NYSE says bizarre glitch that showed Berkshire Hathaway down 99.97% has been resolved

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In an update, NYSE said impacted stocks have reopened and “all systems are currently operational.” Intercontinental Exchange, the parent company of NYSE, has found no indication the glitch was caused by a cyberattack, a senior executive at a major bank in touch with ICE told CNN. Instead, NYSE said there was a “technical issue” with industry-wide price bands that “triggered halts in a number of stocks” listed on NYSE.
NYSE noted that those price bands are published by the Consolidated Tape Association’s (CTA) Security Information Processor (SIP). CTA, an industry group, is responsible for publishing real-time trade and quote data. Dozens of stocks were paused earlier in the day, an indication they traded outside those so-called limit up-limit down bands, according to NYSE’s website. That list includes Chipotle and Berkshire Hathaway, the holding company run by legendary investor Warren Buffett. Representatives for the Securities and Exchange Commission did not respond to a request for comment.
Joe Saluzzi, co-founder of Themis Trading, told CNN that the NYSE’s explanation is hard to square with the bizarre trades that hit the tape. “I’m not buying that explanation. That doesn’t make any sense to me,” said Saluzzi, a market structure expert and author of “Broken Markets.” Trading data provided by Refinitiv shows that Berkshire Hathaway changed hands at $620,700 as of 9:44:32 on Monday morning. And then, without any explanation, the stock crashed to just $185.10.

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