| Advertisement |
Jan. 25 (UPI) -- A manual mistake in the Sell Short Restriction caused erratic stock price volatility and trading halts Tuesday, the New York Stock Exchange said Wednesday. "The root cause was determined to be a manual error involving the Exchange's Disaster Recovery configuration at system start of day," the NYSE said in a statement.
Advertisement
The error caused an opening auction failure, according to the NYSE. With no official opening price, there were big fluctuations in for hundreds of stock prices caused by the glitch.
"On Jan. 24, 2023, a Sell Short Restriction (SSR) state was erroneously triggered in a subset of NYSE listed symbols," the NYSE said in a statement on its website. The stock exchange said the Sell Short Restriction was deactivated for Wednesday trading.
According to the NYSE 4,341 trades in 251 ticker symbols should be "busted." Most of them were processed Tuesday, the rest are expected to be processed today.
Trading was suspended for more than 80 stocks with a collective value of $6 trillion in Tuesday's NYSE session.
Triple D Trading founder Dennis Dick said it was a real mess.
"I've traded for 22 years, and I've never seen the opening cross at NYSE go haywire," Dick told The Wall Street Journal.
As the glitch was happening billions of dollars of market value were added or wiped out, but when trading resumed share prices appeared to come back to normal.
