NYSE Has Identified, Fixed Source Of Market Platform Failure

Tyler Durden's picture

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?

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tyrone Shoelaces's picture

TURN THOSE MACHINES BACK ON!!!

cossack55's picture

NK EMP!!!!!    NK EMP!!!!  Oh, .....wait...........disregard

Jim in MN's picture

Couldn't have been Putin, he was out poisoning pigeons in the park.

Pinto Currency's picture

NK coal-fired pressure cooker bomb.

froze25's picture

Comey said that it may or may not be Russian interference. So now we know.

Gold Pedant's picture

RUSSIANS! NUKYULAR FOOTBALL! PLAY INTERFERENCE!

timmahhhhh! 

y3maxx's picture

-Current North Korea video shown blowing up a US Aircraft Carrier is reminiscent of Sadam Hussein's "Mother of all Battles".

wisefool's picture

no arm amupties please. only legs. (drummies)

any_mouse's picture

Poisoning urban pigeons in a city park is a public service, a civic duty. Flying rats.

hedgeless_horseman's picture

 

"The system will be fine, provided nobody panics."

We lost the banks in Texas for an entire day earlier this month.

http://www.zerohedge.com/news/2017-03-02/systems-down-all-thursday-after...

E.F. Mutton's picture

This has been a test, of the Deep Sudden Halt Information Trading (DeepSHIT) System

You may now resume your grazing activities, Citizens.  Turn on Oprah.  Have an SSRI....relax....

Clashfan's picture

These might be test runs for Ice9. Or not. Do we trust Anonymous? I'm not sure, but it sounds like, um, could be?

https://www.youtube.com/watch?v=sSXhk2xlkKA

 

SomethingSomethingDarkSide's picture

Algos, quite literally, ARE markets now.  No Algos, NO MARKETS.  It's how the game is structured now.

NugginFuts's picture

are you suggesting someone needs to kill the algos?

froze25's picture

Can that be racist? Ahh, with Muslim now being a race I suppose anything can be.

SomethingSomethingDarkSide's picture

The Algo Supercomputers have cord lengths measured in inches seperating them from Market Matching Supercomputers.  These Siamese Twins are conjoined at the skull, kill one and both die.

Zero_Ledge's picture

I route all my orders to IEX. I don't think I've ever seen a notice of technical problems there.  Hmm, I wonder why ?

Offthebeach's picture

That seems pretty inefficient.  All those Algos.  We should just have one Algo trading.  And, free up Algo capital.

/s

Raffie's picture

I'm sure everything is fine. Sort of.

I'm off to the nuclear bunker to see how things are down there.

mkhs's picture

Hang on a second.  I'll go with you.  I want to talk about those new TP reports.

abyssinian's picture

you all know what that means............. Dow opens 500 points higher tomorrow

GUS100CORRINA's picture

I expect something like this to happen any day now ... just wondering how it will all unfold once it implodes?

Market margin debt and other market metrics are OFF THE CHARTS!!!!!!

I keep wondering what is holding it all together.

By the way my UGAZ was up BIG today. Maybe, just maybe, natural gas will be an alternative to nuclear power.

This FUKUSHIMA situation is getting worse by the day!!!

Pacific Ocean in real trouble! I have told everyone I know to not eat anything coming out of the Pacific Ocean.

Environmentalists don't get it ... CO2 is not the PROBLEM ... FUKUSHIMA is the PROBLEM. They should be spending their efforts on combating nuclear industry and forget about CO2. They can shelve their GLOBAL WARMING theories as well!!!!

As Albert Einstein once said: "Nuclear power is one hell of a way to boil water." 

SomethingSomethingDarkSide's picture

You are spot on, combined NatGas and Coal/Oil is THE wave of the future.  "CoGens" are sweeping through the construction industry like hot cakes.

GUS100CORRINA's picture

SomethingSometh...

Based on the news that keeps coming out of Japan despite the Japanese Government efforts to suppress the news, these REACTORS are not contained. The Japanese want this nightmare to go away but the containment areas are to HOT ro HANDLE at 530sv per hour SIX YEARS LATER!. The cores are still active burning their way to the center of the earth. Cesium-137 contamination is completely out of control because the reactors are in a state of uncontrolled fusion.

As of this point estimates to clean it up are going to be north of 250 Billion+ and will take 40 years to complete. I am going to bet money that the Japanese wish they had gone with Natural Gas in place of nuclear.

May be the cores will melt all the way to the magma layer of the earth, cause a volcano to erupt and bury FUKUSHIMA under a lava dome. What a fitting end to man's stupidity.

Natural Gas ... BRING IT ON BABY!! It is clean, cheap and plentiful. What else could we ask from an energy source! AMEN!

y3maxx's picture

-For updates and the horrible mess on Fukushima...

http://enenews.com/

GUS100CORRINA's picture

y3maxx

Thanks for sharing the information. Truly sad what is going on for Japan, the Japanese people and the world.

At some point, President TRUMP is going to have let the folks in Hawaii and the west coast of the US know what the US is doing to combat this threat. Question: Can and will the government beable to tell the truth?

In addition, the EPA and the FDA better get involved as well because the food chain in the Pactific Ocean is a REAL and PRESENT DANGER to the health of people and will be for DECADES to come.

What people are not talking about is Cesium-137 and other nuclear isotopes that have long half lives measured in decades. We often hear people quote that the SOLUTION to POLUTION is DILUTION. Well, that does not work in this case because the contamination is cumulative with the nuclear load moving up the food chain. 

I suspect that a 'force majeure' will be declared to protect financial interests of all those involved.

Truly sad situation.

manofthenorth's picture

"I keep wondering what is holding it all together."

3 letters....starts with F and rhymes with DEAD........

y3maxx's picture

-For updates and the horrible mess on Fukushima...

http://enenews.com/

HRH Feant's picture

Must be those damned Russian hackers at it again!

SomethingSomethingDarkSide's picture

Counterparty Risk just went Systemic.

Francis Marx's picture

The russians did it. I predict CNN next headline.

Tyrone Shoelaces's picture

IT'S A TRAP - AN ELABORATE RUSE!

E.Shackle.Ton's picture

Must have been a "glitch."

Muad'Grumps's picture

Only 1 clerk at the ESF desk and he had to take a dump.

SomethingSomethingDarkSide's picture

The Algos started to run Sell Programs.  Heads will roll.

adr's picture

Someone probably was looking to unload $100 billion worth of AAPL this time after the famed Apple TV turned out to be a doorknob.

cossack55's picture

Wow, they were confused. A doorknob has some value