(AP Photo/Seth Wenig, File). They’ve been dealing with a $67 a day limit from ATMs and needing special permission to send money overseas to pay bills and stock businesses.
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“If you don’t have all the orders on that marketplace on the close, the pricing on the close would be definitely not accurate”, Empire Executions Inc president Peter Costa said. Regulators put out statements.
As for stocks, though, there was barely a ripple.
“I don’t think it’s a hacking incident here or anything like that”, Joe Saluzzi, co-head of equity trading at Chatham, New Jersey-based Themis Trading LLC, said by phone.
Importantly, though, the NYSE is just one of 11 stock exchanges in the United States, and most of the stocks that trade on the NYSE are also traded on numerous others.
How can stocks trade with the exchange down?
The problem became severe enough by late morning Wednesday that the exchange made a decision to suspend trading at 11:32 a.m. Eastern time so the problem could be addressed.
The NYSE outage was hardly the first glitch to impact the US stock market. The other major stock markets around the world and other various platforms for securities trading allowed trading to continue unaffected by NYSE shutdown.
Federal Bureau of Investigation Director James Comey, testifying before the Senate Intelligence committee, said the agency has been in contact with the NYSE, United Continental, and the Wall Street Journal, whose web site briefly went down Wednesday as well. “You have so many competing exchanges”.
Ex- broker turned author and CNBC host Josh Brown is speculating on Twitter that “a certain country” played a role in the New York Stock Exchange outage.
Now, stocks can be traded at some 60 exchanges and trading venues.
Later in the day (3.10pm) a NYSE spokesperson told SCMagazine.com that trading had resumed. Angel sat on the board of exchange company Direct Edge before it was acquired by a larger rival past year. The roll-out was in preparation for an “business test” this Saturday, and it all started when “the initial release was deployed on one particular trading unit”, the exchange stated. The Standard & Poor’s 500 index was off 33 points, or 1.6 percent, at 2,048 and the Nasdaq composite was down 87 points, ro 1.7 percent, at 4,910. The disruption, nonetheless, rattled investors, who already had reason to be on alert given the uncertainty over the Greek crisis and the rout in the Chinese markets.
But where investors ever at risk?
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The most recent NYSE outage in memory was in June of 2009, when a computer malfunction stopped trading for about 30 minutes.
