Nasdaq Halts Trading of Stocks, Options
The Nasdaq first reported issues with quote dissemination at 12:09 p.m. today, and then halted trading of all “Tape C” securities–those listed on the Nasdaq–at 12:14 p.m. Options trading was halted at just after 12:20.
As a former trader, I can say there are few things worse than technical issues that leave you unable to trade–and the feeling of helplessness can be overwhelming. It’s one of the few things that actually made me angry, though it was usually caused by my firm, not the market itself. If you have positions open, all you can do is twiddle your thumbs and worry about how much money you’ll lose when the market reopens.
Shares of Nasdaq OMX had been trading up 0.8% at $31.80, when trading was halted and it will be interesting to watch what happens when it reopens. Shares of CME Group (CME) have ticked up 0.1% to $72.38, InterconitentalExchange (ICE) has gained 2.3% to $185.91 and NYSE Euronext (NYX) is up 1.7% to $42.77.
UPDATE: The Nasdaq said that stock trading will reopen at 3:10 p.m. Options trading will resume at 3:25 on the PHLX, and at 3:30 on the Nasdaq Options Market and BX.
Article from: barrons.com