UPDATE: Nasdaq resumes trading after being down for 3 hours. Nasdaq’s own shares fall 4% – @CNNMoney
UPDATE: Nasdaq to resume trading in some securities starting at 2:45 p.m. EDT, according to exchange notice – @WSJbreakingnews
Nasdaq has announced that trading has halted due to technical problems, though it’s currently being reported that there is no direct effect on the New York Stock Exchange (NYSE), though the NYSE and parent company NYSE Euronext did oblige to halt their trading in response to a request from Nasdaq. Nasdaq has yet to proclaim a timeline for when it will be back up and running but when it is, Forbes notes “trading in so-called ‘Tape C’ securities it will do so on a halted basis with a 5-minute “quote only” period to start (not unlike the 15-minute period before a new IPO begins trading). ”
The outage took place shortly after 12:30pm ET this afternoon and had been stuck projecting 3,631.17 since.
Sal Arnuk, co-manager of trading at Themis Trading in Chatham, New Jersey, told Reuters “I would not want to speculate other than to say this is huge. Everything is halted in the market.” Nasdaq lists somewhere in the neighborhood of 3,200 companies, scratching the surface of the extent of possible damage that could be incurred.
There is no word yet on the cause of the outage though officials hope to have the market back up and running sometime this afternoon, though the Wall Street Journal is willing to blame the situation on “a data feed that provides market data for Nasdaq-listed securities, exchanges said in notices sent to traders.”
The U.S. Securities and Exchange Commission said it was monitoring developments and was in touch with the exchanges on the matter.
This is a developing story. Stay tuned to BostInno for the latest information regarding the Nasdaq outage as we’ll be sure to keep you updated with more details as they continue to be made publicly available. If you have any tips or insight on the matter, please feel free to reach out to nick@streetwise-media.com with any applicable updates.
