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[1/2] NYSE’s chaotic Monday (the June 3rd, 2024 technical glitch caused by the CTA SIP)
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For a brief moment this morning, the stock price of Berkshire Hathaway’s Class A shares fell 99.97% to $185 per share.
This, of course, was a technical glitch, one that affected not just Berkshire, but also 39 other NYSE listed securities, from a Pimco bond ETF, to Bank of Montreal, to the Direxion triple leveraged Aerospace & Defense ETF
The root cause of the technical glitch is surprisingly not related T+1 settlement, which became effective just last week. Instead, the issue is with a third party called the CTA.
CTA is the Consolidated Tape Association, which is an industry group that disseminates real-time trade and quote information via a service called the Securities Information Processor.
This, of course, was a technical glitch, one that affected not just Berkshire, but also 39 other NYSE listed securities, from a Pimco bond ETF, to Bank of Montreal, to the Direxion triple leveraged Aerospace & Defense ETF
The root cause of the technical glitch is surprisingly not related T+1 settlement, which became effective just last week. Instead, the issue is with a third party called the CTA.
CTA is the Consolidated Tape Association, which is an industry group that disseminates real-time trade and quote information via a service called the Securities Information Processor.