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Hi-tech Nasdaq shuts down

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A tech glitch on Thursday shut down trade on the Nasdaq for more than three hours, freezing prices on big technology stocks like Apple, Google and Facebook as well as the value of the Nasdaq index. 

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People walk past the NASDAQ MarketSite in Times Square on August 22, 2013 in New York City. AFP

Tech glitch halts Nasdaq trade for three hours

NEW YORK, AFP — An unexplained technology glitch on Thursday shut down trade on the Nasdaq for more than three hours, freezing prices on big technology stocks like Apple, Google and Facebook as well as the value of the Nasdaq index.

The halt was unprecedented for the second-largest US stock exchange.

Nasdaq OMX, the operator of the tech-rich Nasdaq Stock Market, halted trade around 12:15 pm.

The suspension came on the heels of other recent problems with electronic trading processes and could lead to tighter regulations on exchanges.

The Nasdaq Composite Index rose one percent in spite of the debacle, but analysts said such a mishap could have serious consequences for markets during busier news periods.

"Any time you see this kind of thing, it always brings the question of market integrity," said Michael Gayed, chief investment strategist at Pension Partners.

"Whenever you have a technical glitch, it is not comforting for people to put their money in."

Full trading resumed around 3:25 pm.

Nasdaq said it had resolved the technical issues in the first 30 minutes, but spent the remainder of the time coordinating with other exchanges, market participants and regulators organising the resumption of trade.

The shutdown came on a quiet day for Nasdaq, with no major economic news events or earnings from major Nasdaq companies.

Because other exchanges could not see price quotes from Nasdaq, those that trade Nasdaq-listed stocks, such as the New York Stock Exchange, could not continue to trade Nasdaq stocks.

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Vocabulary:

composite: made of different parts or materials - ที่ประกอบขึ้นจากหลายส่วน

consequences: results of effects of something - ผลที่ตามมา

coordinate: to organise the different parts of a job or plan so that the people involved work together effectively - ประสานงานกัน

debacle: something that fails  completely in an embarrassing way - การแตกสลาย, การพังทะลายลงอย่างกะทันหัน

earnings: the profit that a company makes - กำไร, ผลกำไร, รายได้

glitch: a small problem or fault that prevents something from being successful or working as well as it should - ความบกพร่องเล็กน้อย

halt: a stop - การหยุด, การหยุดชั่วครา

index: a number that shows the price, value, or level of something compared with something else - ดัชนี

integrity: the quality of being honest and having strong moral principles that you refuse to change - ความซื่อสัตย์, ความซื่อตรง

issue: a problem that needs to be considered - ประเด็น

mishap: an accident or mistake - อุบัติเหตุ, เหตุร้าย

on the heels: soon after another similar event - ตามแจ

operator: a person or company that runs a business - ผู้ดำเนินกิจการทางธุรกิจ, ผู้ประกอบธุรกิจ

participant: someone who takes part in something - ผู้เข้าร่วม

process: a series of actions that you take in order to achieve a result - แนวทางปฏิบัติ, กระบวน, วิธีการ

regulation: an official rule that controls the way that things are done - กฎระเบียบ

regulator: an official who makes certain that the companies who operate a system work effectively and fairly - ผู้มีอำนาจควบคุม

remainder: the part of something that is left after that rest have been considered, left, finished, etc. - ส่วนที่เหลืออยู่

resolve: to solve a problem, or to find a satisfactory way of dealing with it - แก้ไขปัญหา

resume: to begin again after stopping for a period of time - เริ่มอีกครั้ง, กลับมาอีกครั้ง

resumption: the act of beginning something again after it has stopped - การเริ่มต้นใหม่

stock: a share that somebody has bought in a company or business - หุ้น, หุ้นทุน

stock exchange: a place where shares in companies are bought and sold; all of the business activity involved in doing this - ตลาดหลักทรัพย์

strategist: a person who is skilled at planning things - ผู้เชี่ยวชาญด้านยุทธศาสตร์

suspension: stopping for a period of time - การยกเลิกชั่วคราว, การระงับชั่วคราว

tight: very strict and firm - เข้มงวด, กวดขัน, เคร่งระเบียบ

trade: the buying and selling of goods and services - การค้าขาย

unprecedented: never having happened before - ที่ไม่เคยเกิดขึ้นมาก่อน

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