All Nasdaq markets halting trading due to processor issue# Stock
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Nasdaq halted trading in all securities Thursday until further notice due to
a problem affecting quote dissemination.
Dozens of publicly traded companies, including high-profile companies such a
s Apple, Microsoft and Facebook, were showing their shares halted. The Nasda
q status message was time stamped at 12:14:03 ET.
Dow Jones reported at 1:06 pm ET that trading would resume "shortly," though
the exact timing was not clear.
Despite the freeze, Nasdaq that it will not cancel orders. "Nasdaq will not
be canceling open orders on the book. Customers who wish to cancel their ord
ers may do so and any customer who wishes to not participate in the re-openi
ng should cancel their orders prior to the resumption of trading," said a sp
okesman.
A spokesman for the SEC said, "We are monitoring the situation and are in cl
ose contact with the exchanges."
The shutdown of exchanges without an external crisis is rare, but a stray sq
uirrel shut down the Nasdaq in 1987, according to the New York Times.
The Nasdaq options markets also issued a "system update" saying they were re
commending firms route all open orders elsewhere.
Play Video
Nasdaq: Halts trading in all tape C securities
CNBC's Bob Pisani and Bertha Coombs report the Nasdaq has halted trading in
options market as of 12:20p.
The New York Stock Exchange said it had halted trading in all Nasdaq securit
ies at its request and was cancelling orders. The NYSE otherwise declined co
mment. The CME said that it was seeing 'no impact' from Nasdaq's trading hal
t.
(Read more: 'Knight-mare': Trading Glitches May Just Get Worse)
"You can't trade if you can't get the quotes out," said Rich Repetto of Sand
ler O'Neill Partners.
"They want everybody else to shut down Tape C trading so they can restart ov
er at the Nasdaq and until they do they can't restart", said CNBC contributo
r Pete Najarian. Tape C refers to any securities traded over the Nasdaq.
"When everyone comes back online at the same time that's when even more dang
erous things can happen in the marketplace," said Sal Arnuk, the co-founder
of Themis Trading.
"If I was back in the days of 10 years ago managing 300 traders I'd put the
directive out to every one of them 'we don't put any orders in at the open'
... no one trades for 60 minutes," said Joe Terranova, chief market strategi
st for Virtus Investment Partners and a CNBC contributor.
Despite the quote problem, stocks overall were up in the early afternoon.
a problem affecting quote dissemination.
Dozens of publicly traded companies, including high-profile companies such a
s Apple, Microsoft and Facebook, were showing their shares halted. The Nasda
q status message was time stamped at 12:14:03 ET.
Dow Jones reported at 1:06 pm ET that trading would resume "shortly," though
the exact timing was not clear.
Despite the freeze, Nasdaq that it will not cancel orders. "Nasdaq will not
be canceling open orders on the book. Customers who wish to cancel their ord
ers may do so and any customer who wishes to not participate in the re-openi
ng should cancel their orders prior to the resumption of trading," said a sp
okesman.
A spokesman for the SEC said, "We are monitoring the situation and are in cl
ose contact with the exchanges."
The shutdown of exchanges without an external crisis is rare, but a stray sq
uirrel shut down the Nasdaq in 1987, according to the New York Times.
The Nasdaq options markets also issued a "system update" saying they were re
commending firms route all open orders elsewhere.
Play Video
Nasdaq: Halts trading in all tape C securities
CNBC's Bob Pisani and Bertha Coombs report the Nasdaq has halted trading in
options market as of 12:20p.
The New York Stock Exchange said it had halted trading in all Nasdaq securit
ies at its request and was cancelling orders. The NYSE otherwise declined co
mment. The CME said that it was seeing 'no impact' from Nasdaq's trading hal
t.
(Read more: 'Knight-mare': Trading Glitches May Just Get Worse)
"You can't trade if you can't get the quotes out," said Rich Repetto of Sand
ler O'Neill Partners.
"They want everybody else to shut down Tape C trading so they can restart ov
er at the Nasdaq and until they do they can't restart", said CNBC contributo
r Pete Najarian. Tape C refers to any securities traded over the Nasdaq.
"When everyone comes back online at the same time that's when even more dang
erous things can happen in the marketplace," said Sal Arnuk, the co-founder
of Themis Trading.
"If I was back in the days of 10 years ago managing 300 traders I'd put the
directive out to every one of them 'we don't put any orders in at the open'
... no one trades for 60 minutes," said Joe Terranova, chief market strategi
st for Virtus Investment Partners and a CNBC contributor.
Despite the quote problem, stocks overall were up in the early afternoon.
