By Jacob Bunge, Chris Dietrich, Tomi Kilgore and Kaitlyn Kiernan
Trading resumed in Nasdaq Stock Market-listed securities, more than three hours after an abrupt halt in trading blamed on an unexplained technical issue paralyzed a large chunk of the U.S. stock market.
Shares of exchange operator Nasdaq OMX Group Inc. (NDAQ) dropped immediately after trading resumed. The Nasdaq Composite Index, however, was up along with other major indexes.
The exchange said trades in all Nasdaq-listed securities between 12:14 p.m. ET, as the outage began, and 12:23 p.m. ET would stand. Trades made after that would be canceled, the exchange said. The outage raised new questions about U.S. trading systems following a series of high-profile glitches.
Read: Nasdaq outage was a 'black squirrel' event
Nasdaq officials scrambled Thursday afternoon to get trading resumed and to figure out what had happened. The issue stemmed from a data feed that provides market data for Nasdaq-listed securities, exchanges said in notices sent to traders.
U.S. stock-market officials and officials at the Securities and Exchange Commission convened a conference call shortly after the outage began, people familiar with the discussions said. President Barack Obama and Treasury Secretary Jacob Lew had been briefed on the halt, government officials said.
The outage froze prices on thousands of stocks, exchange-traded funds and options listed on Nasdaq and prompting other trading venues to stop trading those securities. Dark pools and other electronic trading platforms were also forced to suspend trading in Nasdaq-listed stocks, since there were no publicly quoted prices on those securities, traders said.
(An expanded version of this story is on WSJ:com http://online.wsj.com/article/SB10001424127887324619504579028873794227410.html?site=mktw.)
-MarketWatch; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
08-22-13 1609ETCopyright (c) 2013 Dow Jones & Company, Inc.
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