Published: Wed, July 05, 2017
Markets | By Erika Turner

Data Glitch Briefly Pegs Incorrect Prices on Multiple Nasdaq Stocks

Data Glitch Briefly Pegs Incorrect Prices on Multiple Nasdaq Stocks

Google's end-of-day prices are provided by Swiss-based SIX Financial Information while the intra-day prices are provided by New York-based Interactive Data Real-Time Services, Inc.

At other times, the market data reset shares in major corporations like Apple, Google, and Microsoft to $123.47 (109 euros) each. The odd numbers didn't have any effect on actual trades in the stocks, Nasdaq spokesman Ryan Wells confirmed.

The swings came on a day that the USA stock market closed early at 1 p.m., on the eve of the July 4 holiday.

Nasdaq is investigating the improper use of test data distributed by the UTP [unlisted trading privileges] and consumed by third parties.

Nasdaq blamed the erroneous use of test data, and said the situation had been fixed. "Nasdaq is working with third party vendors to resolve the matter", the spokesman said.

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For Amazon, that would have meant a $398 billion drop in market capitalization. Despite sporadic claims of some trades being made at the $123.47 price, Nasdaq told the FT that it did not affect market trading.

Mohammed Apabhai, head of Asia-Pacific trading strategy at Citigroup said: "We're more aware these days of the potential for glitches".

Apple also appeared to have crashed with its shares down over 14% after ending the day off just 0.4% and slightly higher during trading after hours.

It's unclear at this stage how the test data was propagated, but it appears that it may have happened first on Bloomberg, with other services then picking up that feed.

By early Tuesday, the correct data was appearing on the websites affected.

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