A major stock market data feed run by the New York Stock Exchange suffered a technical error on Monday, leading to delays in releasing the closing day values of the Dow Jones Industrial Average and S&P 500.
The problem, which was resolved late at night, it was the latest in a series of technical problems for the NYSE in recent years. NYSE is upgrading its core technology on its flagship exchange.
The data feed hit by Monday's error is one of two securities information processors, or SIPs, that collect stock price information and trades and send it out to a variety of brokerage houses and financial media.
SIP affected by glitch disseminates data on NYSE-listed shares as well as some other securities. A SIP driven by
was not affected.
The Consolidated Tape Association, the group that monitors the NYSE-listed stock data feed, first reported a problem at 3:15 p.m. New York time and later said it had switched to a backup data center, according to alerts on the CTA website.
But it still experienced "connectivity and trade entry problems" from 19:28, according to another CTA notice. The group – a consortium of US stock exchanges as well as Wall Street's self-regulator, the Financial Industry Regulatory Authority – is contracting the operation of the data feed to a unit in the NYSE. At 21:17 CTA said the problem was resolved.
"Due to the previously reported CTA issue, there are delays in publishing trades and closing prices for consolidated tapes for some of the symbols," the NYSE said in an announcement published on that site.
Monday trading was generally smooth despite the error. But some financial data providers, such as FactSet, provided late revisions to the values of the Dow and the S&P 500. Yahoo Finance and Google showed closing values for the S&P 500, which were timed at 7 p.m. 5pm, about an hour later than usual.
End-of-day prices, usually published just after 4pm, have become more important in recent years as investors have piled money into index-tracking funds. Such funds are designed to passively track a basket of underlying stocks, and each day the fund managers seek to keep the funds in line with the closing value of each stock in the basket.
Several "dark pools" that have not been exchanged – private stock trading platforms – went offline during SIP power outages, traders said. Such platforms rely on stock price information sent by stock exchanges to determine the prices at which trades are performed.
A NYSE spokeswoman declined to comment beyond the official announcements posted on the exchange's website. A CTA spokeswoman referred requests for comment to the NYSE, a unit of Atlanta-based Intercontinental Exchange Inc.
Reporting could not immediately determine whether Monday's error was related to the upgrade on the NYSE's flagship exchange, where the Big Board is replacing old technology for a new, faster platform called Pillar.
The upgrade, which began last week, is focused on the NYSE trading systems – which match buyers and sellers – rather than the systems responsible for broadcast rate data.
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