Following a New York Stock Exchange (NYSE) glitch that resulted in the voiding of trades for hundreds of securities, Bloomberg spoke with Gary DeWaal, Financial Markets and Funds senior counsel, on potential damages related to erroneous prices. Anytime transactions are canceled by an exchange there are unintended consequences. Often times traders will automatically put on or take off other positions as a result of a new trade, but when the new trade is canceled because the price is "bad," not only do traders lose that transaction at the supposed "bad" price, but they are stuck with a "subsequent new positions that would make no sense if the trades at the bad price did not really happen."
"NYSE Says Certain Trades to Be Canceled After Glitch at Open," Bloomberg, January 24, 2023
New York
