Trading Halted At Nyse

zdreg · Jun 2, 2005

Quote from I Missed Boat:

You said this twice now. You don't really believe this do you? This would require a conspiracy involving hundreds (if not thousands), where everyone keeps their mouths shut. And all these rich people risk huge trouble, according to your idea, in order to find some way to profit from closing a few minutes early. This is nothing more than an example of the perils of having electronic markets (which is why Nazdaq has had worse things happen).

do you have an alternative?
why Z in Nazdaq? I am going to start a thread called Z in Nazdaq?

nitro · Jun 2, 2005

Apparantly the SIAC backups failed too.

It will be interesting to hear why the redundancies failed.

nitro

nitro · Jun 2, 2005

One interesting possibilty as a result of the halt is that VIA.b was supposed to do a 5% reweighting yesterday at the close that obviosuly did not happen.

This may create an opportunity in VIA.b at the open today.

nitro

Don Bright · Jun 2, 2005

As it turns out, much to do about nothing. I sold short GS on a pair, placed a buy for BSC right when SIAC shut down. I simply went to ARCA to buy the BSC a couple of minutes later. Evidently the ARCA/NYSE merger will bring with it a better back up system.

I tell my new traders that whenever you experience shut downs, beyond your control, that there is a 50-50 chance that you will make money "which is often better odds than when the systems are running correctly"....LOL.

Don

LMeyers · Jun 2, 2005

Quote from Don Bright:

I tell my new traders that whenever you experience shut downs, beyond your control, that there is a 50-50 chance that you will make money "which is often better odds than when the systems are running correctly"....LOL.

Don

LOL. This is funny but very true. Probably the reason why coppering suckers bets has always been the most profitable system for making money on Wall Street.

Ticketwatcher · Jun 2, 2005

Bob Pisani was reporting from Emerald City and interviewed the man behind the curtain at the NYSE. Mr. Thain seemed reluctant to put his human face on the NYSE, but attributed the shutdown to a "network storm" which took out the back-up systems as well. He did not exude confidence or authoritativeness in his explanation that the egregious security breach had been solved by assigning a separate password for each router in the system. He seemed in hurry to return the 20th century and get back behind the comfort of his curtain. Of course Mr. Thain's remarks were celebrated by all the munchkins at CNBC.

aPismoClam · Jun 2, 2005

Quote from Ticketwatcher:

Bob Pisani was reporting from Emerald City and interviewed the man behind the curtain at the NYSE. Mr. Thain seemed reluctant to put his human face on the NYSE, but attributed the shutdown to a "network storm" which took out the back-up systems as well. He did not exude confidence or authoritativeness in his explanation that the egregious security breach had been solved by assigning a separate password for each router in the system. He seemed in hurry to return the 20th century and get back behind the comfort of his curtain. Of course Mr. Thain's remarks were celebrated by all the munchkins at CNBC.

cute. but auctions occur in the 21th century, too.

Hydroblunt · Jun 2, 2005

Quote from I Missed Boat:

You said this twice now. You don't really believe this do you? This would require a conspiracy involving hundreds (if not thousands), where everyone keeps their mouths shut. And all these rich people risk huge trouble, according to your idea, in order to find some way to profit from closing a few minutes early. This is nothing more than an example of the perils of having electronic markets (which is why Nazdaq has had worse things happen).

It's the way they handled it. What if the futures had gapped in eitehr direction. Think about that.

Good thing there was no drastic opening. I took a small loss, very satisfied with that. Stock crapped out as I thought, I'm just glad he didn't get a chance to gap down.

murray t turtle · Jun 2, 2005

Quote from I Missed Boat:hydroblunt

You said this twice now. You don't really believe this do you? This would require a conspiracy involving hundreds (if not thousands), where everyone keeps their mouths shut. And all these rich people risk huge trouble, according to your idea, in order to find some way to profit from closing a few minutes early. This is nothing more than an example of the perils of having electronic markets (which is why Nazdaq has had worse things happen).

^^^^^^^
Figure the most likely scenerio is the Bright trading one where NYSE -ARCA will help.

Two[2] litle problems wih a conspiracy [1]NYSE would lose money closing early intentionaly [2]Breaking thier word cost some of them ,was it 200 or 300 million in fines???

Cant posibly know all the meanings of initials ;
but even trading/investing NYSE stocks,
bottom line its- CST for me , translated =Chicago Standard Time.

nitro · Jun 2, 2005

Quote from murray t turtle:

...
bottom line its- CST for me , translated =Chicago Standard Time.

You never need to translate murray - we always know exactly what you are talking about.

nitro