OTC Markets Plans to Reopen After Malfunction Forced Trade HaltSam Mamudi
OTC Markets Group Inc. plans to reopen its market at 3 p.m. after a technology malfunction prompted regulators to stop trading of over-the-counter stocks for about three-and-a-half hours.
The OTC system was available after a “network provider issue” was resolved, Chief Executive Officer Cromwell Coulson said in an e-mail. The market will reopen pending a notice from the Financial Industry Regulatory Authority, he said.
The halt affected over-the-counter equities such as Fannie Mae and Freddie Mac, not companies listed by NYSE Euronext or Nasdaq OMX Group Inc. The pause began at 11:25 a.m. New York time today, Finra said on its website.