NYSE Outage Shows a Need for Plan B
The last 15 minutes of the trading are crucial
People exit the New York Stock Exchange on July 8 following the shutdown.
Photographer: Peter Foley/BloombergThis article is for subscribers only.
U.S. regulators called on top exchange officials two years ago to strengthen the plumbing that underpins the stock market after a series of trading disruptions.
The exchanges did an analysis and concluded they needed a backup plan for the crucial 15-minute closing auction each day when traders are guaranteed they’ll get the final price. Yet when the New York Stock Exchange suspended trading for hours on Wednesday, there were unanswered questions.