level in months after a 13% drop in just two week's. is this about china or something more going on? the president of shell oil. matt: barclays file the ceo. -- fires the ceo. for now, he is going to stay in charge. pimm: why the chinese market collapse and crackdown on corruption is hurting luxury spending in china. we will talk to the executive in charge of some of the best champagne and cognac rands in the world. in the world. matt: good morning. i am matt miller. pimm: i am pimm fox. 90 minutes into the trading day in new york. the bears are in control. stocks are lower. the dow jones loses .8%.

2063.0 trading at the nasdaq also tumbling more than .9% of a percent. matt: we are doing 25% better than we were at the opening bell. we have recovered about 60 so far. pimm: taking a look at the bond market if we can. at longer andook where yields are trading. , not a lot of movement there. pimm: two and a quarter for the tenure. matt: you may expect more. people are finding no place to hide with their money. cash under the mattress seems to be king right now. europe, officials prepare for the worst but hope for the best. for greece, greece has been to avoid risknday being kicked out of the euro.

formally asked for three euros bailout and promised to implement economic reforms. the european union economic commissioner said he wants greece to stay in the common currency. iamb working on one thing to avoid the crisis. i think for history, the sake of the euro and the currency, we need 19 member states. mandate given by the state that met yesterday night. also the mandate that will fight hard to secure integrity of the eurozone. pimm: meanwhile, greek officials willhe banks and greece remain closed at least through friday and capital controls will remain in place. -- takingomething more steps to stop the meltdown. banningareholders

holders to sell shares for six months. this comes after the benchmark shanghai composite index fell almost 6% today, down more than 30% since june 12. that is more than $3 trillion dropped for investors. much of that is borrowed. --jp jp morgan settling morgan settling. agreeing to pay $136 million. it will also change the credit card collection tactics it says. jp morgan of allegedly pursued collectingorrower, wrong amount. united airlines are now ready for takeoff. united whites were grounded earlier for what was described as automation issues, the entire u.s. fleet. the faa says the problem has now been resolved and a similar incident happened last month. you will remember harrison ford,

playing him in the movie a long time ago in a galaxy a long long -- a long way away. over prices role in the upcoming movie. at apinoff will be looking younger hans solo. his development story. i am pumped. that.ar too old for a young han solo. he was the coolest of all the characters from star wars. did he make out with leah at the end of? i don't want to spoil it. , microsoft isp laying off 7800 workers in taking a massive write-down in the phone business. we will give you the details. clay street executive anthony jenkins out. john mcfarland taking over. barclay's chief

executive. vh is navigating on uncertain times. these stories and more coming up. matt: oil trades near the lowest level in three months. what is contributing to the crisis -- to the drop? the crisis in greece, china stocks. pimm: crude oil prices down 1.3%.today, down the unexpected build in inventories, down nearly 10%. the formerster president of shell oil in the chief executive and founder of citizens of affordable energy. thehat do you attribute decline in the price of oil? i think it is traders doing

their normal job of taking opportunity that comes their way and driving prices in whichever direction they can take them, because that is how they make their money. underlining this, i think the demand is just not as strong globally for oil as we had expected by this time of year. yes, i think there is a china slowdown still going on that is still being manifest over the turmoil of the share prices. i think greece brings uncertainty. i think the u.s. is one of the stronger demand economy when it comes to oil but the rest of the world is just not picking up the way experts thought it would buy this time this year. matt: how important is china right now as far as oil consumption? important, because most of the growth in oil demand for the past five or six years has been coming from china. if the demand growth is lower

and we have a oil coming into the market, including, the , wepect of more iranian oil have a surplus situation that nobody seems to want to cut back , other than the u.s. oil fields by not drilling. the effective cutbacks of not drilling in the u.s. oil fields have not materialized yet, because that takes time and the oil shale formation, which are continuing to be pumped because companies need the cash. about how long it will take for prices at the pump to decline. >> prices rise quickly but they fall slowly. that is the normal course of events because the price of the pump is really set by the street basedthat is out there upon the wholesale price. refiners are reluctant to lower the wholesale price until they have to to move product out.

this recent decline of 6-8 dollars per barrel translated into gallons is not all that much to begin with when it comes to the price at the pump. so by the time it hits the actual state -- street price, it could be 4-6 weeks into the future. by then, oil price will have recovered. we don't really see a dent in the price a lean -- gasoline price. you aboutme ask citizens for affordable energy. here in this country, how much of the average american budget is spent on gasoline iago >> total energy runs 8%-9% of median income -- median disposable income. portion, maybe 30% is oil products.

of disposable income for median families. it is not a huge amount. americans have had to bargain for fuel for very long time. citizens for affordable energy exists to try to maintain that. in addition to oil, my favorite subject is converting natural gas to transportation products where we can see an easier effect on disposable income. if we started converting natural gas to transportation your, we are honorably two decades of affordable energy. pimm: what about more fuel efficient automobiles in the united states? >> it helps. cars built in this country are similar to cars built all over the world. we are getting more efficient bettercause of technology and the additives in the fuel. natural gas would be a cleaner fuel and would be more

affordable. efficiency does matter. as we move higher and higher in the miles per gallon to meet the standards, and we ultimately get standard agreed to by 2025, that is almost doubling the efficiency we have today. we don't know how to get there vehicles.t electric these will penetrate more and more of the market as we go forward. i think we will enjoy the benefit. we could see transportation and mobility maintaining its role in american life. adam yesterday we had jonas on for morgan stanley. he sees this as having a huge impact. kids utilizing one the of gulf or. how much do you think that will iduce the need for energy? >>

am a bit skeptical myself, because people like their private space. one of the privileges of automobile ownership is reserve your own space. we have had carpool for decades that has not worked well in most cities. we do not see hitchhikers think we used to. people want their own space because they feel safer that way. they can live their own lifestyle whether it is music or how they drive. i am not sure car sharing will be a big boom in the future. it is definitely true for me, and maybe people our age, but i wonder about the kids. thank you so much. citizens for affordable energy, john hoffmeister. slashingrosoft thousands of jobs as the ceo overhaul the phone business. ♪

matt: welcome back to the bloomberg market day. i am a miller. julie: we continue to see settling as investor attention turns to china. -- matt miller. the new greeking deadline on the bailout. the s&p and nasdaq down 1% or more. difficult to find much green today, particularly stocks rising on anything fundamental. all of the sectors in the s&p 500 are down. the s&p small-cap index is up

but only .10%. i did find a couple of stocks rising on news. one of them is the container store. the thought of 7% in the after hours. now it is only a .6%. that is a lot smaller than the 3.8% decline that analysts were anticipating. headline.ke the julie: earning reaction contains. if you look at the loss, the lot smaller than analysts had anticipated. you are seeing a less worst scenario for the container story . fill the bear workshop that authorized a new $10 million share repurchase. this is up 3.5%. there is not many of these to come by today to say the least. matt: unfortunate ticker i would

say. $289 million company. kind of a small company. that tells you it has been difficult for me to find up movers. if lawmakers have anything to do with it, any boost for a buyback may be harder to come by. take a look at the bloomberg terminal. an index of companies that have done by fax. it has paid off. when companies say they will buy back stock, shares go of. lawmakers not going to make it difficult to buyback stocks. we have not seen indication of that yet but something they are anticipating perhaps. pimm: well done. julie hyman. not going to find many stocks higher today. matt: a look at the top stories

crossing the terminal. in john flyer, land rover recalling 75,000 suvs in the u.s.. the reason, the doors may not latch properly and could open while you are driving. the recall covers range models, including the sport made over the past four years. no crashes or injuries have been linked to have been the defect. good news for one of its rivals, spotify with the best week ever in the apple store. the streaming music service spent five days as the ninth most popular iphone app. in the nfl, the washington redskins have lost the battle off the field. a federal judge has ordered the cancellation of the federal trademark legislation. tos may be disparaging native americans. it would not go into effect until the redskins lose the appeals process. those are your top stories.

microsoft will layoff 7800 people and reorganize the phone hardware division. the chief executive will write off 7.6 alien dollars from the nokia handset unit. a restructuring charge of up to $850 million. cory johnson is in san francisco with more. explain how this works. they've bought the company for 9.5 billion. 1.6 billion in cash as i recall. basically they are saying we screwed up. move.oft took a very bold the site and while everyone else was having trouble making any kind of money in the phone business, they felt apple has done hardware and software together, they would have success. indeed, it alluded pretty much every company in the handset

business. i will throw samsung on there right now. having a lot of trouble as well. principally because the business is not very profitable. microsoft take a that. there have been so many calls from shareholders to put the cash to use. they put it to use. basically admitting it was a complete and total failure. is anyone else ever going to get a foothold in the handheld business fiasco even if you come up with a great product, it does not matter in the face of companies with an iphone. >> a very interesting company. most of the business of selling smartphones goes to android powered phones that is essentially free to all of the phone makers. what that has resulted in is commodified products. products where you are fighting against sometimes singled digit

profit margins at the lower end. , you arehe higher end looking at maybe 20% margins. meanwhile, the apple phones are 25% or better. most of the profits of the eventry are going to apple at the revenues are going to android. what room does that leave for microsoft products? it is well-liked by the few people who use it. but few people use it. that is the problem. microsoft is trying to find some spot between where android is has dominated the market share by giving the software away. when you give things away, not a lot of profit to be had there. who takes responsibility for this? was the the deal made by individuals? who gets thrown

under the bus? cory: great question. stephen elon is off. the former microsoft guy running nokia. apparently was not going to be around for this. history's or not, we don't know. not.s his choice or the microsoft board had their .ands on satya nadella they were looking for a ceo that made the unusual decision to double down in the hardware business. something they do not have a lot of experience with. margin, is very high profitable business when you get it right. hardware not so much the case. interesting the board that picked satya nadella and the acquisition and now maybe he is having his way saying i -- you

have made a mistake and we will go a different way. pimm: shareholders take the hit. well done, editor at large, cory johnson. matt: shareholders take the hit. like you buy a company and fire everyone who works there. coming up, we will talk about commodities. iron or prices are down and investors are worried about china's shop -- stockmarket slump. ♪

matt: commodities are slumping as demand begins to live. metals are all down with iron or taking the biggest hit. but good or producers news for another industry. it could be, especially if they a down. pimm: trying to connect what is

going on in the commodity world with the consumer world. what are the input cost for an automobile. you saw the chart showing all of these commodities are falling in price. the price of oil also falling. what does that mean for things like plastic and everything that comes out of oil-based products? matt: the input price could be lower. i called and talked to our intelligence analysts to talk about it earlier today. , 40% of all the 0osts are still of afford f-15 because the engine, the chassis, they talk about the aluminum body, but it does not weigh much. so steele is 40%. 10% of it is aluminum. he said they will probably make a couple of margin points on a

drop in prices. they would really rather have sales for example. what about for a company that sells most of its products in the united states? 60 million unit run rate right now gekko matt: about 17 million. when oneem is automaker decides to pass the savings through to the consumer, everyone else has to follow through. pricing power. pimm: i will see you in a little bit. still ahead, barclays antony jenkins is out as chief executive. we will speak to the man who fired him, chairman john mcfarland next. ♪

pimm: welcome back. i'm pimm fox. greece is asking for a

three-year bailout, making the they wereday after told to agree on a rescue by sunday. eurozone officials warned that if there is no deal, greece may be forced out of the euro currency. barclaysew chairman at is looking for a new chief executive. antony jenkins is out as chief executive officer, and in three years as ceo, jenkins cut thousands of jobs and assets, but barclays told bloomberg new leadership is needed. considering how we may bring forward the execution, we related we needed -- we realized we needed a different person to do it. we need more revenue growth, more productivity. we need a more agile beast. the company is very bureaucratic.

and we need much more accountability in the organization. pimm: mcfarland will take over as executive chairman while the for a ceo and he's promising to make cuts. pope francis is headed to bolivia after drawing huge crowds in ecuador. we have learned that when the pope speaks in september, it will be broadcast on jumbotron's the national at mall. it will be the first time a pope has addressed congress. and getting your taco bell fix may soon get easier. the chain is starting delivery service today. it is a partnership with a startup delivery company the doordash. it will be available in dallas and 90 cities across california.

markets are open in europe. let's go to mark barton in london. mark: european stocks rebounded from four days of losses. gains and losses throughout today's session. thebig factors looming in -- in the background, one of course, china. they constant volatility of the chinese stock market is having a will over a federal and greece is number two, facing accepting a package or expulsion. the big movers today were the banks, particularly u.k. banks. the levy on banks here will be gradually reduced over six years and limited to domestic balance after that, bowing to pressure from the likes of hsbc, which threaten to leave london. a new profit charge will begin

january, 2016. barclays had it biggest gain antonyt ousted it ceo jenkins after three years. john, the chairman, will -- john macfarlane, the chairman, will search for a new ceo. the company u.k. house builders are plunging today because interest relief will be restricted to the basic tax rate. that was minimum the many announcements today by the chancellor of the exchequer, george osborne, in his budget. back to you. thanks very much, mark barton, reporting from london. coming up, the best and worst central banks, at least when it comes to analyzing the future. bloomberg has the first ever ranking of central-bank forecasting ability. we will show you the winners and losers. is supposed to be the place for luxury goods, but with a stock market rout and a

government crackdown on public displays of excessive wealth, will chinese consumers still spend? and the shakeup at the british bank barclays, the bank fired executive antony jenkins after three years on the job that was marked by thousands of job cuts and asset sales. john macfarlane will become executive chairman while the bank looks for a new ceo. they will continue to cut costs and he spoke with bloomberg's jon ferro in london. macfarlane: we have the and anthonyrisis was given this terrible role to do, a very difficult job. he has really come through that quite well. the company was in a much better position and has stabilized. but going forward we have a very different agenda. ,f you look at the stock price

you know, where it is now, it is the same as it was six years ago, the dividend yield has a two and hundred the number and instead of a bigger number, so something has to move in front of that. bringering how we might forward the execution of an exit strategy, we realized we needed a different person to do it. someone who could actually turn it around. we need more revenue growth, more productivity. we need a more agile beast. the company is very bureaucratic. jon: you mentioned the share price. board, ithave come on has gone up. he was fired, new secret. what was the reaction to that? he was very professional in the way that he did it. and in a statement, you could see how mature he is. anyone in that position it, it

is very difficult. jon: you've had a lot of pressure in your couple of months on the job. for the people looking at barclays wondering if the job is for them, will it be hard to recruit question mark -- to recruit? the bank has now decided to move along from antony jenkins. who are you looking for now, and is he in the open? -- is he in the building? macfarlane: it is much for complicated than just the banking business. we have business from the u.k. to africa to other parts of the world. we have the regional bank, the credit card company, and the african in this. that is where -- the african business. that is where we make our money. need someone you can create a catch point with that. we will look internally and externally.

we've got to get the right guy. i've been around barclays for not a long time, because -- for quite a long time, because i used to be in the u.k. barclays in those days was a preeminent organization. it has a tremendous draft card. you think about it very seriously. jon: when you think about the direction, what do you think about with the word accelerate? does that mean a more aggressive pushing the same direction we are in, and does that mean more aggressive job cuts? macfarlane: it means a number of things. we need value and earnings growth. accelerating in those two things is what is required. in order to do that, the key thing about growth is letting it. it is not about -- is revenue.

it is not about cross. it is about revenue. out -- we are misallocated capital at the moment and we have capital in of reductive areas. deal with that. our cost income ratio is in the 60's. it needs to be way below that. jon: what other areas specifically? as people look at this news this morning, do they have anything to worry about looking back on the last banking quarter? macfarlane: it is not just about investment banking. it is everywhere. within each business we have unproductive little cells and we need to deal with them. jon: successful banking in europe, i can because if you examples, -- i can think of a few examples. many are struggling.

what does the future look like? macfarlane: if you look at where we've got the money, the for businesses, it takes me to some extent into europe, north america, and south africa. we are very focused going forward. we are not the same as everybody else. these are very different illnesses. we have -- very different businesses. we have handled credit cards across the world. we are really good at it. we will be much more focused on where we are good and what we , and that is what we will do. pimm: that was john four-lane speaking with jon ferro in london. -- john mcfarland speaking with jon ferro in london. let's go to benefit on the new york stock exchange. julie: the exchange seems to have had some technical issues throughout the morning before

the open of trading. affected.ymbols were it was resolving it on a rolling basis, but it looks like that problem is now persist thing and the exchange has suspended trading now in all securities. what does this mean when something like this happens? not all trading volumes go through the new york stock exchange, but the question is, if it suspends trading and there are price discoveries, will that affect other exchanges? the major averages, i'm still seeing some changes in price. we will continue to work on exactly what the significance of this is and how long it might last. in the meantime, just in the past few moments, headlines coming out from the ecb. it is said to leave it cap on the emergency bank eight unchanged. the lifetime continues -- the

aid unchanged. the lifeline continues. the status quo continues for the moment in terms of the european lifeline to the banks. -- the greek banks. and we will keep focused on the nyse issue at the new york stock exchange has temporarily suspended trading in all of these symbols. pimm: thanks so much, julie hyman. still ahead on the bloomberg market day, grading the world central banks. how does the federal reserve stacked up against its counterparts around the world? ♪

pimm: welcome back to the pin --

the bloomberg market day. some breaking news from julie hyman on the suspension of the new york stock exchange issues. julie: a few moments ago the new york stock exchange announced it was suspending all trading throughout the morning. the in my ic said it had -- the nyse said it was probing technical issues in some symbols, gateway issues affecting some symbols. it was having issues from time to time. and then about an hour later it said it was fixing technical issues with around 220 stock tickers. and then it came out that it was reporting these technical issues and trying to fix them. it looks like that issue may have snowballed as the nyse has suspended trading on all securities. i do not know what percentage of

overall stock trading occurs at this point off the top of my head. we are working on finding that out. and whether this suspension is affecting other exchanges. in the past several years, the ofe has won a smaller share overall u.s. stock trading. again, trying to find answers to a lot of these questions, but we do know that the nyse has suspended trading in all securities. we will keep you updated. of all think some 80% trading takes place away from the floor of the new york stock exchange. people can still get prices using other exchanges? or has that also been affected? julie: yes, there is definitely electronic trading that is still occurring. on other exchanges. it is not clear exactly what effect this will have on the overall session today. pimm: the new york stock

exchange, of course, owned by the intercontinental exchange. and what about their overseas markets question mark have we heard anything about the disruption -- overseas markets? have we heard anything of the disruption affecting anything there? julie: we have not. pimm: thank you very much, julie hyman. we will keep you updated on the suspension of trading in the new york stock exchange issues. joining me now is mike regan, bloomberg starks editor. you have a lot -- bloomberg stocks editor. your a lot to do even with the suspension of trading. mike: this is the nyse that is suspending trading. stocks listed on the new york stock exchange still trade on another number of venues. the nasdaqtrade on and others. this is just the nyse shutting

down its systems. there have been a stream of alerts coming out of any the issue. earlier, they said they were dealing with technical issues with some symbols. pimm: while we are doing this, look at the volume of trading at the nyse so we can put this into context, because trading has been moving away from the floor for many years. and some 80% of the trading is outside the nyse. mike: and when you talk about the nyse anymore, you are not really talking about the floor trading will stop you are talking about the -- about the floor trading. you're talking about the electronic exchange. basically, you are looking at one of the biggest stock exchange operators in the world shutting down trading. the other exchanges should be able to handle a lot of the volume, but this is sort of an unprecedented issue. nasdaq shut down a few years ago crash.e of its computers

the nyse has not had a shut down like this as far as i can remember. pimm: even during the financial points thatof the the chief executive of the new york stock exchange said was functionontinued to normally and process all traits. mike: even during hurricane sandy that we should be able to trade through this. that was what shut it down for sandy. they were prepared to trade through the aftermath of hurricane sandy, but this sounds like some sort of connection problem, connecting either the nyse's own computers, or outside . we still know why they did it, but as of now, the new york stock exchange is not trading. pimm: does this mean there will be some follow on effect? because if you cannot get a price discovery for a certain

number of shares, in other words, trying to buy or sell large blocks of stock in with this had an effect on that? mike: in theory, it could. the other exchanges should be able to absorb all of the trading and the dark pools, the electronic exchanges. --should be able to absorb they should be able to absorb all this volume. but who knows what questions this will raise? pimm: you're taking a live -- a look at a live shot of the new york stock exchange and it looks almost empty. mike -- here, the to jump in reason you are seeing an shot that looks empty is that everyone has moved over to one side of the floor and they are currently standing at the operations rant trying to get information. i talked to some of the guys on the floor just now, and the problem is that they have broken

all trades and send them back to the broker level. everyone outside that blue line that surrounds all of these trading post, they are the brokers out there. they have their orders, but cannot put them through for technical reasons. the nyse window can need are our left and management -- when derour left, they do not have that level of management and they are not able to get the information disseminated to brokers like felix the guy you see their trading jacket. they cannot do it right now because they cannot deal with the technical glitch. mike: and even the humans that tradingon the floor are over handheld devices. there is no open outcry. pimm: right, i wonder if you

could talk about what the actual process is for someone would want to trade stock right now. matt: you could get your order down to a broker. for example, you could get down greco, but p or joe they cannot put the line in. he would put it through, as michael mentioned, the handheld, and see what price they can get in the market. they cannot do that right now. for some technical reason that is not being disseminated to the people on the floor. pimm: as you speak, i want to bring up a chart of the dow intraday so people can see what was going on earlier today. you can see the flat line just before we come up on trading today here at noon. a little bit more on the actual tocess versus what used happen when you had the open outcry, you do not really have anyone committing their own

capital. mike: you do, but it is all electronic now. it has shifted to high-speed electronic market makers. pimm: but do they have a commitment to maintain liquidity in a variety of stocks? michael and that is open to debate. yes and no -- mike: that is open to debate. yes i know. matt: even back in the day with a commitment of honor. if you were truly freaked out, you were not going to risk too much of your own capital. ever since they let the genie out of the bottle, that idea has been gone. putting traits through cheaper, but it has also made the market darker and messier and more difficult to understand. pimm: our producer ben gildan is telling me that they spokeswoman from the new york stock exchange is saying that stock exchange is shut down for technical reasons. certainly, an underwhelming statement there. mike: this connection issue

appeared to probably even before the -- appeared to pop up even before the market opened today. pimm: it certainly cannot be good if you combine this with what is going on in china and the ban on stock sales in china by corporate executives or large shareholders for six months. ,ou've got a combination effect not be able to get prices on a variety of issues. peoplehis candidly spoke and undermine confidence. spooks can definitely people and undermine confidence. matt: this can spook people a lot. i don't want to be alarmist, but this is the last bastion. when everything else ails, these guys on the floors are the ones who make it work. pimm: if you don't have anyone on the floor, or fewer people, there's no one to make it work. to give effective, the big move down that started earlier in the

day, then a bit of buying, and as we approach new, considerable selloff. ,- as we approached noon considerable selloff. the nasdaq is down and we have 216 points on the dow. and moving as well on the s&p 500. the nasdaq has also declared what they call self-help against the nasdaq in yandex. also falling 1.5%. mike: self-help means they are having problems communicating with the nyse and they will no longer route orders to them. the exchanges are required to ordersoutes -- to route to wear for the best prices. orders tore routing each other, but avoiding the nyse until they get this issue solved. that important to remember if you are trading on your e*trade or your account at home,

or even if you are a hedge fund, you can still trade these exchange -- these new york's change -- these nyse stocks. pimm: i want to bring in julie followinghas been breaking news. what can you tell us about what is happening or not happening on the nyse? julie: we've all been asked the question about what the rockets areas on the nyse. i want to take a look at the bloomberg terminal. hopefully you can see this. sam over at moody turned me onto this. he covers market structure. you are looking at month of june, total volume on all exchanges. this red piece of the pie is about 13% of the market share. this is the floor of the nyse. and then you have the electronic platform. it is unclear if that has already -- also been suspended. it looks like it is floor trading. the nasdaq is the purpose life.

this illustrates as well that there are a lot of different exchanges now, a lot of different electronic exchanges that handle u.s. stock volume. as you guys have been talking about and as i have been talking clear theis not effect on the other exchanges. but this answers the question now as to what the nyse market share has been thus far this month. when you are talking about 13%, that is a slice of volume today that would be affected roughly by disclosure. pimm: thanks very much, julie. to add your comments, we have contacted the department of homeland security and they said they had no evidence of any nyse.ttacks on the it is important to note that because of the halt of trading, 90 prices for composite indexes. that meets prices for

composite indexes such as the s&p 500 and the dow. they all use nyse index prices in order to compute their own. price --ee a bounce in mike: or a drop. pimm: when trading continues. matt: if trading continues. it is an interesting fact that whatyse is not telling us these technical difficulties are yet. and they have not yet brokers standing around the floor and a have not yet told traders that are standing at their post there. those traders at barclays are not getting the information they need. pimm: maybe they don't even have it yet. , as they saidue it may be, maybe they are still working on it.

but they will not be able to get composite prices because they use nyse prices. that would affect what happens with settlement today for all of the mutual funds. matt: if the new york stock ,xchange and shutdown essentially that is dangerous to national security. you could have everyone turn around and start selling other assets. me recap for everyone that the nyse has said that they have the bended trading in all of their issues -- has suspended trading in all of their issues. we don't really know much more than that other than other electronic exchanges are available to offer investors access to prices. mike: and to go back to the price discovery point, it brings up the question of whether all of the exchanges, whether there should be a marketwide halt in trading across the board. which is what happened when the nasdaq securities information processor went down.

it tallies up all of the trades in all the other markets. that is probably the trade -- the question that people are looking into right now. pimm: i'm also getting reports from our producer that the website for the wall street journal is also down. mike: that could possibly be a lot of people trying to look up what is going on. pimm: yes, going to various latest prices, or some kind of price. you have an automated trading system and you put in an order either to buy or to sell. maybe you get a response and you think your order has been filled, when in fact, the new york stock exchange has already said they are canceling all open orders. they will have to give it a camp -- a timestamp to figure out when the last order was placed and then go back and break all of those orders. wall streetl of the journal readers are welcome to

go to bloomberg.com. pimm: will, of course. -- well, of course. will they be doing with backlog issues when they get this going again, or executing orders? matt: i suspect they will be dealing with a lot of backlog. beginningrokers will calls from clients to make moves, plus the orders they already had to put through that they had not been able to or that had been sent back to them. they will be out there and kind of flood the system. those traders on the floor can handle it just fine. they can handle a hell of a lot have in thew and past on average in the last couple of years. is what is causing the issue. if it is a technical it -- glitch, a computer