A NYSE employee who is based out of the exchange’s backup data center in Chicago failed to shut down the disaster-recovery system.
in share prices at the start of trading on the New York Stock Exchange on Tuesday.
The backup system, which is meant to be activated in case of disaster, was still running when trading commenced at its usual time of 9:30 a.m. Eastern time on Tuesday.On normal days, the exchange’s opening auction, which takes place at 9:30 a.m., sets the initial prices of shares that are listed.But the glitch on Tuesday resulted in wild swings by as much as 25% in the stock price for some 250 companies, including Altria, Mastercard, McDonalds, Uber, Wells Fargo, and Verizon.
The error caused the NYSE to cancel thousands of trades. The cost of those cancellations has yet to be determined. “The issues around our market open on Tuesday are our collective responsibility, and we have moved swiftly and decisively to resolve them as a team,” the spokesperson told The Post.The NYSE manages a $500,000 monthly fund intended to compensate brokers in the event of glitches similar to which occurred on Tuesday.
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