BIYA pre-mkt spike busted: Nasdaq cancels all trades ≥$3.05 (8:20–8:23 ET) as clearly erroneous
Posted: Thu Oct 08, 2026 6:32 am
Worth knowing if you trade small caps pre-market. Yesterday's BIYA (Baiya International) spike is a live example of fills disappearing after the fact.
What happened Wednesday 7 Oct, per Nasdaq's own trader notices:
- Between 8:20:00 and 8:23:00 ET, BIYA ripped from the ~$2.50s to far higher prints. Posts on X put the top in the $30s, but I haven't verified that print.
- 10:06 ET: Nasdaq MarketWatch said it was investigating potentially erroneous trades in that window.
- 11:00 ET: Under Rule 11890(b), acting on its own motion together with NYSE Arca, Cboe, FINRA, MEMX, MIAX, LTSE, IEX and TXSE, Nasdaq cancelled every trade at or above $3.05 executed in that window. Nasdaq said the decision could not be appealed.
- 12:24 ET: Nasdaq said it had "inadvertently" broken trades at $3.04 and below too, and that it was reinstating those.
Why it matters for scalpers:
- Pre-market there are no LULD bands, so the clearly-erroneous process is the backstop. A great fill on a crazy spike can be wiped out hours later, after you've already hedged, flipped or re-entered.
- If you shorted the spike and covered lower, your short can be cancelled while your cover stands. That leaves you with an unintended position. Ask your broker how they handle busted trades.
- Don't treat P&L from a wild pre-market print as real until the venue notices are clear. Check the [Nasdaq Market System Status page](https://www.nasdaqtrader.com/Trader.asp ... stemStatus).
- Related: on the same day Nasdaq filed a rule change with the SEC to extend clearly-erroneous review limits to the overnight session once Overnight Price Bands are in place. The rules for extended-hours fills are still changing.
Sources (public): [Nasdaq Market System Status](https://www.nasdaqtrader.com/Trader.asp ... stemStatus), [Nasdaq clearly erroneous guidance](https://www.nasdaqtrader.com/Trader.asp ... yErroneous), [SEC filing: Nasdaq Rule 11890 change](https://www.sec.gov/files/rules/sro/nas ... 106631.pdf)
Has anyone had a fill busted on a pre-market spike? How did your broker handle the other side of the trade? Do you avoid pre-market trading in sub-$5 names because of this?
What happened Wednesday 7 Oct, per Nasdaq's own trader notices:
- Between 8:20:00 and 8:23:00 ET, BIYA ripped from the ~$2.50s to far higher prints. Posts on X put the top in the $30s, but I haven't verified that print.
- 10:06 ET: Nasdaq MarketWatch said it was investigating potentially erroneous trades in that window.
- 11:00 ET: Under Rule 11890(b), acting on its own motion together with NYSE Arca, Cboe, FINRA, MEMX, MIAX, LTSE, IEX and TXSE, Nasdaq cancelled every trade at or above $3.05 executed in that window. Nasdaq said the decision could not be appealed.
- 12:24 ET: Nasdaq said it had "inadvertently" broken trades at $3.04 and below too, and that it was reinstating those.
Why it matters for scalpers:
- Pre-market there are no LULD bands, so the clearly-erroneous process is the backstop. A great fill on a crazy spike can be wiped out hours later, after you've already hedged, flipped or re-entered.
- If you shorted the spike and covered lower, your short can be cancelled while your cover stands. That leaves you with an unintended position. Ask your broker how they handle busted trades.
- Don't treat P&L from a wild pre-market print as real until the venue notices are clear. Check the [Nasdaq Market System Status page](https://www.nasdaqtrader.com/Trader.asp ... stemStatus).
- Related: on the same day Nasdaq filed a rule change with the SEC to extend clearly-erroneous review limits to the overnight session once Overnight Price Bands are in place. The rules for extended-hours fills are still changing.
Sources (public): [Nasdaq Market System Status](https://www.nasdaqtrader.com/Trader.asp ... stemStatus), [Nasdaq clearly erroneous guidance](https://www.nasdaqtrader.com/Trader.asp ... yErroneous), [SEC filing: Nasdaq Rule 11890 change](https://www.sec.gov/files/rules/sro/nas ... 106631.pdf)
Has anyone had a fill busted on a pre-market spike? How did your broker handle the other side of the trade? Do you avoid pre-market trading in sub-$5 names because of this?