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NYSE Kills 'Land Mine' Order Type Some Blame for August Mayhem

  • BlackRock says retail traders don't understand how they work
  • Investors mistakenly think they limit losses, NYSE says
Newly Cautious Bankers Are More Dangerous Than They Seem

The New York Stock Exchange is eliminating an order type that investors including BlackRock Inc. blame for exacerbating extreme share-price swings on Aug. 24.

Stop orders -- or instructions to immediately trade once a stock hits a certain price, even if the price is far worse than the one on the order -- will no longer be available starting on Feb. 26, NYSE said this week.