This Is Why the NYSE Shut Down Today

TIME

Two weeks ago, the New York Stock Exchange told trading firms and other subscribers that it would be discontinuing some of its legacy systems. Apparently, the fix discounted the entire NYSE.

The NYSE has not yet confirmed why trading on the exchange was halted at 11:32 on Wednesday morning. It has said that it was the result of technical issues and did not off any further elaboration.

But Eric Scott Hunsader, an expert in Wall Street trading systems who heads market data firm Nanex, said that it appears that a faulty system upgrade brought trading on the exchange to a halt. The NYSE has reportedly also told floor traders the exchange had to suspend trading due to an error with a systems upgrade that was rolled out before the market opened on Wednesday.

Hunsader said there were indications that the NYSE was having problems even before the market opened on…

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