ETF Liquidity Dealt a Setback
Market liquidity was tested on Thursday.  It failed.  The blame game now in full motion, with many analysts pointing to an NYSE circuit-breaker mechanism that seems to have backfired. The carnage was bad for stocks, but even worse for ETFs and ETNs.  Much is being made about the Accenture (ACN) trade that took place at a penny.  However, of the 971 ETFs and ETNs with trading activity on May 6, twenty-two traded for a penny or less and 164 traded for less than a dollar. By my count, 167 ETFs and ETNs experienced intraday drawdowns in excess of -90%. That translates to more than 17% of those that traded.  The NASDAQ and NYSE ARCA (the electronic trading arm of the NYSE) said they would cancel many trades.  The official notice…
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