The Big Board was unable to carry out a closing auction for a number of big-name exchange-traded funds on its NYSE Arca market, according to people familiar with the matter.
The New York Stock Exchange just had a trading snafu.
NYSE suffered an outage on its Arca marketplace that meant it couldn't carry out a closing auction for a number of exchange-traded funds on Monday.
"The matching engine crapped out in the last few minutes, and the closing auction didn't get done," one market participant told Business Insider.
The result is that trades on NYSE Arca, NYSE's ETF trading venue, went unexecuted.
Here's how it went down:
Then, at 8:59 p.m., NYSE put out a statement saying that the underlying cause of the disruption had been identified and remediated, and that exchange-traded product holders that wanted to file a claim for compensation should do so by 9.30 a.m. on March 21.
On March 20, 2017, the NYSE Arca Equities trading platform experienced a system issue resulting in a subset of symbols failing to conduct a closing auction or transition from the regular trading session to the late trading session at 4:00 p.m. The Exchange suspended trading in all symbols at approximately 4:13 p.m. and cancelled all open orders. In securities that failed to transition from the regular trading session to the late trading session, orders designated for the regular trading session may have executed after 4:00 p.m. The Exchange invoked its procedures for determining the Official Closing Price ("OCP") when the Exchange is unable to conduct a closing transaction in one or more listed securities due to a systems or technical issue. OCPs for NYSE Arca-listed securities were subsequently transmitted to the SIP, which can be found here.
The underlying cause of the disruption has been identified and remediated.
ETP Holders seeking to file a claim under NYSE Arca Equities Rule 13.2 are reminded that any claims for compensation in relation to an exchange system failure must be submitted to email@example.com by 9:30 a.m. on March 21, 2017 in order to be eligible for consideration.