When will the Nasdaq stop stealing from the little guy to give back to the big guy?
Today Nasdaq "on its own motion decided to cancel all trades in CNTY calling it erroneous. Well there is no such thing. If you enter an order it cant be erroneous. Lets not honor any other contracts while were at it.
Stop bailing out the scum that disrupts our markets and discouraging people to provide liquidity. This is how flash crashes happen.
Not only that it is a total arbitrary amount they decide to bust trades by. Makes me think it matters whos best interest it is in. Oh you made a mistake and youre a retail trader? YOU LOSE! You make a mistake and youre a HFT algo error market disrupting broker dealer who does lots of volume? No problem, where would you like us to bust the trades to?
Dont believe me? Take a look at January 27th 2011. Here is a reminder:
NASDAQ has reviewed the transactions under rule 11890 (b) on its own motion filing involving the security Berkshire Bancorp Inc. "BERK" executed between 09:42:00 and 09:44:00 ET today and has determined that all trades will stand. This decision cannot be appealed. NASDAQ MarketWatch has coordinated this decision with other UTP Exchanges.
Pursuant to Rule 11890(b) NASDAQ, on its own motion, has determined to cancel all trades in security iPath LX S&P 500 TR Index ETN (SFLA) at or below $57.48 that were executed in NASDAQ between 09:21:00 and 09:22:00 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.
Now Nasdaq on their own decided to bust all trades in a over $50 a share stock that traded more than a couple bucks away. On the very same day they said all trades stand in a $6.00 stock that traded up to $20.00 WTF