Nanex ~ 24-Jan-2013 ~ Synthetic Stub Quotes
See this page for more information on this
1. GMFS - showing best bids and asks - all from NY-ARCA (PACF).
2. Zooming from 36 minutes down to 1
second of time.
3. Zooming way out to show the period of time affected and how the rate of quotes is constant (~350/second).
The thick red lines are thousands of quotes.