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NYSE Has Identified, Fixed Source Of Market Platform Failure

Courtesy of ZeroHedge. View original post here.

Update: the underlying cause of the disruption to the NYSE Arca Equities trading platform has been identified and remediated, NYSE said in statment on its website.  As reported earlier (see below), the platform experienced a system issue on March 20 resulting in a subset of symbols failing to conduct a closing auction or transition from the regular trading session to the late trading session at 4pm New York time. The Exchange suspended trading in all symbols at approximately 4:13pm and cancelled all open orders

The statement released moments ago is presented below:

On March 20, 2017, the NYSE Arca Equities trading platform experienced a system issue resulting in a subset of symbols failing to conduct a closing auction or transition from the regular trading session to the late trading session at 4:00 p.m. The Exchange suspended trading in all symbols at approximately 4:13 p.m. and cancelled all open orders. In securities that failed to transition from the regular trading session to the late trading session, orders designated for the regular trading session may have executed after 4:00 p.m. The Exchange invoked its procedures for determining the Official Closing Price (“OCP”) when the Exchange is unable to conduct a closing transaction in one or more listed securities due to a systems or technical issue. OCPs for NYSE Arca-listed securities were subsequently transmitted to the SIP, which can be found here.

The underlying cause of the disruption has been identified and remediated.

ETP Holders seeking to file a claim under NYSE Arca Equities Rule 13.2 are reminded that any claims for compensation in relation to an exchange system failure must be submitted to trading@nyse.com by 9:30 a.m. on March 21, 2017 in order to be eligible for consideration.

* * *

Shortly after the day-session closed, NYSE Arca reported a complete cessation of trading.

The .M Official Closing Price indications currently on the Tape are being reviewed.

NYSE ARCA EQUITIES: OFFICIAL CLOSING PRICES

01:37 pm, 03/20/2017

For symbols that did not complete an auction the Official Closing Price will be determined as follows:

The VWAP calculated by the SIP that includes all last sale eligible trades in the last 5 minutes of regular trading hours, including the closing auction prints of all markets.

If no last sale eligible trades printed in the last 5 minutes, the consolidated last sale during regular trading hours.

If no such same day consolidated last sale eligible trades, the primary listing exchange’s prior trading day’s OCP.

Source: NYSE

As Bloomberg adds, NYSE Arca shifted to backup methods for calculating the closing prices for most securities. The exchange closed early for its after-hours session, saying it wouldn’t resume trading until 4 a.m. New York time on Tuesday. Kristen Kaus, a spokeswoman for NYSE, declined to comment beyond the trader alerts. The error comes as NYSE still faces fallout from a separate technical error almost two years ago. NYSE parent Intercontinental Exchange Inc. revealed last month that Securities and Exchange Commission investigators believed a 3 1/2-hour New York Stock Exchange outage on July 8, 2015, violated the law. Not knowing the closing price for a security can be a source of risk for traders.

NYSE first reported it was investigating a technical issue on NYSE Arca at 4:07 p.m. on Monday, just minutes after the regular trading session ended. Out of 1,230 Arca-listed securities, only 53 were closed through the normal auction-drive method. Those that weren’t include the $237 billion SPDR S&P 500 ETF and $33 billion SPDR Gold Shares ETF.

And as the NYSE prepares to find a convenient scapegoat for yet another collosal glitch, we wonder if anyone seen Vladimir Putin today?


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