NYSE technical error sends stocks tumbling

Share post:

A technical glitch at the New York Stock Exchange (NYSE) today caused several high-profile stocks to rapidly lose value before being halted from trading. The issue involved “LULD Bands,” or limit up/limit down rules, designed to prevent stock volatility.

The NYSE outage notice explained that the problem was triggered by “industry-wide price bands published by the Consolidated Trade Association’s Securities Information Processor (CTA SIP),” which led to trading halts in several stocks. The stocks have since reopened.

The NYSE has not yet shared the full cause of the issue and is still investigating. However, the exchange updated its notice at 1850 UTC, stating that the technical error was resolved shortly before noon, and trading in the affected stocks resumed. A list of impacted symbols is available on the NYSE website, and the exchange is reviewing potentially affected trades.

The rapid loss in value of several stocks before the halts underscores the importance of robust technical systems in financial markets. The LULD Bands are a crucial mechanism to ensure stability during volatile trading sessions, but today’s incident highlights vulnerabilities that can still disrupt the market.

As the NYSE continues its investigation, the financial community will be watching closely for further details on the cause of the glitch and measures to prevent future occurrences.

 

SUBSCRIBE NOW

Related articles

How your smart TV is watching you. Hashtag Trending for Monday, June 17th, 2024

Hashtag Trending is brought you with the generous sponsorship of Zoho Canada. We thank them for making it...

London hospitals cancel over 800 operations after ransomware attack

NHS England disclosed today that a recent ransomware attack on Synnovis has led to the cancellation of hundreds...

Microsoft cancels universal Recall release in favor of Windows Insider preview

Microsoft has decided to cancel the wide release of Recall, the controversial tool for Copilot+ PCs, and instead...

OpenAI’s revenue soars with subscription-based ChatGPT and developer integrations

There are reports that OpenAI has been been experiencing impressive financial growth. The Information reported that the company's...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways