NYSE Suspends Trading on Amazon, Google Over Data Glitch

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NYSE Suspends Trading on Amazon, Google Over Data Glitch

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.

(image: NYSE)

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.

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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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