Trades on Berkshire Hathaway Shares at Massive Discount of 620000 USD Canceled by NYSE All Details

The New York Stock Exchange (NYSE) had to halt trading on about 40 stocks due to a glitch during a software update on Monday morning. Due to this glitch, the stock prices of these companies including Warren Buffett’s Berkshire Hathaway started seeing a decline of up to 99.9%. Before trading was halted, many traders bought Berkshire’s stock during the steep decline. After this, the New York Stock Exchange announced that all the problems in the system were fixed and the market started running normally. However, in the end the NYSE dashed the hopes of those who had bought Berkshire Hathaway shares during the 99.9% decline.

Last Tuesday at 9 pm, the NYSE issued a statement saying that it would cancel all Berkshire Hathaway trades that took place at the time of the error. rejected doing. The exchange termed these trades as ‘erroneous’. “He will “bust” all “erroneous” trades of Berkshire Hathaway stock at or below $603,718.30 per share,” the exchange wrote in its post.

As we reported, a data glitch on June 3 caused Berkshire Group’s share price to fall to $185 per share (about Rs 15,000), which had closed at $620,000 (about Rs 5.18 crore) on its previous trading day. . This is a decline of 99.97%. trade closed Many people took advantage of this decline and booked trades before it happened.

While it is unclear how many people may have purchased Class A stock during the one-and-a-half-hour glitch, the exchange later clarified that all trades made during that time were erroneous. During this period, not only Berkshire but all the companies affected by the glitch have had huge falling trades rejected. Not only this, this decision cannot even be appealed against.

Fortune’s Report According to the New York Stock Exchange, the issue was caused by a problem in the Consolidated Tape Association (CTA). CTA provides realtime information about stock quotes and trades. It manages a part of the system called the Securities Information Processor (SIP), which combines all stock quotes and trades into a single data stream. To fix this, CTA reportedly switched back to a previous version of the software.