NYSE trading halts on tech glitch

Four minutes before end of trading Wednesday, brokers report that orders were not getting filled.

June 1, 2005: 5:15 PM EDT


NEW YORK (Reuters) - A communications problem halted trading on the the floor of the New York Stock Exchange about four minutes before the end of trade at 4 p.m. on Wednesday.

After reviewing the problem, NYSE officials said trading would not resume on Wednesday, and all trades that were not executed at that point will be considered cancelled.

The bell rang inexplicably at 3:56 pm, prompting confusion on the trading floor.

The problem originated with the exchange's Securities Industry Automation Corporation, which disseminates market data and runs computer trading systems, a floor source said.

SIAC is a technology center joint-owned by NYSE and the American Stock Exchange.

A spokeswoman for the NYSE couldn't immediately provide details, but one trader noted difficulty getting orders filled.

"We have orders that didn't get executed," said Brian Williamson, vice president, equity trading, The Boston Co. Asset Management. "We heard from our brokers on the floor who were telling us that the system was essentially broken."

The NYSE is expected to be open for trading at 9:30 am on Thursday, the standard time.