"Inordinate Influx" Of Orders Stalls NYSE, Locks Quote Dissemination
Looks like the troubles recently seen in NYSE's handling of ING stock, when unexpected sell volume caused a halt in the stock, could be spreading to the US. The pick up in the equities followed the PMI number, which were followed by a dramatic downside reversal thanks to sell orders caused the NYSE to almost crash. An alert just released notifies that the NYSE cash market "experienced an inordinate influx of orders that caused delays in quote dissemination and several locked quote conditions." First the rating agencies, and now the exchanges simply have no idea how to deal with action that is not perpetually positive. Just how much selling volume will be needed for the NYSE to announce it is halting trading?