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UPDATE 2-Nasdaq to cancel early trades in seven stocks

Fri Feb 13, 2009 1:37pm EST
 
    * Some trades in first five minutes of trade canceled 
    * Nasdaq says market participant made trading errors 
    
 (Adds Nasdaq explanation) 
    NEW YORK, Feb 13 (Reuters) - The Nasdaq Stock Market will 
cancel some early trades in seven securities after an 
investigation found trading errors at another venue, market 
operator Nasdaq OMX Group Inc  said on Friday. 
    The securities affected are: Oshkosh Corp , Pepsi 
Bottling Group Inc , Provident Financial Services Inc 
 Oneok Inc , Newpark Resources Inc , 
Liberty Property Trust  and Vanguard Consumer 
Discretionary ETF . 
    Nasdaq, the second-biggest U.S. stock market, said it will 
cancel all trades between 9.30 a.m. and 9.35 a.m. (1430-1435 
GMT) -- the first five minutes of trading -- that were more 
than 10 percent away from the Thursday closing prices of the 
seven securities. 
    The decision cannot be appealed, it said. 
    Earlier in the trading day, Nasdaq said its MarketWatch 
regulation team was "investigating potentially erroneous 
transactions" and that market "participants should review their 
trading activity." 
    A Nasdaq spokesman told Reuters "a market participant made 
trading errors in those securities this morning on another 
market center." 
    He did not say which participant or which market center was 
involved. 
    Most of the securities are listed on the New York Stock 
Exchange. An equity can trade on any venue provided buyers and 
sellers agree on a price. 
 (Reporting by Jonathan Spicer; Editing by Tim Dobbyn and Andre 
Grenon) 
 ((jonathan.spicer@thomsonreuters.com +1-646-223-6253; Reuters 
Messaging: jonathan.spicer.reuters.com@reuters.net)) 
Keywords: NASDAQ/  
    
 
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