[veyron]

The contracts absolve NASDAQ of liability in calamities of this nature (my business was almost destroyed -- had to take a 250K loss -- thanks to an order entry server failure), but it doesn't make you feel better.

Having had something similar happen to me, I know how much it sucks. You accept its a possibility, but don't really believe it will happen until it does.

[bbrtyth]

But then why do exchanges feel free to reverse trades after the flash crash, but not after something like this flash freeze? From a non-trader's perspective it's as if they do whatever they like.

[luriel]

It might look like they do whatever they like because pretty much they do whatever they like.