A recent outage of the New York Stock Exchange (NYSE) provided market centers with an unexpected chance to test new rules meant to stave off the effect of technical glitches.
“If they followed what they’ve been thinking about doing, it could be a good test of, ‘are those procedures effective? Do they need some tweaking?’” said Laura Pruitt, partner in Alston & Bird’s Financial Services & Products Group. “This seems to be a contained problem. If the NYSE were the only venue where you could trade NYSE-listed securities, it would be a much bigger problem.”