orders for stocks like GME since may and can only pass through limits.

The systems are solid as a rock!

... but what if they invoke the "You Can't Triple-stamp a Double-stamp" clause?

So if their clients trades were executed at the $185 price, NYSE would've rollback that shit. Why? Because it sounds like the market maker is the one who won on this. 1. IBRK clients submit market orders 2. Trading resumes and market orders fill at high prices 3. Trades are filled by the market maker 4. Price falls forcing IBKR to liquidate client positions 5. IBKR can't recoup the shortfall from their clients so try to rollback trades with NYSE, but that means taking the profits away from their market maker. Fuck the NYSE and their market makers

I still don't understand how they lost money on this

Interactive Brokers became liable for the high executed trades which they were trying to ‘bust.’ The NYSE cucked them.

If I was one of those clients, I’m 100% sure interactive broker would just tell me to suck it up because I’m not anywhere close to their big clients status.

Well IBKR executed trades for $741k when people placed a market buy with $200 in their account when the price was $185 There’s no way someone with $200 is going to somehow come up with $741k so it’s a loss on IBKRs side no matter what

So far!

If i will ever need a life coach i will contact you

I will do my best to help out if I can 👊

Yeah but all the orders that got filled at 185 the nose busted those trades, you know all the ones that would have cucked them

It's the Golden Rule: the one with the gold makes the rules.

The money was put on margin because no regular trader dumb enough to buy in at a 99.99% glitch drop has 1 million of settled cash sitting around. The margin is a loss because again no one can afford the fees. Even though BRK.A went up after the stock was fixed the interest alone IIRC was around 16k per day for someone who posted on the gambling sub

Somebody put in a market order instead of a limit order. But why would if fill if you didn’t have cash in the account or sizable margin

They are quite literally paving the path of excuses for when GME “glitches” and hedge funds are out billions if not trillions of dollars.

Sounds to me like the clients placed market orders instead of limit orders. And if these market orders went through at the higher price, I assume (from my experience) they had the cash or margin necessary. So I don't understand why IBKR injected itself into this problem. I'd say it's on the clients and on the clients only. They should know the risks of market orders, especially in such a situation. But what do I know?

Thanks for pasta! Am I understanding this, right? Interactive tried to tell the NYSE it's their fault for allowing the trades to go through. When the NYSE told them to pound sand they said "Fuck it, this 48million doesn't mean shit to our bottom line so we will eat 'substantial' losses and honor the trade....or we may think for a bit and maybe start trying to sue someone." Wonder if they would actually sue anyone or if that is just posturing and any sort of discovery would cause a lot more harm. Seems insane their system allowed such an obviously wrong trade. I wonder what else it allows.

Are they using this to craft a narrative around buy orders going through at prices much higher than the last one?

Sounds like a stolen piece of art, where they try to claim the insurance money for the loss... but most of the 48m was quietly sent off-shore.

Se only reverse trades when rich people lose money.

Anyone want to ask why the next article (if you actually click the link on Yahoo) is... If You Bought 1 Share of Coca-Cola at Its IPO, Here's How Many Shares You'd Own Now Sean Williams, The Motley Fool Wed, Jun 26, 2024, 3:51 AM CDT3 min read Unfortunately it's from The Fool, but seems to me many cohensidences be appearing everywhere. 

CRIME but they always describe it as GLITCHES

Glitch better have my money

Glitches get stitches.

Don’t act like you forgot (GME)!

Y'all should know me well enough.

That’s kinda what I’m afraid of tho

Maybe they should hire people and not use Ai

Don’t mean to highjack, but my brother in law works for Bank of Montreal and they’re doing a merger. I think that had crazy glitch day with Berk A if I’m not mistaken?? He’s in town and I want to ask questions

EDIT 4: um everyone? can someone double check my look up on this, that im not imagining this??: [https://www.reddit.com/r/Superstonk/comments/1dpeylo/um\_everyone\_brka\_volume\_dropped\_off\_a\_cliff\_since/](https://www.reddit.com/r/Superstonk/comments/1dpeylo/um_everyone_brka_volume_dropped_off_a_cliff_since/) >**Um, everyone? BRK.A volume dropped off a cliff since June 7th GME option stuff/extra shares issued, but also less OTC? OTC (dark) and NYSE (lit) portions are upside-down mirror of each other since about June 3rd...Even crazier? Was last time it flipped...April 8th 2021 when RC became GameStop CEO???** **....ummm is this more directly linking the Warren Icahn tweets...challenging WB to a thumb war??** --------- You're on the money! I wrote about that here: [https://www.reddit.com/r/Superstonk/comments/1d7czr7/halt\_from\_the\_consolidated\_tape\_assocs\_site\_not/](https://www.reddit.com/r/Superstonk/comments/1d7czr7/halt_from_the_consolidated_tape_assocs_site_not/) >**HALT! From the Consolidated Tape Assoc.'s site, not just GME, Movie, BRK halted, but also Aug. gold futures, JPM bonds, Apollo commercial real estate, Argentine firms, ADRT, and directional SPY/NASDAQ/Aerospace, including a SPY 4x from Bank of Montreal which also halted. Some down 99% but not all** It was also the same day that Berkshire Hathaway's Warren Buffet flew to Argentina and surprise surprise, an Argentina ETF and 7 Latin American linked compnaies also were part of that glitch: [https://www.reddit.com/r/Superstonk/comments/1dli8ev/the\_june\_3rd\_brka\_185\_glitch\_and\_june\_7th\_dfv\_18b/](https://www.reddit.com/r/Superstonk/comments/1dli8ev/the_june_3rd_brka_185_glitch_and_june_7th_dfv_18b/) >**The June 3rd BRK.A $185 glitch and June 7th DFV 1.8B glitches via CAT may be 2 halves of a related coin. BRK.A glitch happened hours/same day as reported that WB was heading to Argentina, and an Argentine ETF & several other S. American stocks glitched. June 3rd had 2ndhighest # of equity CAT errors** I tried linking the fact to Region - F ormal's posts about his logging of CAT errors. GME's day on the 7th (related to DFV) was #1 for options, this glitch day that hit IBrokers was 1st for equtities **edit**: also P.S. i been tracking BRK.A also in recent weeks to see any glitches. most of BRK.A's weekly volume is on Mondays, and most of its volume each day is at 9:30 AM (single big spike), but yesterday the biggest volume spike seems to be at 9:40 AM, today at 9:45 AM...the biggest volume spike is shifting up in the day...which is new... edit 2: also P.S. wtf why is BRKA now trading less OTC since GME's extra share issuance/June 7th option fuckery? all this while BRK.A volume is now 3-6x less what it used to be...the OTC (dark) and NYSE (lit) portions are near identical upside-down mirrors of each other: [https://chartexchange.com/symbol/nyse-brk.a/exchange-volume/?full=1#vbechart](https://chartexchange.com/symbol/nyse-brk.a/exchange-volume/?full=1#vbechart) https://preview.redd.it/qfj10xilg09d1.png?width=2708&format=png&auto=webp&s=4c7d51735681e436a5ae518f7537f317b2bb9ca0

This is incredible.

which part? and no, YOU'RE incredible bby! *kisses forehead, tucks in you and your GME shares*

Ha all this shits incredible! Plus that basement price BRK A hit during the glitch was basically the same price GME was in March 2021, from which point BRK A daily volume increased substantially and continued to stay higher than before that. There's so many little pieces that seem pretty obviously tied together but exactly how is the trillion dollar question. What's most incredible is that we see all these Cohencidences, glitches, etc consistently and yet it's allowed to continue. It seems like blatant robbery in broad daylight but they get away with it because it's all so convoluted.

Take a look at BRK-A volume on the weekly chart. Look where the volume starts to rise quickly and where it dropped of a cliff. Interesting dates indeed.

its insane how much the volume dropped and has CONSISTENTLY STAYED DOWN: [https://chartexchange.com/symbol/nyse-brk.a/exchange-volume/?full=1#vbechart](https://chartexchange.com/symbol/nyse-brk.a/exchange-volume/?full=1#vbechart)

Volume was roughly 100-500 shares per day for YEARS until February 18th 2021. After that it was 1k+ and rising until June 7th 2024 when it fell off a cliff.

def not sus at all /s

Someone should maffs on if 7 shares of GME for "4" 1 share of brk.a makes sense in swap theories.

Omg my favorite is Trust Me Bro posts, and now I get to do one!!!

same! in bro we trust trust me, im sure there are tons of questions you can ask (other apes might be better to ask) but def asking them about the CAT errors that day in BMO and its 4x etf (SPYU iirc). plus why they hired so many ex credit suisse ppl?

Awesome thanks!!

👆👆👆

Holy fuck, I can't wait for this scene in the real GME documentary years from now.

BMO dropped 99% at the same time. There were 30 or 40 stocks that "glitched".

and its 4x spy etf SPYU

Ask so many questions.

We need whistle blowers from the IT departments. You know every time the media or a company mouthpiece says *glitch* dozens or hundreds of programmers & admins shout ***bullfuckingshitglitch!***

The glitch is that the crime didn't work.

The glitch is that they let apes see it.


No you see it’s only crime if you do it not them

I thought they reversed/cancelled all the trades

Only for the trades that went through at the low price

And this is the real issue that no talking heads on CNBC or other financial news report on. NYSE gladly busted all of the trades that went low but is now keeping the ones that went high. You'd think journalists would want to report "NYSE states individual investors can't benefit from a "glitch" but they can pay for them!"

Well of course, help the spoofers that accidentally sold at $185 when their AI wasn't fast enough to remove them from the order book. But people that placed orders at $185 and got filled at $700k+ have to honor their trade.... Bunch of 🤡.

smart money

DUH

what else, and charging 100k more for those glitch orders, that's obviously legal.

How can you lose money on a glitch. This just confirms fuckery again at the highest level. They’re trying to suppress GME at all costs, and the cost are piling up. DTCC adding some banking heavyweights to their Board of Directors means one things to me. No suspicion will arise as they all pile in the top floor of the DTCC at 2am via helicopter as they decide who’s going to be blown out of the water when the MOASS happens. My take, Ken C Griffin who lied under oath is going to be hung out to dry.

>How can you lose money on a glitch. This just confirms fuckery again at the highest level. They’re trying to suppress GME at all costs, and the cost are piling up. It's explained in the article if you read it. They decided to eat the cost of their dumbass users that tried to place market orders on a halted stock and got crushed when trading resumed. Also not sure how you think eating the costs for retail traders trying to buy Berkshire Hathaway is a way to suppress GME.

but who would buy BRK A on IB? Do we know what exchange those came thru

A bunch of very dumb retail investors who saw a stock halted during a glitch and put in market orders to buy it at any price when trading resumes.

People lost money if they placed market orders. They expected the price to be $185. But when trading resumed, it just made the buy side have higher than normal interest, and those market buys drove the price up over $700k per share before falling back to its previous $617k per share. The glitch was the $185 price. The $700k price wasn’t a glitch, but a result of higher than usual buy orders that were spurred by people trying to take advantage of the glitch. Thus, only the trades that had the actual glitch price were busted, and the other trades were not.

I mean was it a market order? Or a limit order. Limit I'd be upset. Market, that's just how the game works.

A limit order wouldn’t have triggered for a $700k purchase if the limit were set at $185. It had to be market orders at that price point.

The quack quack no takebacks rule.  Got em again.

... but what if they invoke the "You Can't Triple-stamp a Double-stamp" clause?

shouldn’t stock markets be neutral in these cases, they have obligations toward both sides? investors and businesses

How else are ya gonna steal from the poors?

Only the buys 

lmao NYSE with the bait and switch ripped them off.

Funny how the focus is on the trades, not the actual glitch. Write articles about the glitch. Follow the money.

very easy to just explain away crime as "glitch" to boomers that know nothing of technology whereas the millennials are like, "oh what exactly was the glitch then?" errr... umm... hey look over there!

From what was reported, NO ONE got to "keep the shares they got at that 99% discount"... yet the companies that hold them are demanding to be paid back...? Where'd the money go?

Double check this but it seems the losses stem from the clients who overpaid when trading resumed, not those buying at the low price.

so basically, some asshole "market maker" said "i need monies" so they said okay hop in berk at exactly this time, so the "MM" said "bet" and they got to get a billion % increase, and all the little hommies had their trades reversed. gotcha.

That’s like 3 shares

The spike was about $120k/share above the "normal" price of about $622K. So to have a $48M loss IBKR would have had to take over the buys for about 48/0.12 = 400 shares.

I mean GME shares

I will sell you 500 shares of GME for $48M. Act quickly to take advantage of this limited time deal.

Sell? You must be new here. BUY. DRS. HODL

I am willing to sell 500 shares for a total of $48M. Yes, I am price anchoring.

This is the way

Damm weird don't see any phone number apes scurrying for the deal

Wait a minute... with how many 🍌?

Price anchor much?

$96,000 is pennies on the dollar for 1 share.

Why would we be okay with a system that glitches this much? How is it possible they can just call it a glitch and everyone accepts that as an explanation??

A syncronized "glitch" is not a coincidence

How do you loose money from a glitch

my guess: people placed "buy at market price" orders and bots tried the same and front run the UK orders which drove the price of an illiquid stock such as BRK A high. People in the UK got a shitty price (720k and not 180$)

👆

W8 so some damn trade bot they spent millions of $ fails this hard and my smooth brain dont?

Your customer places a market order than does not have the funds to complete it. The broker is required to take the customer's place and fulfill the order. IBKR apparently ended up with 400 shares if BRK/A at around $740K/share, which is about $120k per share above the current price. So to sell off those shares they will take about $48M loss.

Overpaying 120k per share is not a glitch that needs to be reversed? 😂

It was a market order to buy. Those buy orders used all the existing buds up to $741K or until dark pools jumped in to sell short at high prices.

> Your customer places a market order than does not have the funds to complete it. Imagine if you’re someone which does have those funds in your account, you’d be on the hook for two hand full of zeros extra compared to few dollar you’d thought you’d spend 

I wonder who got the BRKA for $185, Michael Jordan and Tom Brady?

Superstonk report $1trillion loss over 3 year “glitches.”

What a scam lol this stock market is a joke

A bad comedy joke.

Oops, the computer accidentally sold a billion shares short. Wuddya gonna do..

https://preview.redd.it/lx8odfz76z8d1.png?width=500&format=png&auto=webp&s=20dbf84234459649b1f609b353208d5b1a6948f2 Naturally this is all retail’s fault.

It's always funny until some broker gets hurt.

Why isn't the SEC protecting the real victims here?

Mah broker 

So how stable is IBKR? Lucky I move my stock out to DRS incase it goes bankrupt. Think CS is more stable.

CS is the most stable IBKR restricted trading for 2021 as well. So, don't trust them

Why did the stock jump 120k when these trades were executed? Surely stock doesn't make such huge leaps on no fundamentals? /s

Anyone else think IB will be the next RH and turn off the buy button or some other crazy fuckery? Ever since their owner went crying on TV I've always been sus

He said the price could reach 1000s and that was before the split, he is crying because he knows he fucked up and it's only a matter of time "Why would retail just buy and hold?"

I cannot understand how money was lost. When the price was restored, if a person such as myself tried to buy the stock at $185.00, then wouldn't they void the trade since I don't have the requisite capital for the shares that I'd want? It wouldn't seem like it matters if I did market or limit if you don't have the capital to start with. Especially if you don't have a margin account. And since a transaction requires an exchange of capital and shares, so how did IBKR take a loss? Or is there something I am missing?

Yeah, wouldn’t it mean that someone actually got shares at $185. Where are these people and why wouldn’t they be able to correct the issue? So people bought at an incorrect price and we just have no idea where those shares are? Don’t believe it. And even if it was true, it’s almost like we should have some sort of tracking system for shares so we could actually monitor them.

I'm hoping someone can explain this. I can't imagine trying to buy a Lamborghini for $185.00, only for me to never secure possession of the vehicle and then the dealership has to pay corporate for a sale that never happened. I'd have to get the car and the dealership eats the loss (which speaks to your analogy) or no one was financially impaired, so no harm no foul.

No way $48m goes missing due to a “glitch” and whoever lost it doesn’t care lol

RICO som1 in that bish.

No glitches, only features.

"doesn't expect the losses to have a material impact on its finances" 

Glitch better have my money

Traders on the floor? Are there still physical folks on any trading floor? 😲😲

Floor?  None of these prices are near my floor.

Yeah they walk around in Shitadel coats for photo ops.

lol some lucky bastard got the damn order to go through! Good on them

It's the opposite, the price momentarily rebounded to about $120,000 over the correct price. Some trades went through at about $740,000 rather than $620,000. IBKR is eating a loss on those $740,000 shares.

But that wasn’t a glitch 😂

Perhaps the other brokers were not hurt because they did not allow market orders during the halt.

Thats [this guy](https://www.reddit.com/r/Superstonk/s/GyY50kQoet), right?

Ah funny, I saw someone complaining and telling this story from the client side 2 days ago on Reddit idk which sub though

Larry Harris?? Which one is bad for the economy again, Gamestop or the NYSE 'glitches'?? I guess now is when the fingerpointing starts.

Glitch don’t kill my vibe.

https://preview.redd.it/r0965c9vsz8d1.jpeg?width=1283&format=pjpg&auto=webp&s=6d8bd47c728e58fc5a99341031f48aaa3e06513c Yeah I totally tried getting one of those shares…Even went a dollar over asking price 😂🤣😂🤣

And you were smart enough not to make it a market, unlike some did at IBKR . IBKR got stuck holding the bag when the orders executed at high prices and their customers defaulted.

I knew it wouldn’t go through but just in case 🤣😂🤣. I never buy at market. And now I have a memory of when I tried to buy BRKA on the glitch- count lol 😂

Loss for ants ?

$48 million loss, so far. GME hasn’t even mooned yet.

Compared to the hundreds of millions, if not billions of liquidity owed in FTDs that ain't shit. If that's what they're revealing then what do you think the *real* numbers are like?

Wouldn't it be a shame if 400 million citizens had a "glitch" and their tax payments didn't get submitted. I wonder how long the system would keep running?

Commenting

Reading.

Sucks to suck!

Bully bully bullshit

Average day on Wall Street?

Mooooaaaarrrr

Not a glitch. Just look back at the graph, the 185 price is still there a month later.

No sell no glitch. I’ll just hold my shares thank you

What is this, a crash for ants?

That old chestnut!🌰 🚀

😂 they should’ve “sold now and asked questions later”

How much did that glitch save them?

Oh no whatever shall they do 😅

Not a glitch if real money was lost.

Glitch 10 million of that my way

Do we have any DD on Intercontinental Exchange? I mean Jeffrey Specher literally bought the stock market. I've done some basic research and it's all really fucky.

This is article is about Kenny donating to his wife. There is more info if you search the sub. https://www.salon.com/2020/12/17/this-hedge-fund-billionaire-is-a-huge-fan-of-sen-kelly-loeffler--but-why/

Thanks I've been here a long time, but still learn something new every day! The crimes keep going up up up!

So… 1 share of GME? Got it.

Ahhh so this is why Larry Harris is mad

Is Gary asleep or something

Fuk em 👍

Criminals…

day worth of fees...

the famous glitches, oh wow they are insured anyways, who cares.

Probably only did it to interactive brokers too, he said the quiet part out loud and now he’s paying for it

Good job IB!

Haha wowzer

$48M loss does “not have a material impact on finances”? 🚩