A key stock-market data feed run by the New York Stock Exchange suffered a technical glitch on Monday, leading to delays in releasing the end-of-day values of the Dow Jones Industrial Average and the S&P 500.
The issue was the latest in a series of technical problems for the NYSE in recent years. The NYSE is in the process of upgrading the core technology on its flagship exchange.
The data feed hit by Monday’s glitch is one of two securities information processors, or SIPs, which aggregate information on stock prices and trades and broadcast it out to a range of brokerages and financial-media outlets.
The SIP affected by the glitch disseminates data on NYSE-listed stocks as well as some other securities. A SIP run by Nasdaq Inc. was unaffected.
The Consolidated Tape Association, the group that oversees the data feed for NYSE-listed stocks, first reported a problem at 3:15 p.m. New York time and later said it had switched over to a backup data center, according to alerts on the CTA’s website.
But it was still experiencing “connectivity and trade input issues” as of 7:28 p.m., according to another alert from the CTA. The group—a consortium of U.S. stock exchanges as well as Wall Street’s self-regulator, the Financial Industry Regulatory Authority—contracts out the operations of the data feed to a unit of the NYSE.
“Due to the earlier reported CTA issue, there are delays in the publishing of trades and closing prices to the Consolidated Tape for a subset of symbols,” NYSE said in a notice published on its website.
Trading on Monday was generally smooth despite the glitch. But some financial-data providers, such as FactSet, issued late revisions to the values of the Dow and the S&P 500. Yahoo Finance and Google showed closing values for the S&P 500 that were timestamped 5:13 p.m., about an hour later than usual.
End-of-day prices, normally published just after 4 p.m., have become more important in recent years as investors have piled money into index-tracking funds. Such funds are designed to passively track a basket of underlying stocks, and each day the funds’ managers seek to keep the funds in line with the closing value of each stock in the basket.
Several off-exchange “dark pools”—private platforms for trading stocks—went offline during the SIP outage, traders said. Such platforms rely on stock-price information broadcast by exchanges to determine the prices that trades are executed at.
A NYSE spokesman declined to comment beyond the official notices posted on the exchange’s website. A spokesman for the CTA referred requests for comment to the NYSE, which is a unit of Atlanta-based Intercontinental Exchange Inc.
Reporting couldn’t immediately determine whether Monday’s glitch was related to the upgrade on the NYSE’s flagship exchange, in which the Big Board is swapping out old technology for a new, faster platform called Pillar.
The upgrade, which began last week, is focused on the NYSE’s trading systems—which match buyers and sellers—rather than the systems responsible for broadcasting price data.
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