NYSE Equities has resolved a “technical issue” connected to Limit Up-Limit Down (LULD) bands which resulted in dozens of stocks being sent into volatility pauses.
It said shortly after 11am that the issue was caused by price bands published by the Consolidated Tape Association (CTA), an organization used by major exchanges to jointly provide real-time stock quotes.
Earlier on Monday, the CTA had reported a failure that caused it to switch to its disaster recovery center.
The impacted stocks, which included Warren Buffett’s firm Berkshire Hathaway and Chipotle Mexican Grill, have since reopened or are in the process of reopening and the price bands issue has been resolved, the NYSE said.
Some stocks showed outsized movements, including Berkshire Hathway and Barrick Gold which both displayed as down almost 100%.
LULD is designed to protect traders from extreme volatility. Price bands for individual securities are set at a percentage level above and below the average reference price for the asset for the preceding five-minute period.