15:57 Dec 1, 2011 

in that case "invalid transaction" might be quite appropriate

12:35 Dec 1, 2011 

FishX: "fraudsters were trying to cancel bad transactions by claiming they were errors"

Exactly. If you look at the NASDAQ submission to the SEC in my response below, starting at the bottom of page 3 you will see discussion of the formal procedure for declaring a transaction to be an "erroneous transaction" (which has its own specific definition).

For example: "Simple assertion by a firm that it made a mistake in entering an order or a quote, or that it failed to pay attention or to update a quote, may not be sufficient to establish that a transaction was clearly erroneous."

07:28 Dec 1, 2011 

Okay, so far so good, but WHOSE errors were they? The bank's? The investors'/fraudsters'??

06:15 Dec 1, 2011 

it says they were declared as fehlgeschafte and storniert on the basis that an incorrect ausfuhrungslimit was entered, which would seem to indicate that the term refers to an error, i.e. the fraudsters were trying to cancel bad transactions by claiming they were errors.