New York Stock Exchange officials said Wednesday that a “manual error” was responsible for the massive price swings and trading halt of hundreds of company stocks that punctuated Tuesday’s market open. The root cause of the error, which the exchange said has been resolved, was an error tied to the company’s “disaster recovery” configuration, they said. It appears that a manual test of their emergency system went awry.
ET, and each stock is given an “opening price” that is determined through a complicated system that uses the thousands of orders that accumulated overnight and early in the morning ahead of the opening bell. The exchange compiles these buy and sell orders and formats a single price that is then quoted at market open. The price is meant to balance out supply and demand for the stock and limit volatility in early trading.
And India is moving to T+1 from Friday..
Price gouging, glitches, no explanations for missing 529 dollars - explains how some folk get rich. Stay rich. Keep others from gain. Ing.
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