National Stock Exchange

Due to a database configuration error, NSX halted trading in BIOA/U at 12:37pm on Friday, May 10, 2013.  Trading in this symbol is scheduled to resume on Monday, May 13, 2013.

Posted April 23, 2013

Due to a database configuration error, NSX was unable to quote or trade in symbol CCHw on Monday, April 22, 2013.  No customer orders were submitted to the Exchange in this symbol on April 22, 2013.

Due to a database configuration error, NSX was unable to quote or trade in symbol MFApA/CL on Wednesday, April 17, 2013.  Trading in this symbol will resume on Thursday, April 18, 2013.

Posted April 12, 2013

Please be advised that during the period of March 13, 2013 through April 10, 2013, quotes in CTA products were not disseminated by the SIP between the times of 6:31pm ET and 8:00pm ET.  The problem was caused by an inadvertent configuration change implemented by the CQS/CTS Product Management team that configured the NSX closing time to 6:31pm ET.  This change was rolled back on April 11, 2013, to reflect the normal 8:00pm ET close. 

Posted on April 5, 2013

On March 27, 2013, NSX became aware of a rare situation in which, during order execution processing at a price point, execution reports in the form of a cancel or reject may be sent to customers prior to a related partial or complete fill report.  While these orders are being processed correctly with respect to price/time priority in the matching engine, NSX is investigating the problem further and plans to implement a code fix to resolve this matter.

Posted on April 5, 2013

In reference to the web disclosure posted on March 28, 2013, NSX Application Support was alerted to another occurrence of this system bug on April 1, 2013.  NSX continues to work on a code fix to resolve this matter.

Posted March 28, 2013

Please be advised that NSX has identified a system bug that may cause a round lot order to lock and/or cross a posted contra side round lot order instead of executing.  When such a state exists, the NSX quote publisher will not disseminate the quote to the SIP, and there is a momentary discrepancy between the NSX book and the SIP market data.  This bug has caused two incidents during the past 4 months.  The first occurred on December 4, 2012 and the second on February 21, 2013.  Each time, NSX Application Support personnel was alerted immediately.  NSX is working on a code fix to resolve this matter.

Posted March 7, 2013

Due to a database configuration error, NSX was unable to quote or trade in symbol AKG on Monday, March 4, 2013.  Trading in this symbol resumed on Tuesday, March 5, 2013.

Posted on February 19, 2013

On February 14, 2013, at 15:59:59.748, a Dark Order (“Dark Order-1”), with Time-in-Force day instruction, was added to the NSX Book.  At 16:00:00.042, a cancel/replace request was being processed on another order in the same symbol (TSLA).  After processing the cancel/replace request, while managing existing Dark Orders in the NSX Book, Dark Order-1 was rejected because Time-in-Force day had expired, though the order was not removed from the Book.  Subsequently at 16:00:00.654, an incoming order executed with Dark Order-1.  NSX Application Support has identified the code bug and is resolving the issue.

Posted on February 14, 2013

On February 6, 2013, NSX matched a short sale order against an order delivery order after the system sent the customer that submitted the short sale a cancel message for the order.  The short sale order was executable at the time NSX created and transmitted the order delivery notification for execution.  While the notification was in transit, the market became locked and an execution would have violated short sale requirements.  The system failed to check for outstanding order delivery notifications prior to canceling the customer’s short sale order.  This issue was corrected through a code fix that will go into production prior to trading on February 15, 2013.

Due to a database configuration error, NSX will not be quoting or trading in symbol ABRpA on Tuesday, February 5, 2012.  Trading in this symbol will begin on Wednesday, February 6th.

Due to a database configuration error, NSX will not be quoting or trading in symbol ALTV on Monday, February 4, 2012.  Trading in this symbol will begin on Tuesday, February 5th.

Due to a database configuration error, NSX will not be quoting or trading in symbol PPG/WD on Monday, January 28, 2012.  Trading in this symbol will begin on Tuesday, January 29th.

Posted January 24, 2013

On January 16, 2012, NSX executed an  STP (Self Trade Prevention) order after the system sent the client a cancel message for the order.  The system correctly enacted the STP  protections, and prevented the order from executing against  an order posted by the same client.  However, the system failed to remove the STP order from the NSX book even though a cancellation message was sent to the client.  The STP order did not execute against an order posted by the same client.   This issue was corrected through a code fix on Tuesday, January 22nd.

Pursuant to Rule 11.19(e), NSX, on its own motion has determined to cancel an erroneous trade in security “VNOpH/CL” at  $0.01 that was executed in NSX BLADE at 9:32:36 ET.  NSX has cancelled the trade on the participant’s behalf.   Any questions may be directed to the NSX Client Services Desk at 1-800-THE-EXCH (843-3924) or NSXTrading@nsx.com.

Due to a database configuration error, NSX was unable to quote or trade in symbol MLPJ on Tuesday, January 15, 2013.  Trading in this symbol resumed on Wednesday, January 16th.

The issue on January 8, 2013 in listed segment HCO-JBLZZZ was the result of an isolated condition in the NSX Book for symbol “HK” involving non-Post Only, Dark Orders utilizing the Self Trade Prevention (STP) modifier.  Upon matching an order with a blocking STP modifier, the order should be immediately removed from the Book.  A code bug prevented this removal, causing the matching engine to continuously re-evaluate the same condition.

A code patch to correct the issue was tested on the evening of January 8th and was implemented to production for the morning of January 9th.

Posted January 3, 2013

On January 2, 2013, NSX’s Security Master Database was not updated to reflect the regular way symbol change of NYSE-listed when-issued symbol ABBVw to ABBV. NYSE’s regulatory notice, outlining changes effective January 2, 2013, was not generated and disseminated until that morning at 8:00 AM due to system limitations.  Trading in symbol ABBV was consequently unavailable on NSX on January 2, 2013, and subsequently restored as of January 3, 2013.

Due to a database configuration error, NSX will not be quoting or trading in symbol SCTY on Thursday, December 13, 2012.  Trading in this symbol will begin on Friday, December 14th.

Posted December 7, 2012

Please be advised that NSX identified an issue with the delivery of Order Delivery Notifications to an Order Delivery participant in 34 securities in the Z symbol range between trade dates November 23, 2012 – November 28, 2012.  Due to this failure, incoming customer orders in the 34 securities in the Z range were not presented to the Order Delivery participant for execution.  The cause was a connectivity failure on FIX sessions between NSX and the Order Delivery customer.  The issue was resolved and normal trading resumed across all ranges on Thursday, November 29, 2012.  Any questions regarding this matter can be directed to the NSX Client Services Desk at (800) 843-3924.

Posted November 28, 2012

On November 26, 2012, at approximately 11:06 ET, NSX experienced an issue on one of its matching segments, causing delays in messages in Tape C symbol range LIND-NAVGZZZ.  The issue was caused by a logical path failure between the affected matching engine and a storage device.  To mitigate customer impact, NSX disabled the segment to cancel all resting orders in the symbol range and to prevent the entry of new messages in that range.   As soon as the automatic recovery to the logical path had been established and verified, the segment was re-enabled and customers were able to submit messages without issue.  All systems were normalized at approximately 11:24 ET. 

On the morning of November 27th, diagnostics showed a risk of the same potential problem from a different matching engine instance running on the same server.  To mitigate the risk to production, NSX disabled the switch port common to both failures.  The command was effective at 9:17 AM.  One customer connection was affected and quickly recovered by NSX production support.

Posted November 9, 2012
Updated November 13, 2012

Beginning November 8, 2012, a limited number of NSX Depth of Book (“DOB”) recipients are experiencing an issue with packet loss on the Multicast A Feed.  An investigation identified two problems with the  network router including (i)  dropped DOB multicast packets, and (ii) multicast replication issues.  The Exchange is resolving the issue by moving firms that are not receiving redundant multicast connections to a different card.   Customers with redundant connections to the feed should not be affected as there are no problems to report on the Multicast B Feed.

The issue was resolved on the evening of Friday, November 9th, when the affected router was rebooted.

Posted November 1, 2012

On Friday, October 26, 2012, between 9:35 a.m. and 10:55 a.m., ET, NSX Securities, the designated routing broker dealer for NSX, routed orders to a dark pool of liquidity without having the appropriate 15c3-5 risk filters in place.   No negative impact to NSX’s participants has been identified or reported.
Any questions may be directed to the NSX Client Services Desk at 1-800-THE-EXCH (843-3924) or NSXTrading@nsx.com
 

Posted October 11, 2012

On Tuesday, October 9, 2012, between 8am and 9:40am ET, NSX Securities, the designated routing broker dealer for NSX, routed orders to dark pools of liquidity without having the appropriate 15c3-5 risk filters in place.   No negative impact to NSX’s participants has been identified or reported.

Any questions may be directed to the NSX Client Services Desk at 1-800-THE-EXCH (843-3924) or NSXTrading@nsx.com

On October 3, 2012, NSX experienced an issue with orders that were routed away from the Exchange.  Customers may have noticed a delay in responses between 8:48am and 8:55am ET.  The matter has been resolved and all systems are operating normally.

Any questions may be directed to the NSX Client Services Desk at 1-800-THE-EXCH (843-3924) or NSXTrading@nsx.com

On September 7, 2012, an Exchange server issue resulted in the termination of a limited number of client connections.  The Exchange restarted the machine and re-established client connections within ten minutes.

Questions can be directed to Client Services at 1-800-THE EXCH – (843-3924).

On July 2, 2012, the time used by NSX’s production environment did not account for the “Leap Second” that occurred on June 30, 2012, and as a result was one second faster than the time used by the National Institute of Standards and Technology.  The NSX master clock was updated to reflect the additional second on the evening of July 2.

Questions can be directed to Client Services at 1-800-THE EXCH – (843-3924).

On June 21 2012, due to a hardware failure, NSX experienced a message gap on its depth-of-book feed.  The gap occurred approximately at 15:31 and the system failed over immediately.  We recommend that clients cease to use the feed for the remainder of the day while we investigate the root cause of the problem.  NSX SIP quotes and order matching are working properly.

Posted April 24, 2012

NSX ETP Holders that submit Zero Display Reserve Orders (“Dark Orders”) to the NSX should be aware that during a crossed market (the period of time in which the National Best Bid is higher than the National Best Offer), Dark Orders are not eligible for execution. During crossed markets, Dark Orders are skipped without being executed or cancelled. Dark Orders become eligible for execution after the crossed market clears.

NSX anticipates seeking Commission approval to amend its rules to clarify current Exchange treatment of Dark Orders during crossed markets.

Questions can be directed to Client Services at 1-800-THE EXCH – (843-3924).

As of February 13, 2012:

NSX ETP Holders that route market orders to the NSX should be aware that in certain market situations NSX may not process market orders as described in its rules. A system change is forthcoming to ensure that market orders route as described in NSX Rule 11.15(a)(ii)(A).

NSX Rule 11.15(a)(ii)(A) describes the order routing process as follows: The market order will be converted into one or more limit orders, as necessary, to be matched for execution against each protected quotation at the Protected NBBO available at away trading centers. Each such converted limit order shall be priced at the price of the protected quotation that it is to be matched for execution against.  

Currently, an incoming market order that is marketable externally will be routed as a market order if there is no contra-side order in the NSX book. If a contra-side order rests on the NSX book, an incoming market order that is marketable externally will be routed as a limit order. That limit order will be priced inferior to the resting NSX contra-side order by one unit. 

Questions can be directed to Client Services at 1-800-THE EXCH –(843-3924).