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Forbes’ Steve Schaefer reports a technical issue led the Nasdaq stock market to halt all trading in shares listed on its exchange, and request fellow exchanges do the same.
The New York Stock Exchange acknowledged it had done so at the request of Nasdaq, even while orderly trading in its own listed securities continued as normal. Typically when a stock exchange is dealing with a technical issue, orders can be routed through other exchanges.
Nasdaq still has not put a timeframe on when it expects to be back online, but issued a statement that when it re-opens trading in so-called “Tape C” securities it will do so on a halted basis with a 5-minute “quote only” period to start (not unlike the 15-minute period before a new IPO begins trading). Customers who want to cancel orders can do so, but the exchange will not cancel open orders, Nasdaq said.
