Here's What We Know So Far About The Shutdown At The NASDAQ
Daniel Goodman / Business Insider
UTP, or "unlisted trading privileges" refers to the ability of other exchanges to trade stocks on the NASDAQ and SIP ("securities information processor") is the system by which NASDAQ sends quotes of those securities to other exchanges.
Exchange officials are scrambling to a) figure out what happened and b) resume trading safely. At this point, everyone is just confused. From the Wall Street Journal:
"It's really shocking. We're stuck," said Ramon Verastegui, head of global engineering and strategy at Société Générale. "If we want to trade Apple, we can't."
With no new updates, CNBC pundits were locked in a talking heads decabox.
The "market is too complicated" and "ridiculously complex" said former Nasdaq Vice-Chair David Weild to CNBC.
Both the NYSE and the BATS Exchange stopped trading in all NASDAQ-listed Tape C securities, per NASDAQ's request. Tape C securities are listed on the NASDAQ or NASDAQ Small Cap exchange.
It's been largely radio silence from NASDAQ since its 1 PM alert:
NASDAQ intends to re-open trading in all Tape C securities with a halt cross with a 5-minute quote only period starting at a time to be determined. NASDAQ will not be cancelling open orders on the book. Customers who wish to cancel their orders may do so and any customer who wishes to not participate in the re-opening should cancel their orders prior to the resumption of trading. Additionally, NASDAQ will clear all stale quotes from the UTP SIP prior to the commencement of trading.
A low volume day should mean the NASDAQ can get back on its feet, according to CNBC. But we're still waiting.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Tesla tells some laid-off employees their separation agreements are canceled and new ones are on the way
- Taylor Swift's 'The Tortured Poets Department' is the messiest, horniest, and funniest album she's ever made
- UP board exam results announced, CM Adityanath congratulates successful candidates
- RCB player Dinesh Karthik declares that he is 100 per cent ready to play T20I World Cup
- 9 Foods that can help you add more protein to your diet
- The Future of Gaming Technology
- Stock markets stage strong rebound after 4 days of slump; Sensex rallies 599 pts