NYSE's New Technology Launch Hits a Hiccup in Its First Weekby
Moves back to test mode for Pillar platform until March 8
NYSE Arca began to move on to the new technology Monday
The New York Stock Exchange is pumping the brakes in its shift to new technology.
Its new platform, Pillar, which began its roll-out Monday, moved back into testing mode on Friday, according to a trader alert. Migration to the technology will not pick up again until March 8.
NYSE Group Inc. is attempting to move all its stock and options markets to a single platform that’s more efficient than its current technology. NYSE Arca, the home venue for most exchange-traded funds in the U.S., was the first market to start migrating to Pillar, with just three trading symbols moving over to the platform on Monday. On Thursday, NYSE Arca was scheduled to increase the number of symbols trading on the upgraded technology from eight to 183.
NYSE issued an alert Thursday at 6:54 a.m. saying that NYSE Arca was not available for some symbols. The same range had been scheduled to begin trading on NYSE Arca that day.
“We are ensuring the roll-out is smooth for our clients,” Kristen Kaus, a spokeswoman for NYSE Group, said in an e-mailed statement.
NYSE’s move to Pillar has already been pushed back from its original launch date in the third quarter of 2015. NYSE Group, owned by Intercontinental Exchange Inc., expects to slowly move its exchanges on to the new platform, with the final market adopting Pillar in 2017.