Thursday, August 22, 2013

Mysterious Nasdaq three-hour trading shutdown

NasdaqThe Nasdaq exchange shutdown for three hours today affecting quote disseminatinon starting at 12:14 p.m. EST. All trading was frozen. CNBC stated that it was the longest shutdown at the exchange in recent memory.

Nasdaq canceled no orders. “Nasdaq will not be canceling open orders on the book. Customers who wish to cancel their orders may do so and any customer who wishes to not participate in the re-opening should cancel their orders prior to the resumption of trading,” a spokesman said during the shutdown according to CNBC.

“When everyone comes back online at the same time that’s when even more dangerous things can happen in the marketplace,” said Sal Arnuk, the co-founder of Themis Trading.

The shutdown of exchanges without an external crisis is rare, but a stray squirrel shut down the Nasdaq in 1987, according to the New York Times.

Nasdaq had no answers for traders. Confidence is shaken once again in the stock market.

The DOW and Nasdaq exchanges closed up despite the interruption.

READ MORE at CNBC HERE.

Posted By Valerie Garner

Categories: Finance

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