Trades after NYSE glitch will ‘certainly be cancelled’


STORY: At least 60 stocks listed on the NYSE were halted due to volatility and some stocks showed unusual outsized movements.

Berkshire Hathaway and Barrick Gold shares were shown to be down 99.97% and 98.54%, respectively, due to the technical issue, before those trades were corrected.

“Any trades that were placed outside of normal market bands will almost certainly be cancelled,” Rowe said.

“So for those that felt like they had a paper profit by buying Berkshire Hathaway in a massive discount, or one of the others that got dislocated, I can tell you from firsthand experience that when those things happen, often times the exchange will come in very quickly and say that the trade is invalid.”

NYSE, owned by Intercontinental Exchange by late morning said on its website it had resolved a reported technical issue and that the impacted stocks had resumed trading. The bourse said the problem was related to Limit Up-Limit Down bands meant to prevent extraordinary market volatility and extreme price movements in individual stock by preventing trades outside of specific price ranges that are updated throughout the trading day.

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