Order Flaw Sees Nasdaq Shut Down Single Stock
Yesterday Nasdaq was forced to shut down trading for San Francisco-based Peet's Coffee & Tea, when erroneous orders sent the company's stock price soaring in a matter of seconds after high-trading volume in the security when the market opened.
The order flaws have not yet been identified; however, the stock's price is said to have risen by 5 percent before its trading on the electronic exchange was halted.
Though limited in scale, the glitch is the latest in a series of technology-related problems witnessed on equities exchanges. Knight Capital was rescued earlier this month after losing $440 million in under an hour on an algorithmic programming error, leading the SEC to schedule a roundtable to discuss the implications of HFT and algorithmic trading in September. Meanwhile, exchanges in Madrid and Tokyo have also seen gaps in trading due to tech errors.
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