What is the incentive to provide liquidity and cushion the high frequency algos gone wild if the trades get broken at whatever random amount the exchange decides hurts the high volume trader the least?
Pursuant to Rule 11890(b) NASDAQ, on its own motion, has determined to cancel all trades in security Saga Communications Inc. (SGA) at or below $27.73 that were executed in NASDAQ between 10:04:00 and 10:06:00 ET. This decision cannot be appealed. MarketWatch has coordinated this decision with other UTP Exchanges. NASDAQ will be canceling trades on the participant’s behalf.