More Flash Crashes

March 31st, 2011

Via: Reuters:

Ten new exchange-traded funds suffered their own mini “flash crashes” shortly after the U.S. stock market opened on Thursday, suggesting recent measures put in place to protect against extreme market moves may not be enough.

Nasdaq OMX Group Inc said it canceled trades in 10 new ETFs sponsored by Scottrade affiliate FocusShares, some of which briefly plummeted as much as 98 percent.

The latest abrupt share drop comes on the heels of several sudden and unexplained plunges that remind investors of the May 2010 flash crash, which wiped out nearly $1 trillion in market capitalization in a few minutes and have kept retail investors wary of trading stocks.

Related?: NSA Investigating Cyber Attack on NASDAQ

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