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Banking, finance, and taxes

NASDAQ Halt Brings Back Flash Crash Concerns

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By Jon C. Ogg Published
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Do you remember the Flash Crash? NASDAQ OMX Group (NASDAQ: NDAQ) is proving yet again why there still needs to be some human control and interaction over the vast numbers of shares trading each day. The only good news is that this is not the same sort of halt from a Flash Crash.

The NASDAQ has been experiencing a trading halt in all major NASDAQ-listed securities, due to technical issues. Trading was halted shortly after Noon EST on Thursday. We have been told that the New York Stock Exchange, BATS and DirectEdge exchanges have also halted trading in NASDAQ-listed shares. The glitch is said to be tied to the quote dissemination system.

NASDAQ OMX originally said it planned to reopen trading for a 5-minute quote-only period, but the reality is that if one exchange is halted for trading it grinds trading in other exchanges down to a halt.

Thursday’s halt also came at a time when the NASDAQ was up over 31 points or about 0.9%. As of 2:00 PM EST trading on NASDAQ remains halted.

UPDATE: NASDAQ will resume trade at 3:10 PM EST… Whoops, Now they say 3:25 PM EST.

Here is how bad the situation is if you look at the image from NASDAQ Trader’s website.

NASDAQ HALTS

Contact [email protected] for any questions or corrections.

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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