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Outage at NYSE forces brokers to trade on other exchanges

The glitch occurred as NYSE tried to move hundreds of stocks over to a new matching engine

NYSE Euronext suffered a technical glitch in its new matching engine today, which led to a full day of disruption for brokers who were forced to trade on other exchanges.

The exchange alerted traders as soon as the market opened that the match engine pairing buy and sell orders for 216 listed securities ceased trading, according to the Wall Street Journal.

Trading never resumed in these securities and NYSE had to determine their official closing price, instead of using the traditional auction system to close stocks.

The problem came as NYSE moved a number of securities to its new matching engine, which it hopes will standardise the way the exchange processes orders across its venues.

Only about 800 stocks, out of a possible 3,825 listings, have made the switch since September.

NYSE has said that tomorrow it will move half of the affected stocks back to their previous matching system, and it expects a 'normal day of trading'.

This is the latest outage in a string of technical failures in the financial markets, which include errant trading at Knight Capital Group in August, and Nasdaq's heavily criticised IPO for Facebook.


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