Technical issue halts Nasdaq trading
Aug 22, 2013 / 11:48 am
Nasdaq halted trading Thursday because of a technical problem, the latest glitch to affect the stock market.
The exchange sent out an alert to traders at 12:14 p.m. Eastern saying that trading was being halted until further notice because of problems with a quote dissemination system. More than an hour later, trading was still halted.
The Toronto Stock Exchange has not been impacted by the disruption, a spokeswoman for TMX Group said in an email.
The glitch was the latest incident to raise questions about the dangers of trading via machine, following a sudden plunge in stocks in May 2010 that came to be known as the "flash crash" and the glitch-plagued initial public offering of Facebook last year.
Nasdaq said it wouldn't be cancelling any open orders, but that customers could cancel orders if they wanted to.
Nasdaq sent out an update at 1 p.m. EDT saying trading would reopen "at a time to be determined."
The Nasdaq composite index was frozen at 3,631.17, up 31.38 for the day. The index is up 20 per cent so far this year.
Securities and Exchange Commission spokesman John Nester said: "We are monitoring the situation and are in close contact with the exchanges."
The days of stock brokers in colourful jackets, roaming the floor of the stock exchange, are fading. Now, powerful computer programs dominate trading by sifting through reams of data and executing trades in fractions of a second. That makes trading faster and, arguably, more efficient. But it also introduces more possibilities for errors that can jolt the entire market.
Read more Business News
|QHR Technologies Inc||1.19||0.00|
|Anavex Life Sciences||0.315||-0.045|
|Copper Mountain Mining||1.58||0.00|
Big Picture Bank earnings and upbeat economic news highlight an active week In contrast with last week’s quieter, U.S. holiday-shortened week, the first week of December was a comparatively acti...
This column is the last of three, for how to prove your personal injury claim. It is the piece de resistance of the trilogy, the Chuck Norris piece – the final say! As mentioned in the first two...
The bank manager just phoned and asked for full and immediate repayment of the line of credit because the latest, (and they were late!), financial statements showed continuing losses and falling sales...
- Encana to cut spending, grow oil and natural gas liquids production in 2014
- CN forecasts double-digit earnings growth in 2014 on continued economic recovery
- Husky to boost production in 2014 as major projects come on stream
- Some of what has been said about Canada Post's plan to cut delivery services
- Laurentian Bank increases quarterly dividend despite missing analyst forecasts
- US government runs $135.2 billion budget deficit in November, 21.4 per cent below a year ago
- Hudson's Bay reports larger Q3 loss, due to costs associated with Saks' purchase
- Sales of extra-large smartphones will take off in 2014: tech prediction
- Pilot's fears came true as plane crashed
- 'Sound of Music,' Panthers-Saints game draw viewers to NBC, giving it a strong ratings week
- Raitt defends Canada Post's decision to phase out urban mail delivery
- Extreme weather apparel maker Canada Goose sells majority stake to Bain Capital