NYSE Tech Update Creates Glitch
Last week the New York Stock Exchange underwent a significant technology update. This update would allow the exchange to have enhanced price analysis. However, it seems that in the update, there was an issue that’s now causing for a pricing glitch. This glitch is affecting traders in New York City, America & the world. Traders now have to experience delays with end-of-day pricing for the S&P 500 and the Dow Jones.
The Consolidated Tape Association first reported this glitch. The NYSE Group manages all the data that’s fed into the New York Stock Exchange. They announced the glitch by 15:15 NYC Time. The association moved the exchange onto the backup data centre, but shortly after at 19:28, they saw the stock exchange still had trade input and connectivity errors.
This glitch comes at a horrendous time for the New York Stock Exchange. Last week marked the release of the highly anticipated new system called “Pillar”. This new system is set to make significant changes for the NYSE Operations. It’ll allow for all asset classes to be maintained through one platform.
Pillar was slated to launch on the New York Stock Exchange back in 2015. However, significant issues caused by a four-year delay in the system’s release. There were times in the past where the NYSE tried to release Pillar, such as back in 2017. Back then, the technology failed to showcase the end-of-day prices on more than 300 ETF’s & Stocks. It’s currently unknown if the NYSE will shutdown Pillar.