The New York Stock Exchange reopened equity trading after a 3 1/2-hour halt that it blamed on a computer malfunction.
Shares resumed on the New York Stock Exchange, the biggest of the company’s platforms, and NYSE MKT, the third-largest, just after 3 p.m. New York time, according to data compiled by Bloomberg and an NYSE notice. Because shares were changing hands elsewhere throughout the outage, the NYSE was able to avoid having to reestablish its own prices through auctions.
“I’m not hearing anything out of the ordinary from my trading desks” after the restart, said Kevin Mahn, president of Parsippany, New Jersey-based Hennion & Walsh Asset Management Inc. “After staying closed for four hours, it seems more complicated than a simple computer glitch, but right now everything is OK.”
NYSE’s halt will go down as the biggest interruption to U.S. stock trading in two years. The last of comparable scope occurred in August 2013, when the Nasdaq Stock Market halted trading not only on its own platform, but anywhere stocks that it listed changed hands.
At the same time, the malfunction highlighted the resilience of a market structure where no single venue handles more than 16 percent of overall market volume. Other exchanges such as Nasdaq and Bats kept operating as normal throughout the suspension.
Nasdaq and the NYSE play dual roles in the U.S. market, acting as exchanges where investors buy and sell shares and also in an administrative and listing capacity overseeing the three official price feeds for American stocks. Those feeds, known as Tapes A, B and C, continued to operate today.