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Thursday, July 02, 2009
NYSE Traders Forced Into Rare Extra Inning
By Ray Hennessey
FOXBusiness
The New York Stock Exchange extended trading by 15 minutes Thursday, in an extraordinary move prompted by what the exchange
said were “system irregularities.”
The NYSE had connectivity issues that prevented some orders from being completed at the traditional 4 p.m. Eastern time close.
As a result, traders were allowed to manually execute orders until 4:15 p.m.
Unlike other stock markets, the NYSE still uses specialists, or actual traders who hold mini-auctions that help set the price
of a stock. While electronic trading now makes up the bulk of trading at the Big Board, specialists still handle some of the
order flow on the exchange floor.
Trading past the official close is rare, but in October 2008, amid the heavy volatility brought on by the near-collapse of
the U.S. financial system, trading in individual stocks was extended so specialists could fill orders.
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