The New York Stock Exchange (NYSE) temporarily halted trading for dozens of stocks due to a technical issue, which included a significant drop in Berkshire Hathaway’s A-class shares, Associated Press reports.
Notably, Berkshire Hathaway’s A-class shares briefly plummeted 99.97% from $627,400 to $185.10 before trading was halted and then quickly rebounded to nearly $700,000 once trading resumed. The issue, which affected pricing data, led to halts for up to 40 ticker symbols. It was linked to a software release by the Consolidated Tape Association, responsible for providing price ranges that can trigger trading halts during volatility. The problem was resolved by switching to a secondary data center. Other impacted stocks included Chipotle Mexican Grill and Bank of Montreal.
The industry recently adopted a faster settlement system for stock trades, now requiring settlement in one business day instead of two. This change, recommended by the Securities and Exchange Commission, was a response to the “meme-stock” craze of early 2021, which stressed the market infrastructure and led some brokerages to restrict trading, angering customers.
