We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedTechnology

Nasdaq and others hit by further trading errors


Trades were cancelled in a security alert on Wednesday after erroneous orders triggered a steep rise in its share price

Article comments

Nasdaq and other exchanges cancelled trades in Peet’s Coffee and Tea shares on Wednesday after erroneous orders triggered a steep rise in its share price in a matter of seconds.

This is the latest glitch in a number of stock market software faults, which has raised questions about the reliability of automated and high frequency trading.

According to the Financial Times, shares in the security jumped nearly 5 percent on unusually high volume just after Nasdaq opened for business in New York. The exchange said in an alert that it would cancel all trades at or above $76.11 executed between 9.31am (EDT) and 9.32am.

The retail coffee chain’s shares, which opened at $73.89, jumped to as high as $77.47 in the opening two minutes of trading.
The name of the firm or firms from where the trading error might have occurred have not been revealed.

This news follows software glitches at trading giant Knight Capital, which resulted in losses of £281 million, and also on Nasdaq’s exchange during the botched Facebook initial public offering. The latter error has led to market making firms claiming losses in excess of £316 million.

According to reports, the Securities and Exchange Commission is holding a roundtable next month to discuss concerns over software glitches and other trading errors.

Share:

Recommended Articles

Comments

Nasdaq and others hit by further trading errors
Technology

Security technology checklist for CFOs

Security technology checklist for CFOs

Cyber threats are increasing in scale, scope and frequencymore ..


David Cameron's constituency finally gets 4G following EE network expansion

Mobile operator claims 75 percent of UK population now covered by its 4G networkmore ..

Instagram's Hyperlapse app gives videos a time-lapse effect

Users can shoot longer videos and then play them back up to 12 times fastermore ..

Amazon scoops up video gamer site Twitch for $1bn

Amazon is about to buy Twitch, a video game live-streaming service, according to reports.more ..

Who needs big data anyhow?

OPINION: where next for the CFO’s big data budget?more ..

Why your online identity can never really be erased

Privacy advocates agree individuals need to take responsibility for their own privacymore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..

Advertisement

* *