(Reuters) - Stock exchange operator Nasdaq OMX Group Inc issued the names of hundreds of stocks for which it is canceling trades following Thursday's sudden stock market plunge.
Soon after 2:30 p.m. ET, the Dow Jones Industrial Average fell nearly 1,000 points in its largest ever intraday points drop, which may have involved a trading error.
Nasdaq said it is canceling all trades executed between 2:40 p.m. and 2:50 p.m. when the quote deviated more than 60 percent away from the consolidated last print in that security at about 2:40 p.m.
Nasdaq said its decision was made in conjunction with other exchanges and said it could not be appealed.
List of specific stocks
Welcome to the U.S. Equity Market. If the market drops, cancel the trades. If the market rockets up 75% in a year regardless of fundamentals, manipulation, fraud, corruption and the globe collapsing around us, all trades are honored. The equity exchanges, SEC and the U.S. Government have deemed errors, fraud, CNBC and manipulation as perfectly legitimate and endorsed investment strategies as long as the market marches higher. High frequency trading and quant fund algorithmic trading is GOOD for the market as it provides liquidity....until they no longer provide a bid and the programs run wild.
Yes America, keep sending in your dollars every paycheck as Wall Street has your back. The "system" is pathetic.
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any system where billions of bounds get wiped away cos some plonker hits the wrong button on a keyboard is fundamentally wrong in my book!
ReplyDeleteIn my opinion, the "fat finger" trade is nothing more than an excuse for the media. No one has yet proved the "fat finger trade". Time will tell...
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