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| New York Stock Exchange shut down over 'technical issue' – live updates | New York Stock Exchange shut down over 'technical issue' – live updates |
| (35 minutes later) | |
| 1.36pm ET18:36 | |
| Two hours into the stoppage, the apparent electronic glitch is not inspiring Wall Street about the quality of the exchange, Guardian US business editor Dominic Rushe (@dominicru) reports: | |
| Jack Ablin, chief investment officer of BMO Private Bank, said he initially worried that China’s woes had spread to the US when he heard the news and was relieved that it appeared to be a technical glitch. “That said it doesn’t add a lot of confidence in the markets when investors don’t have a lot to begin with,” he said. | |
| China’s stock markets have fallen more than 30% in the last three weeks after massive gains in the last year. | |
| At CNBC, journalists and investors are avidly discussing the foibles and flaws of one of the most important stock exchanges in the world. | |
| “At the NYSE this is a manual process,” said Sal Arnuk, a principal at Themis Trading. “Is the NYSE technologically the most (robust) exchange in the world? No. The fact of the matter is the different exchange operators have diverse standards, different architecture. Some of them are more legacy than others. This is to be expected from time to time.” | |
| Meanwhile a trader has told the New York Times on condition of anonymity that after trading stopped, they were told “that the problem was related to updated software that was rolled out before markets opened”. | |
| According to the trader, the exchange said that the new software caused problems soon after trading began on Wednesday and the exchange decided to shut down trading all together to fix the problem. | |
| 1.25pm ET18:25 | |
| The exchange has been closed for more than an hour and a half now, since 11.32am. The longer it goes the more traders emerge to smoke, notes my colleague Jana Kasperkevic – but the traders are pretty insouciant about the break, at least so far. | |
| At about 1 pm – an hour and a half after the trading halted at 11.32am, one of the traders walked over to the barricades. He had been standing a few feet away in the comfortable shade of the building he works at. After a reporter beckoned him, he strolled over and other reporters flocked to him. | |
| “What? Do you want my autograph now?” he asked. “I can’t comment,” he said. | |
| When asked if the trading being halted for more than hour and a half, he smiled: “What’s scary is you asking me all these questions.” | |
| Updated at 1.26pm ET | |
| 1.20pm ET18:20 | |
| Homeland Security secretary Jeh Johnson is delivering a speech on cybersecurity in Washington, and opened by saying the stoppage is not due to “nefarious actions”. The Guardian’s Ben Jacobs is listening in. | |
| Johnson: It appears that today we had a system malfunctions at United, the New York Stock Exchange and the Wall Street Journal | |
| Johnson says it appears that the malfunctions at United and NYSE was not the result of nefarious actions. We know less about the WSJ | |
| 1.16pm ET18:16 | |
| My colleague Jana Kasperkevic is on Wall Street, where the exchange looms up over the sidewalk. She reports: | |
| The New York State Exchange stand regal in the downtown Manhattan, one side of it draped in huge American flag. Even as tourists snap selfies and family portraits nearby, the building remains inaccessible as the traders who work on its floors are separated from the public by metal barricades. | |
| The exchange has claimed at least a ten-feet wide sidewalk, where traders can smoke in peace. And smoke they did on Wednesday. | |
| About an hour after the trading halted, one walked out. “What happened?” two photographers standing nearby asked. He shrugged, “the system crashed.” | |
| Bunch of tourists snapping selfies outside #nyse. Maybe it's the flag? pic.twitter.com/Na2BRR67Et | |
| 1.11pm ET18:11 | |
| A US official has told the Guardian that there is no indication anything that happened today was the result of any malicious actor, cyber attack, etc. | |
| The day is apparently full of coincidences of a technically glitchy nature, however. United Airlines grounded all US flights over computer issues earlier on Wednesday, telling my colleague Amanda Holpuch (@holpuch) the major delays were due to a “network connectivity issue”. The Wall Street Journal’s website also briefly shut down around midday. | |
| Meanwhile in Washington FBI director James Comey warned senators about the dangers of commercial encryption and urged them to allow “backdoor” access into encryption software. Homeland Security secretary Jeh Johnson is scheduled to give a speech on cybersecurity later today. | |
| For the more conspiracy-minded readers out there, hacker collective Anonymous has the tweet for you, sent late last night. | |
| Wonder if tomorrow is going to be bad for Wall Street.... we can only hope. | |
| 12.54pm ET17:54 | 12.54pm ET17:54 |
| The NYSE has elaborated a bit on the closure, saying it was caused by “an internal technical issue and is not the result of a cyber breach”. | The NYSE has elaborated a bit on the closure, saying it was caused by “an internal technical issue and is not the result of a cyber breach”. |
| A spokesperson for the NYSE released this statement: ““We’re currently experiencing a technical issue that we’re working to resolve as quickly as possible. We will be providing further updates as soon as we can, and are doing our utmost to produce a swift resolution, communicate thoroughly and transparently, and ensure a timely and orderly market re-open.” | A spokesperson for the NYSE released this statement: ““We’re currently experiencing a technical issue that we’re working to resolve as quickly as possible. We will be providing further updates as soon as we can, and are doing our utmost to produce a swift resolution, communicate thoroughly and transparently, and ensure a timely and orderly market re-open.” |
| Even should the NYSE resolve its technical issue promptly, the Intercontinental Exchange that owns it will inevitably face questions as to why it apparently gave no forewarning that it would shut down trading in the middle of an otherwise normal workday. | Even should the NYSE resolve its technical issue promptly, the Intercontinental Exchange that owns it will inevitably face questions as to why it apparently gave no forewarning that it would shut down trading in the middle of an otherwise normal workday. |
| (2 of 3) We chose to suspend trading on NYSE to avoid problems arising from our technical issue. | (2 of 3) We chose to suspend trading on NYSE to avoid problems arising from our technical issue. |
| (3 of 3) NYSE-listed securities continue to trade unaffected on other market centers. | (3 of 3) NYSE-listed securities continue to trade unaffected on other market centers. |
| 12.50pm ET17:50 | 12.50pm ET17:50 |
| The New York Stock Exchange unexpectedly stopped all trading at about 11.30am ET on Wednesday after a “major technical issue”. | The New York Stock Exchange unexpectedly stopped all trading at about 11.30am ET on Wednesday after a “major technical issue”. |
| The NYSE’s website only reads: “Additional information will follow as soon as possible.” | The NYSE’s website only reads: “Additional information will follow as soon as possible.” |
| Other exchanges such as the Nasdaq remain open and functioning, and although law enforcement agencies have said they are investigating, the Department of Homeland Security said there was no sign of suspicious activity. | Other exchanges such as the Nasdaq remain open and functioning, and although law enforcement agencies have said they are investigating, the Department of Homeland Security said there was no sign of suspicious activity. |
| The largest stock exchange in the US has suffered from technical problems before, though never of such duration or scale. | The largest stock exchange in the US has suffered from technical problems before, though never of such duration or scale. |
| The apparent technical issue coincides with sharp falls in the Chinese stock market and fears in Europe over the Greek debt crisis. | The apparent technical issue coincides with sharp falls in the Chinese stock market and fears in Europe over the Greek debt crisis. |
| We’ll include updates on the NYSE, markets and other developments here, assisted by my colleague Jana Kasperkevic (@kasperka) on Wall Street, and Dan Roberts (@robertsdan) and Ben Jacobs (@bencjacobs) will report on any developments on Washington about the stoppage. | We’ll include updates on the NYSE, markets and other developments here, assisted by my colleague Jana Kasperkevic (@kasperka) on Wall Street, and Dan Roberts (@robertsdan) and Ben Jacobs (@bencjacobs) will report on any developments on Washington about the stoppage. |
| Updated at 12.51pm ET | Updated at 12.51pm ET |