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?

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Billy the Poet's picture

It turns out that doorknobs have an eight dollar handle. I think I see an opening, knock on wood.

syzygysus's picture

Wait and watch, things may turn...

RagaMuffin's picture

Forgot to pay ConEd this month?

currency's picture

The Russians are Coming - They did it - Putin strikes again

holgerdanske's picture

The whole world is fake!

I am finding hard to see how we get out of this shit without having to resort to ---- alternative behaviour!

Trump, go drain that swamp!

I have my waders on allready!

Consuelo's picture

 

 

"If life seems jolly rotten

There's something you've forgotten

And that's to laugh and smile and dance & sing

When you're feeling in the dumps

Don't be silly chumps

Just purse your lips & whistle, that's the thing

Ayyynnnnd,

Always look on the bright side of life..."

Fundies's picture

Has this been the longest fucking market top ever ?

mkhs's picture

Well, there was this virginal market top that lasted...

besnook's picture

there was a sale of 600000 shares of sbux at the close. shit is begining to spread from the bankster stocks pinching a loaf.

JoeTurner's picture

rehearsing for the big crash...

theeseer's picture

Backing Trump is like sticking with a lunatic sexy girlfriend. You know why you are doing it and as a man its for the right reasons, but you silently pray you can figure out how to get her to shut her mouth.!!

kahplunk's picture

Bah now that shit is funny thanx for the giggles

SomethingSomethingDarkSide's picture

Good luck finding that Goldilocks politician, btw, implicitly supporting HRC via this statement makes you sound both low information and pathetic.

indygo55's picture

Damn, that soooooo reminds me of this chick I used to date. 

MikeOz's picture

ALWAYS GLOOM & DOOM ZH? YET THE MARKETS CONTINUALLY DO WELL? TIME FOR SOME POSITIVITY ME THINKS??

Nobody For President's picture

This is /sarc, right? I can't always tell with you.

any_mouse's picture

If you wish.

Ignore the crumbling foundations of the overpriced markets and the decay of the Petrodollar Empire.

Be Happy!

CAPS LOCK is not your friend.

All will be well ... until it isn't.

Note the nearest exit as the market drops vertically in free fall.

Life support machines can maintain vitals long after the human being departed the body.

SomethingSomethingDarkSide's picture

26.5 P/E is serious as a brain tumor, retard.

Go back to Yahoo Finance with this drivel, please.

indygo55's picture

I think Disney has a blogisphere for you. You should go there. 

bardot63's picture

Russia, China, Iran or any hedgie with just under 20 billion can crash the US market any moment they wish, by buying all known, above ground silver from Comex and demanding delivery.  Silver crashes, with price going up $10 per hour as shorts cover,  followed by gold, followed by dollar, followed by DOW.   Less than $20 billion will do it.  There are 1 billion known above-ground ounces of silver, tho not all is on the market.  So, even less to crash the system.   $20B is chump change to Russia, Iran, China. 

Sledge-hammer's picture

This is my silver stack.  There are many like it, but this one is mine (and actually in my hot little hands).  The jews can not touch mine.  Away with you treacherous merchant.

WorkingPoor's picture

Which begs the obvious question, Bridget... WHY haven't they?

G'z.

WP

Dimwit's picture

Maybe they ran out of "Nails"

For want of a nail the shoe was lost,

For want of a shoe the horse was lost,

For want of a horse the rider was lost,

For want of a rider the battle was lost,

For want of a battle the kingdom was lost,

And all for the want of a horseshoe nail!

mkhs's picture

Confucius says, "Don't bring a horseshoe nail to a gun fight."

Solio's picture

It's the Prussians!

Ajax_USB_Port_Repair_Service_'s picture

Black swan sighting reported on Centra Park Lagoon.

Arthur Two Sheds Jackson's picture

" It's just a gully, that's all. Just nerves"

Ricki13th's picture

Algorithms have been reset to "sell". The gig is up...

Zepper's picture

I guess the Ai they put in place has finally learned that there is massive corruption going on in the equity markets and it refuses to comply any longer.

 

No more skipping bids and offers.

BingoBoggins's picture

::: i'D ADVISE TO pLEAD THE 5TH ::: 010101011101100010110101101q1q101011011011

e_goldstein's picture

Did they turn themselves off in solidarity with David Rockefeller taking his trip to hell?

konadog's picture

New set of Microsoft patches last night?

besnook's picture

i am thinking there was a massive sell signal on the close and they stopped it. i saw 600000 shares pass at the close on sbux.

LA_Goldbug's picture

Come on ZH-ers, a little slow here. I thought you guys would jump on this one.

It Was Putin !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!