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The tongues are going to wag on this article!
Admin Thu Aug 22, 2013 2:37 pm
Nasdaq Market Halts Trading
By NATHANIEL POPPER
DESCRIPTION
Updated, 1:17 p.m. |
A problem at the Nasdaq stock market halted trading in all Nasdaq-listed stocks on Thursday, including major names like Apple and Microsoft.
Nasdaq sent out an alert at 12:14 p.m. on Thursday telling traders that it was “halting trading in all” stocks listed on the Nasdaq exchange “until further notice.” The exchange said the issue was a result of problems with the system on which trades are recorded. Trading was also halted on all Nasdaq options markets.
At about 1 p.m., Nasdaq said in an alert:
Nasdaq intends to re-open trading in all Tape C securities with a halt cross with a 5-minute quote only period starting at a time to be determined. Nasdaq will not be canceling open orders on the book. Customers who wish to cancel their orders may do so and any customer who wishes to not participate in the re-opening should cancel their orders prior to the resumption of trading.
The Securities and Exchange Commission said in a statement: “We are monitoring the situation and are in close contact with the exchanges.”
As Facebook Seeks Answers, S.E.C. Investigates Exchanges (June 21, 2012)
Traders were scrambling to assess the impact of the outage in some of the most popular and widely traded stocks. At least some trading was able to go ahead on other trading platforms. Other public exchanges said that they were not accepting orders for Nasdaq stocks.
“We were able to potentially get a few trades done when this first started, but now we are not able to do anything,” said David Warhoftig, managing director of Highside Capital Management, “What it has done to the overall market is being noticed as well with a lot of people just walking away and not trading. With the slow summer in place, this could be a convenient excuse to get an early long weekend started for many traders and portfolio managers, especially if it drags on much longer.”
Jonathan Corpina, a stock trader at Meridian Equity Partners on the floor of the New York Stock Exchange, said that he had many clients calling him “looking for answers and explanations because they can’t get through to the Nasdaq on the phone.”
“When something like this happens, it affects all markets, so clients now are waiting to see how long this plays out,” Mr. Corpina said.
The breakdown appears to be one of the most significant technology problems to hit a trading world that has become accustomed to glitches. Earlier this week, Goldman Sachs sent out a barrage of erroneous options trade that briefly crippled the market.
For Nasdaq, the trading halt has brought back painful memories of the botched debut of Facebook shares in May 2012, a closely watched initial public offering that was marred by a delayed start and “technical errors.”
http://dealbook.nytimes.com/2013/08/22/nasdaq-market-halts-trading/?_r=0
By NATHANIEL POPPER
DESCRIPTION
Updated, 1:17 p.m. |
A problem at the Nasdaq stock market halted trading in all Nasdaq-listed stocks on Thursday, including major names like Apple and Microsoft.
Nasdaq sent out an alert at 12:14 p.m. on Thursday telling traders that it was “halting trading in all” stocks listed on the Nasdaq exchange “until further notice.” The exchange said the issue was a result of problems with the system on which trades are recorded. Trading was also halted on all Nasdaq options markets.
At about 1 p.m., Nasdaq said in an alert:
Nasdaq intends to re-open trading in all Tape C securities with a halt cross with a 5-minute quote only period starting at a time to be determined. Nasdaq will not be canceling open orders on the book. Customers who wish to cancel their orders may do so and any customer who wishes to not participate in the re-opening should cancel their orders prior to the resumption of trading.
The Securities and Exchange Commission said in a statement: “We are monitoring the situation and are in close contact with the exchanges.”
As Facebook Seeks Answers, S.E.C. Investigates Exchanges (June 21, 2012)
Traders were scrambling to assess the impact of the outage in some of the most popular and widely traded stocks. At least some trading was able to go ahead on other trading platforms. Other public exchanges said that they were not accepting orders for Nasdaq stocks.
“We were able to potentially get a few trades done when this first started, but now we are not able to do anything,” said David Warhoftig, managing director of Highside Capital Management, “What it has done to the overall market is being noticed as well with a lot of people just walking away and not trading. With the slow summer in place, this could be a convenient excuse to get an early long weekend started for many traders and portfolio managers, especially if it drags on much longer.”
Jonathan Corpina, a stock trader at Meridian Equity Partners on the floor of the New York Stock Exchange, said that he had many clients calling him “looking for answers and explanations because they can’t get through to the Nasdaq on the phone.”
“When something like this happens, it affects all markets, so clients now are waiting to see how long this plays out,” Mr. Corpina said.
The breakdown appears to be one of the most significant technology problems to hit a trading world that has become accustomed to glitches. Earlier this week, Goldman Sachs sent out a barrage of erroneous options trade that briefly crippled the market.
For Nasdaq, the trading halt has brought back painful memories of the botched debut of Facebook shares in May 2012, a closely watched initial public offering that was marred by a delayed start and “technical errors.”
http://dealbook.nytimes.com/2013/08/22/nasdaq-market-halts-trading/?_r=0
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