Schwab blasts NYSE over stock-trading glitch
Retail brokerage Charles Schwab late Wednesday publicly criticized the New York Stock Exchange for its handling of a trading glitch this week that triggered wild price swings, numerous trading halts and thousands of busted trades.
The NYSE on Wednesday said the root cause of the Tuesday morning chaos was a “manual error” involving the exchange’s disaster-recovery program. Dozens of stocks were briefly halted for volatility after Tuesday’s opening bell. Several stocks showed large opening moves, triggering circuit breakers that automatically halted trade in individual stocks. The halt hit a number of high-profile names, including Morgan Stanley MS, +0.14%, 3M MMM, -1.80%, and McDonald’s MCD, +1.28%. Trading largely returned to normal by 10 a.m. ET on Tuesday.
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