Glitch prevents trade in over 200 stocks on the NYSE

NEW YORK Tue Nov 13, 2012 3:41am IST

Traders work on the floor of the New York Stock Exchange November 8, 2012. REUTERS/Chip East

Traders work on the floor of the New York Stock Exchange November 8, 2012.

Credit: Reuters/Chip East

Related Topics

Stocks

   

NEW YORK (Reuters) - NYSE Euronext 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 and Lazard Ltd.

Nasdaq OMX Group Inc, 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)

FILED UNDER:

Religion and Politics

REUTERS SHOWCASE

Fund Raising

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

Hacking Attack

Hacking Attack

N.Korea says did not hack Sony, wants joint probe with U.S.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage