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NYSE glitch caused irregular share prices
On January 24, 2023, a system issue caused 251 securities to be traded without an opening price and before the receipt of Limit Up Limit Down bands. Before trading begins on a security each day, the opening price for that security is calculated using pending buy and sale orders. Immediately after trading begins, limit up and limit down (LULD) bands are set to prevent stocks from being traded outside of certain price ranges. These two things didn’t occur for these 251 securities. As a result, investors were able to place orders at prices that were sometimes …