CSCO: Another halt because of erroneous trades
CSCO was halted for 5 minutes today because of 7 trades that went off between $24.13 and $26.00. It looks like these trades were executed on the NYSE Amex. If you recall from our post the other day, NYSE Amex is now trading NASDAQ stocks as of July 12th. They are using a model of parity and priority. As the NYSE Amex release states: “The parity-based system enables the DMM, any floor broker and the first order in the exchange’s order book to have equal standing in terms of execution priority at a particular price level.” Hmmm, looks like they better look into that parity thing.
But regardless of what happened at the NYSE Amex, we have another trading halt that should not have happened. “Cooler heads got to prevail” is what we will hear and that the circuit breakers are working. And we say, just the opposite: confidence continues to erode and these false halts are causing more agitation with investors.