Thursday's multihour trading halt for three stocks on the New York Stock Exchange has revived the long-running "man vs. machine" debate and exposed animosity between the Big Board and its all-electronic competitor the Nasdaq.
As TheStreet.com reported Thursday, a premarket trade originating from Fidelity Investments earlier in the day was transmitted incorrectly by Citigroup's (C Quote) Lava unit, triggering a multihour NYSE trading halt for shares of AT&T(T Quote), Wyeth (WYE Quote) and Jefferies (JEF Quote).
The halt and effort to reopen trading for the stocks prompted a frantic scene on the floor of the exchange, which is often sleepy these days as more trading is being done electronically. But the real drama occurred off market -- literally and figuratively -- as the Nasdaq was later forced to break, or cancel, nearly an hour's worth of trades in Wyeth that occurred in all-electronic platforms prior the Big Board's halt. ...
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