NYSE Mayhem Traced to Staffer's Backup System Error

A recent NYSE disruption was traced to an employee error involving a backup system left running, causing market swings for over 250 companies. The error prevented the morning auction, leading to illiquid trading conditions and significant price volatility. Over 1300 trades and 84 stocks were affected, with some trades being canceled. Financial repercussions are expected, and complaints have been filed by those who lost money. Schwab also criticized NYSE, expressing concerns about fairness for individual traders.

What was the primary cause of the NYSE market chaos?

• A cyber attack

• An employee error with a backup system

• A software update failure

• A power outage

What was the consequence of the backup system error at the NYSE?

• The market closed early

• All trades were canceled

• The morning auction was skipped

• The trading day was extended

How many trades were affected by the NYSE error?

• Over 2000

• Over 500

• Over 1300

• Over 1000

What financial measure does the NYSE set aside monthly for dealing with issues?

• $250,000

• $100,000

• $500,000

• $1,000,000

What concern did Schwab express regarding the NYSE incident?

• The market might close indefinitely

• Individuals might not receive fair treatment

• All trades would be reversed

• The NYSE would face legal action