http://www.nasdaqtrader.com/Trader.aspx?id=MarketSystemStatus&cid=topnav http://www.nasdaqtrader.com/Trader.aspx?id=ClearlyErroneous
you are absolutely correct. that's why i was really surprised by this decision. it is not a first time i see how they ruled against their own rules. that's why i said-it a fucking wild west in US stock market. my guess is that they used last price,rather than let say previous day closing price. and since the price did drop relatively gradually-it is considered as a (quote from their own website)-fair and orderly market
read the link once again- http://www.nasdaqtrader.com/Trader.aspx?id=ClearlyErroneous Leveraged ETF/ETN securities Regular Trading Hours Numerical Guidelines multiplied by the leverage multiplier (ie. 2x) Regular Trading Hours Numerical Guidelines multiplied by the leverage multiplier (ie. 2x)
But the prints on TQQQ were at around 74 and the previous close was 79.5. 74 / 79.5 = 0.931... so the prints were less than 7% off. So according to the busting rules (9% range), the trades should stand. By the way, thanks for the links - they are greatly appreciated.
right. you both right. somebody got royally fucked. all by the rules. 2M shares 6.5% away from the market-it's a quite a bit of free money