The New York Stock Exchange unexpectedly stopped all trading at about 11.30am ET on Wednesday following a “major technical issue”.
They insisted that the issue was an internal technical issue and not the result of a cyber breach.
In an official statement the NYSE said it was attempting to fix what appeared to be a technical glitch.
“We’re currently experiencing a technical issue that we’re working to resolve as quickly as possible. We will be providing further updates as soon as we can, and are doing our utmost to produce a swift resolution, communicate thoroughly and transparently, and ensure a timely and orderly market re-open”
The NYSE suspended all trading at 11:32 a.m., half an hour after initial reports of a technical problem, according to Yahoo Finance.
Almost an hour into the shutdown, NYSE tweeted that the problem an “internal technical issue” and not a cyber breach.
“We chose to suspend trading on NYSE to avoid problems arising from our technical issue,” the exchange said in a series of tweets. “NYSE-listed securities continue to trade unaffected on other market centers.”
There was another technical glitch at NYSE earlier this morning, but it was supposedly fixed before the floor opened for trading at 9:30 a.m., Marketwatch reported. This morning’s problem was a “gateway connectivity issue,” according to Joe Saluzzi, co-founder of Themis Trading.
After the suspension, traders were told that the problem was related to updated software that was rolled out before markets opened on Wednesday, one trader told the New York Times, on condition of anonymity.
NYSE stocks are still being traded through other venues, Reuters reported.
NASDAQ announced its systems were operating normally and trading NYSE securities.
Other exchanges, such as NYSE Arca and NYSE Amex/Arca Options, are “unaffected by this issue and continue normal operations at this time,” the stock exchange said.
However, NASDAQ and the BATS Global Markets stock exchanges have declared “self help” against the NYSE, Buzzfeed’s Stacy-Marie Ishmael reported. This means that they are opting out of the national market system due to the NYSE’s technical problems. The two exchanges will stop routing trades to and from the NYSE if they have reason to believe the quotes or prices are “stale.” Self help is designed to protect investors from having trades executed at bad prices, according to the Wall Street Journal.
Losses have been felt across all of the stock markets stemming from the NYSE trading halt, Marketwatch reported.
Earlier United Airlines was forced to ground its entire fleet for over three hours due to a computer glitch. The ground stop has now been lifted.
The Wall Street Journal website (wsj.com) was also down, though it came back online just after 12:00 p.m. ET.
However, officials at the Department of Homeland Security (DHS) have said there wasn’t any indication of a cyber attack behind the problems at the NYSE, United Airlines or the Wall Street Journal’s website.