22 December 2014

Nyse blames server upgrade for stock trading suspension

13 November 2012  |  4355 views  |  0 New York Stock Exchange

The New York Stock Exchange suspended trading in 216 companies Monday as a server upgrade hit order delivery in the effected stocks.

The bungled upgrade scrambled the Exchange's order matching engines, leading to a day of confusion for traders who received contradictory alerts about the status of their orders.

The problems kicked off at the start of trading after Nyse moved the stock symbols to new servers as part of a phased migration to a new universal trading platform.

Trading in the stocks continued on other exchanges as Nyse investigated the problems. By day's end the Exchange told traders that all open orders in the stocks had been cancelled. A list of consolidated closing prices based on trading elsewhere was distributed by Nyse via e-mail and on its Web site.

The problem is the latest in a series of mishaps to have hit US exchanges since the May 2008 flash crash, which highlighted the complexities of trading in global electronic markets.

Nyse says that it expects trading to resume normally Tuesday.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

14 September, 2012
24 August, 2012
07 August, 2012
02 August, 2012
17 February, 2012
13 January, 2012
27 October, 2011
21 June, 2011
28 April, 2011
25 February, 2011

Related company news

 

Featured job

to £100k base, double OTE, benefits
London, UK

Find your next job