NYSE Shuts Down Due To ‘Technical Glitch’
The New York Stock Exchange was literally frozen for more than three hours. The stock exchange gave the reason of major computer malfunction for this historic shut down. The US market flow was completely stuck due to this glitch. The largest share trading platform in the United States went offline at 11.32 am in the New York and was restored back to normal around 3 pm. Meanwhile Bats Global Markets and the Nasdaq Stock Market handled the transaction flow. Chair Thomas Caldwell from Caldwell Securities Ltd said that this exposes how much strong the system is when even single component stops working. The technical glitch in the world’s largest economy also affected other markets. Thankfully there were the transactions were diverted through other stock exchanges nearby. The technical glitches are becoming common phenomena in the stock market world over. As the world economy grows, the number of transactions per day is increasing in last 15 years. The regulation and technological advances add another dimension to the transaction. The Nasdaq Stock Market was shut down two years ago due to similar reason. The financial data provider Bloomberg also suffered from technical glitch few months back and many customers complained about the losses caused. The NYSE managed to restore all the prices through auctions. President Tom Farley of NYSE took the final call over shutting down the trading. The investors cant take accurate call when the system is providing wrong data. The reason behind the shut down is still unknown to public.