New York Stock Exchange “Breaks” – Some Cry “Foul” Claim Intentional Stoppage to Block Sell-off
Superstation95.com
May 18, 2016
The New York Stock Exchange (NYSE) “broke” this afternoon, and trading in 199 stocks was “interrupted” by a “critical technical issue.” But some claim this was done deliberately to stop a huge “SELL” order, which would have sent the market spiraling downward out of control. To put it in simple terms, someone hit an OFF switch.
It was the latest in a series of issues affecting one trading unit with the same symbols. Trades in the affected symbols continued to come through other market centers.
Both the Nasdaq and BATS stock exchanges had declared self-help against the NYSE amid the multiple technical issues that closed all open orders on the symbols. A self-help exception allows trading centers to bypass an automated trading center that is experiencing system problems, according to the SEC.
Traders work on the floor of the New York Stock Exchange.
Why will the NYSE stop accepting stop orders?
NYSE believes the stocks affected are traded by Citadel KCG at Post 5, said NYSE spokesperson Kristen Cause. The area of the trading floor was roped off as the issue was addressed.
Cause told CNBC that she believes the issue is linked to the NYSE’s own system but it will continue to look for the root cause.
Tickers like the Bank of Montreal and Agilent Technologies were affected.
The Rest…HERE
