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Glitch prevents trade in over 200 stocks on the NYSE
A U.S. flag flies outside the entrance to the New York Stock Exchange in New York, July 7, 2011.
Credit: Reuters/Brendan McDermid
NEW YORK |
NEW YORK (Reuters) - NYSE Euronext (NYX.N) suspended trading in over 200 stocks on the New York Stock Exchange on Monday due to a technical problem with a server, although the stocks in question continued trading on other markets.
There were no closing auctions in the affected stocks and a list of the official closing prices for the securities, based on the consolidated last sale, was distributed via email and NYSE's website.
The NYSE first alerted traders it was having problems with one of its cash equity matching engines at 9:38 a.m. and it said it would not publish quotes on a total of 216 stocks, including CVS Caremark Corp (CVS.N) and Lazard Ltd (LAZ.N).
Nasdaq OMX Group Inc (NDAQ.O), BATS Global Markets and Direct Edge exchanges stopped sending orders to the NYSE, declaring "self help" against the exchange.
"Orders were coming in, but those who were issuing the orders were not getting their confirmations or their reports, so we felt it was best to zero it out, if you will, and then to suspend trading of those stocks on our market," said Rich Adamonis, an NYSE spokesman.
The NYSE said any open orders should be considered canceled.
Adamonis said the server issues were still being investigated at around 3 p.m., but added that they came as the stock symbols were being moved over to a new trading platform.
The NYSE said it "anticipates a normal trading day in all securities" on Tuesday.
The transatlantic exchange operator is in the process of moving all of its markets - including bonds, options, futures and cash equities - in the United States and Europe to a universal electronic trading platform.
The New York-based company's European markets have been fully integrated with the new system and the exchange is now in the process of moving over its roughly 3,800 U.S. cash equities issues to the new platform, with about 800 having migrated so far, Adamonis said.
The migration will continue to be rolled out through the rest of the year, he added.
NYSE shares closed up 1.4 percent at $23.26.
(Reporting By John McCrank; Editing by Leslie Adler and Andre Grenon)
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Insiders will know it’s coming and all of a sudden the public gets smacked with a huge bus. Of course this will happen at an opportune time and the elite will profit off it and probably have put options like they did in the BP Oil Spill.
I don’t know how these people sleep at night. They need to start reading and watching about Near Death Experiences so they’ll know what’s in store for them. It’s so sad their ego thinks so evil and is some how justifying their actions.
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