The New York Stock Exchange (NYSE) temporarily halted trading after experiencing a computer malfunction, cancelling all outstanding orders. The specific deails of the technical glitch are yet to be divulged.
“We’re currently experiencing a technical issue that we’re working to resolve as quickly as possible,” Marissa Arnold, an NYSE spokeswoman, said in an e-mailed statement published by Bloomberg. “We will be providing further updates as soon as we can, and are doing our utmost to produce a swift resolution, communicate thoroughly and transparently, and ensure a timely and orderly market re-open.”
We found what was wrong and we fixed what was wrong and we have no evidence whatsoever to suspect that it was external
Despite a cryptic tweet yesterday by international hacking group, Anonymous, a number of stakeholders, including the Department of Homeland Security, have been quick to rule out suspicions of hacking. The tweet mused: "Wonder if tomorrow is going to be bad for Wall Street.... we can only hope." However, White House Press Secretary, Josh Earnest, said, "There is no indication that there are malicious actors involved."
Meanwhile, other exchanges continued to operate. Due to the NYSE halt, the S&P Dow Jones has switched to composite tape for NYSE listed stocks for calculating intraday index levels for S&P 500 and Dow Jones Industrial Average, according to Reuters.
Indeed, stocks that would otherwise be traded on NYSE can continue to be bought and sold. The NYSE is just one of 11 exchanges and more than 50 private venues where American stocks change hands. The Nasdaq said in a statement that it is “operating normally and we are able to trade tape A securities (NYSE-listed companies)."
Troubled traders can be reassured: "Many stocks trade on both the NYSE and the Nasdaq not to mention other dedicated electronic networks. These other venues allow traders to buy and sell NYSE listed stocks – even as the NYSE itself is down", according to USA Today.
The halt began at 11:32 a.m. Eastern. The NYSE plans to open the market by 2:45 or 3 p.m, with NYSE President Thomas Farley stating that they are "not quite ready to open yet.".
Update:
At 3.10 p.m. CNBC tweeted that NYSE trading has resumed after a 3 hour and 38 minute halt.
Trading on NYSE and NYSE MKT has resumed
— NYSE (@NYSE) July 8, 2015Discussing the technical glitch, NYSE President Thomas Farley told CNBC that he "can't say with precision exactly what drove it. We found what was wrong and we fixed what was wrong and we have no evidence whatsoever to suspect that it was external." A program update last night might be responsible for the halt, however according to Farley such a hypothesis is "premature".
