The New York Stock Exchange (NYSE) Arca, an all-electronic exchange that’s part of the Intercontinental Exchange (ICE), incurred a technical glitch on its platform that led to a fifteen-minute cessation of trading, according to a NYSE statement.
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The glitch effectively halted the largest trading venue in the United States for exchange-traded funds (ETFs), which occurred as a result of a software update. More specifically, the issue was related to a software update that rolled out during the weekend and was identified before the market opened Monday.
NYSE Arca sent a systems alert at approximately 9:08 ET – another alert was sent at 10:27 ET, which said that customers were receiving unsolicited trade cancellations. Consequently, at 10:46 ET, NYSE Arca sent an alert halting trading from 10:50 ET to 11:15 ET.
The situation has since been resolved – such technical glitches do occasionally occur, with other venues such as the Moscow Exchange and the Singapore Exchange (SGX), among others, also experiencing issues in the past. As exchanges adopt more comprehensive technical frameworks, the propensity of such glitches is bound to occur, though for its part NYSE Arca, which is responsible for 92% of US listed funds, quickly reconciled the issue.