The New Orleans stock exchange is in an all-out panic after a trading bot trading in stocks went down last night.
A CNBC reporter was able to enter the site late last night and get access to the bot trading system.
The exchange has been unable to update the stock market, and trading is currently halted for several hours.
CNBC’s Brian Loughlin tweeted the following on Wednesday night: “CNBC reports that the NYSE is in panic after losing a bot trading algorithm in the stock markets.”
On Wednesday morning, the NYSEX tweeted: “The NYSE bot trading is down and trading will be halted for the next few hours.
Please be patient.
The stock exchange did not respond to CNBC’s request for comment.
The New York State Securities Exchange (SESE) said the trading system crashed last night because the software was running at a rate of roughly 1,000,000 bots per second.
That means the system was running more than twice as fast as the trading bots were.SESe said it will “be conducting a full investigation to determine what happened and what could have been done better.”
The stock market has lost $1.8 billion since the bot-trading incident, and it is unclear how much of the loss is attributable to the crash.
The New Jersey Stock Exchange, which has been in the market since Monday, reported a loss of $7.3 million.
The NASDAQ has been experiencing some trading delays and volatility, with the NYMEX reporting a loss that exceeds $3.4 million.
The SESE said the bot system crashed because it had no way to determine whether it was a legitimate bot or not.
The SESe is investigating whether the bot was able and whether it is being used to generate fraudulent trades.
The stock exchanges website crashed for a second time earlier this week.
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