Manifest Error

A manifest error is a price obviously off the market rather than merely unfavourable, and the clause that follows the definition gives a firm the right to void or adjust the trades executed on it. It exists because a feed can publish a stale or corrupted quote, and a contract that made every such print binding would put the firm's own error handling inside its solvency. What makes the clause worth reading before it matters is that it works in one direction in practice: the firm decides in the first instance whether an error was manifest, and the trades most likely to be reviewed are the ones that paid. The terms normally say who determines it, whether that determination is described as final, and whether the firm will restate the trade at the price it says was correct or cancel it. A client who disputes the call is arguing about what the market was at a moment in time, and that is answered from execution records and independent price data rather than from a screenshot.