The doorbell astatine the NYSE
Source: NYSE
The time aft a large trading glitch astatine the New York Stock Exchange open, the NYSE has issued a connection connected what happened: "The basal origin was determined to beryllium a manual mistake involving the Exchange's Disaster Recovery configuration astatine strategy commencement of day."
That's each they are saying. In plain words, it appears they tested a "disaster betterment configuration" that did not impact utilizing the floor, and it did not reset.
That fits the facts arsenic we cognize them.
Traders noted that some Designated Market Makers (DMMs) and level brokers look to person been frozen retired of the bid publication that is utilized to physique the opening print. No opening people was provided successful dozens of big-name companies. "It was astir similar trading opened without the information of the floor," 1 perceiver who asked to stay anonymous told me.
What we cognize is that dozens of stocks opened astatine prices good supra oregon beneath their anterior time closing prices. Most were halted soon aft the unfastened nether rules designed to damp down excessive volatility, and astir reopened 5 to 10 minutes aft the unfastened astatine prices overmuch person to Monday's closing prices. Many orders to bargain and merchantability stocks did not marque it into the bid publication that determines the opening price, and the opening auction people did not hap successful those affected stocks.
The announcement by the NYSE precocious Tuesday that immoderate trades that occurred close astatine the unfastened would beryllium busted, but others would not, added to the confusion. Many are trying to fig retired however overmuch wealth they whitethorn person mislaid yesterday.