You heard about today's NYSE trading glitch. Here's what happened.
For whatever reason, it appears that many orders to buy and sell stocks did not make it into the order book that determines the opening price, and that the opening auction print did not happen in those stocks affected.
To give two examples: Mosaic closed Monday at $48.35, but opened at $40.29, a drop of about 16%. It was halted almost immediately, but reopened at 9:43 a.m. at $48.00. This is the most likely path because many investors who, for example, put in a market order to sell Mosaic at the open this morning were clearly burned and would likely threaten lawsuits if not made whole, since the price drop had nothing to do with the company or external events.So what happened?
On July 8, 2015, trading was halted for nearly four hours after the NYSE experienced what it called an"internal technical issue." The NYSE later said,"The root cause was determined to be a configuration issue."
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