On April 25, 2018, just after noon EDT, the New York Stock Exchange (NYSE) stated that trading on five symbols will be suspended owing to a pricing scale coding issue. Amazon (AMZN), Booking Holdings Inc. (BKNG), Alphabet Inc. Class A and Class C (GOOGL and GOOG), and Zion Oil & Gas Inc. are among the companies impacted (ZNWAA).These equities are still traded on the Nasdaq, the NYSE Arca, and the NYSE American.
The exchange declared in a trader notice that transactions in the five symbols would be stopped for the day and that any existing orders would be canceled.
“To me, that seems really trivial and not a major concern,” Joe Saluzzi, partner and co-founder of Themis Trading, told CNBC.
A price scale code is used on the NYSE to convert a full integer price in binary to a decimal price for a certain stock. The decimal location of a company’s converted pricing is determined by price scale codes. Codes of 0, 1, 2, 3, 4, or 6 indicate the base-10 exponent by which the total integer price should be divided.
The following is an example from a NYSE API Specification document: The price scale code is 2 and the whole integer price is 1350. Divide 1350 by 100 (102 or 10) to get the decimal price. As a consequence, the decimal price is 13.50.
Earlier this morning, the exchange issued a warning to traders that execution reports priced at $1000 or greater were being published improperly with a price scale code of 5. To put it another way, equities valued over $1000 were being divided by a bigger number than was necessary to calculate their trading values.
On the NASDAQ at 1:15 p.m. today, AMZN was trading at $1450.61, GOOG at $1025.17, GOOGLat $1029.98, and BKNG at $2079.00.
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