oh well life sucks, That is why you go long puts to protect your gains, and before the shit hits the fan and VIX skyrockets. Puts were reasonably priced not too long ago.
CME implements Market Orders with protection. They publish a chart of bust ranges for all instruments. ES I believe is around 30 ticks and you have 8 minutes from the time of trade to initiate a bust. If you fail to act the trade stands. To the best of my knowledge even though CME futures experienced the same dip and spike nothing halted. These rules along with limit down rules seem to work and maintain an orderly market.
You think people will take the risk of providing liquidity if exchanges decide to just take away "unreasonable" profits? How'd you like your stop to get triggered with NO bids?
Spoke like guys that got lucky with bids that got hit and stood. Congrats on your good fortune. There were ETF's that traded to absurd levels , nothing like their NAV's even at the lows. This is a scam. That's why there are bust rules, and 60% was a gay level to use.
I found this about CME busting trades. http://www.allbusiness.com/banking-finance/financial-markets-investing-commodities/10609290-1.html