MARKET ROILED BY HIGH VOLUME: ‘STOCKS ARE ALL OVER THE PLACE’…
By: Reuters with CNBC
Wednesday, 1 Aug 2012
A rush of unusually high volume ripped through dozens of stocks on Wednesday, disrupting normal activity and causing a halt in trading in a handful of New York Stock Exchange-listed stocks.
In a statement, market maker Knight Capital said a “technology issue” affected to the routing of about 150 stocks listed on the New York Stock Exchange.
Knight shares [KCG 8.32 -2.01 (-19.46%) ] fell sharply after several traders said it appeared to be the source of the disruption.
The broader market was little changed, with the Standard & Poor’s 500 index [.SPX 1383.35 4.03 (+0.29%) ] up 0.1 percent, as the trading glitch quickly became the focus for traders.
Several market participants said the source of the problem may have been large orders meant to be filled throughout the day that were instead executed in a shorter time frame, with some saying it was handled in the first 15 minutes of trading.