The Nasdaq, in their benevolent wisdom, said that any trade outside the 60% threshold between 2:40 and 3:00 would be cancelled. So what if you had an ETF that you were stopped out of? You got screwed.
How about the Russell 2000 Value Index? IWN Anyone who sold, or was stopped out by the HFT traders at a price above $25.08--that trade stands.
How's that for value added?
And how about the iShares Dow Jones Consumer index? If you made any sale less than $95.69--well that sale stands! You could make 50% on a stock that melted up, and you get to keep that profit!
Isn't that amazing? ETF's which are supposed to be much safer than individual stocks, and whose price, is supposedly linked to the index and thousands of stocks--well you got screwed, or you got paid--while they got paid or screwed. On ETF's!
There was no differentiation, in the eyes of the NASDAQ or the NYSE between ETFs and individual stocks.
Welcome to Wall Street!
Which promised more liquidity and tighter spreads because of the computers.
And now, you are left with nothing!