Exchange Halt Shows Perils of Complexity Beyond Stocks: Options
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The price-feed malfunction that briefly froze U.S. options exchanges yesterday shows the dangers of a fragmented market structure go beyond equities trading.
All 12 U.S. options venues temporarily shut, with firms from CBOE Holdings Inc. to Nasdaq OMX Group Inc. citing errors within the Options Price Reporting Authority. NYSE Euronext is looking into whether a software upgrade at its Securities Industry Automation Corp. subsidiary, which administers the feed, was to blame, said Rich Adamonis, a company spokesman.