economy. we're obviously very big. i think that we seem at this point to have become not as important as china. not as important in europe. which is wrong to me. i think our companies are the leaders. i think that this is always an opportunity to buy the great ones. but i am surprised that in the end, individual investors, they're just going to get turned off again. i mean just when you think, it's been such a good run. maybe it's time for them to get in. they're going to look at this and -- they won't be aware about these other systems. they're going to say, i can't entrust my life savings to something that can go down. that's why i was kind of hoping that everybody -- somebody would come out and tell people, no panic. because i think this is going to be another reason why the individual leaves. it's become pathetic. boy, there's been a lot of money to be made. >> i would argue with one thing and tell you that the last time with the flash crash or whatever, if people were so taken back by the craziness, i

think that -- i'll look at just like our call centers. the difference this time being it happened to those who are participating very seamlessly. those who aren't already in the market i would tend to agree with you that maybe it gives them a reason for pause. but i think that those who are already in the market see it as the benefit of technology and a seamless experience. >> i totally agree. i can just see the headlines in the conventional press. >> but make it very clear. this is not a flash crash of 2010. by no stretch of the imagination is that what this is, at all! >> coming up on 1:00 eastern time. the halt continues here at the nyse. has been in place since 11:32 a.m. this morning. getting close to some other events as well as we get into the afternoon. fed minutes are about an hour away. art cashin says the question the longer this lasts, at what point do the mutual funds have to price their net asset value

at the end of the day. cashin says the percentage of orders in limbo is growing. we may be making some progress but clearly no indication as to when this will end. >> because it is a rebooting process. they can only do it in certain ways. as they do it then they'll reboot the system.pisani? >> the president of the nyse is upstairs obviously dealing with the crisis. can't come down at the moment but he's working on getting us a person that we can talk to which i've been waiting for are for an hour. i've been talking to all the people here behind me. so far we still don't know the cause of it or exactly when it is going to come up. this is the problem. if you don't know exactly what happened it's very dangerous just to bring up the system. you might be able to say, okay we can reboot system and bring it up but you don't want to do that until you are absolutely clear on what the problem is. we had spoken earlier about the fact that there were some

connectivity issues at the open that were quickly resolved. it is quite possible that there was some kind of software upgrade. this happens all of the time, upgrade, usually with no problem. dealing with the connectivity issue, the coding for it created other problems that created a cascade of tech issues. >> it is a glitch. >> believe it or not, if but exclude cyber security that is the most likely explanation. again the nyse has not confirmed any of this. i'm simply going on many years of experience watching connectivity issues and the kind of glitches that occurred. all of this is code. endless millions and millions. lines of code. you might say how come the people behind me don't know exactly what's going on? i want to point out, they're not the people that are actually dealing with all of this. the people who are dealing with this are the tech people and the people who are out where the main data center is. in a sense this is happening above up literally and also out in new jersey where the main

data center is for all of the servers for the nyse. that's certainly where the coding issues are. people here are simply figuring out when it will be safe to re-open the market assuming the data people say we can get everything working properly. that's sort of where we're at right now. we have had enormous amount of orders that have been canceled. there have been more than a half a million. i don't have an exact number. at the point at which we were halted at 11:32, there were more than 500,000 orders outstanding. those are bids offering, as welling a orders for the ing aing a ing aing a orders for the close that were simply not on the books yet. they've been canceling these orders throughout the day because you can't assume everybody's orders are going to remain. they're in the process of doing that. as far as i heard, that whole process is going very smoothly. again, imanticipate waiting for the it nyse to bring me over a spokesman to get us an upgrade -- update on exactly what's happening. most of this is occurring right

now over at the data center in new jersey. >> just want to bring in rich again briefly. over the past couple years, there's been a lot of debate over whether the markets are rigged. i'm wondering, rich has the impact -- or maybe lack of impact of this outage actually made the counter argument that actually the markets are working pretty well? apparently we just lost. pill's ask you kenny. >> i think that is the take-away, that the markets are performing once again. in fact we've rallied back. now we're down 185. market is kind of just humming along. so the markets are acting well. i would argue again i think that's a tough word to use, i don't think you should talk about the u.s. market being rigged but i do think current market structure is in fact i'll say working well. >> cramer i got to wonder

what -- if you have a client who's chosen to list here what is your response to this today? >> i'll tell you, i don't want to put anyone on the spot because i think they're doing their darnedest and they've got great software and it could have happened to anyone. we saw nasdaq glitch facebook. there's no doubt about it. i know the new york stock exchange technology is top-notch. they've spent fortunes on it. i just think what you should thinking is there are governors on the floor. this is going to happen to anybody but if i wanted to have a human being involved in the process, you're not going to get anywhere else other than the new york stock exchange. look, i hate to use this term. i certainly didn't like the term "the r" word. but there is the "l" word. luck. i think this is just bad luck. we could be sitting here and it wouldn't matter. it wouldn't maesht.tter. >> the fact of the matter is if you want trades to be executed for as fast as they are for

prices that the retail customer now pays to have this done this is what you have to live with. this is the brave new world of stock trading. >> but are they? so many people do etfs mutual funds. >> if this weren't news if we weren't broadcasting this if this never leaked out, the retail investor would not even know. >> exactly! i feel like what happens is we draw attention to it and obviously the opticses are not good. i just hope -- what i'm loping is that people recognize, geez it's so much better than it used to be! we've got this actual dry run. it doesn't really matter. it's not like we're sitting here holy cow, how did proctor drop 20 points. >> like you were on the day of the flash crash! >> let me put viewers at rest. if anybody's going to hack us they're going to go after price. they're not go to shut down the market. because this really does nothing. you have to shut down every exchange. they're going to take proctor down $20, take something else down $50. that's what i would do if i were a hacker. >> as far as --

>> that wasn't that comforting. was it? >> thanks for the advice, steve. >> the customer comes in they almost never route their orders themselves. in other words, it goes in to that td ameritrade or trade monster or whatever. it goes into that system and is shot to the best nbbo national best bidder offer. so the customers don't really need to worry about this at all unless they routed individually by their own designation to a specific venue like the new york stock exchange. >> but if they try to route it to the new york stock exchange it is going to be rejected so they'll just reroute it to an alternate venue. >> exactly. to the point that these two gentlemen made and yours, kenny in other words that's pretty seamless. people wouldn't even know. on the other hand, as far as once you make something electronically available like the e-mini futures, for instance, 1.9 million of those traded i believe thursday last week into the holiday. only 6,000 or 8,000 full-valued

futures traded that same day. so even though they're one-fifth the size if you multiply the future times five you'd get 40,000 of those verses 1.9 million? i mean the tail wags the dog on the electronics side. there's no doubt about that. so the fact that once you make electronic trade available to folks, then the venues can be anywhere. and they are. >> well one thing's for sure. to pisani's point a few moments ago, the last thing you want is to re-open, and then have to shut down again. >> exactly. exactly. >> they are going to be looking for some finality to this issue before they fire up the engine once again. sue herera has joined us here at post nine. what a morning it has been. >> it has. but to your point kenny and to your point carl as they work to fix the glitch the software however you want to characterize it, the important thing is that they are completely sure that they have it fixed before once again they open for orders.

the question is in my mind whether or not this causes a dry-up in volume, whether or not people, to art cashin's point earlier this morning tend to stay away from the market until they feel confident this is picks fixed. there were some issues this morning at the open. those were remedied. but it may be related to what we see now. but there might be some gun shy investors out there. >> there might be. but i think if they get the problem fixed -- the exchange is not going to let it go unless it's going to work. once they open it up again, i don't think that's going to be so much an issue. listen, don't forget the new york stock exchange is -- it is the institutional order flow that really comes here. more so than the retail orders the 150-share loss gets shot out to the other venue. but the institutions to whoever said it earlier today, they understand it. they understand what technology is they understand what's going on. if we get this up and running again, they'll be right back. >> i would think so.

that's certainly the hope. >> yeah they'll come back. >> that is certainly the hope. >> kenny, when things do get back up and running, whenever that may be whether we're sitting here for more hours or not, what is it going to look like on the floor as we're watching the live shots unfold? >> what's the process? >> well the process -- if it's going to be the whole re-opening process, they'll restart the system, they'll go through that opening process again, they'll discover price and, bang they'll let it open. but listen it is not going to be a big deal because the stocks are trading. if coke is trading at $80, when it re-opens the flow is going -- it is going to re-open right where it is trading but it will go through that opening process again, then trading will go on then we'll move into the bell and we'll go through the closing process. >> j.j., i'm told you want to add to this. >> one thing i would say as far as people with the -- talk about panic, et cetera. one thing to keep in mind, we saw it this morning with united

airline. i don't think people are suddenly going to say i'm not going to use united airlines again. i'm sure plenty of people were frustrated by this outage. i think the consumer has become sort of used to this and the advantages of the electronic market have given us some side effects that we don't necessarily like but i think most people realize the overall benefit is so great that they're willing to put up with the occasional side effects that come with software updates or whatever it might be even though they're aggravated at that moment. >> to your point, j.j. the fact that the market is just kind of churning here not doing anything, should lead people to be more comfortable with the fact that this is just an isolated incident and that the market is fine. >> aren't you a little -- you must be a little worried about the closing price -- >> listen. as we move pa little bit closer to 4:00 maybe a little bit. >> explain why that's important. >> because at the closing bell is -- as you move into the closing bell is when you have these institutional customers that try to wrap up their orders.

you get the mutual funds that have to price off the end of the day so there has to be a closing process. now it's only 1:15. i suspect we will be fine. but i would imagine if we're having this conversation at 3:30, that's going to be a different conversation. >> kenny, i was told they're working on something right now for closing so that mutual funds, et cetera can get -- >> we'll be able to do that. right. there is a back-up plan for that. i don't know exactly what it is but therefore, people should not be concerned about that. >> for those who are joining us and they wonder exactly how much the pricing will work some of these stocks are trading on arca on bets on different exchanges. do you take that particular price? is that your benchmark price when stocks do open here? can you explain that process? >> at the moment if coke is trading at $80 andin all the other venues and that's where it stopped trading here then that's the price. there's no reason for it to be anything other than the price

that's been discovered in these other venues. there's no reason that once we start trading, there is going to be massive volatility of prices. absolutely not. so therefore, in this sense, it should be seamless for institutions and for the retail investors. >> somebody wrote in a few moments ago saying it's days like this where they miss "street signs." >> they can have it back right now. >> it's days like this where i miss the open outcry. >> what about open outcry? >> joining us is the aforementioned former anchor of "street signs," ron insana joins us. sue is here at post nine. this is like -- what am i? is the business center in 2003? >> it's business center du. >> when sue and i used to go down to the floor of the new york stock exchange when there were 3,000 individuals populating the floor of the big board, it's down to less than 500 today. there were specialists who

paired off, made individual stocks. it's as if chicago is no longer an open outcrisis tell with guys on the floor. it is electronic as well. this is where we are dependent on the technology that we have and these things will happen from time to time. as we've heard, it doesn't appear to be a cyber security. the actions that took place at united, at the "wall street journal," at the new york stock exchange are set to be unrelated. so look these glitches have occurred on numerous occasions over the last many years. used to be almost solely the province of nasdaq where i think dick grasso joked many years ago, the former head of the stock exchange a squirrel ate through a wire and took down the whole system. unfortunately, as these systems get more and more complex and more and more activity happens away from human involvement, we see this more. >> do you this ink today is a failure or a success? a system failed but the markets are operating as normally as they possibly can because of what you just said?

>> right. it is a technological glitch but we now have 20 individual exclang on which you can trade the issues. the nasdaq is open. pardon me for that slam from many, many years ago. the dow which used to be comprised solely of new york stock exchange stocks now includes microsoft, intel and apple which trade on the nasdaq. you don't get the same types of disruptions. yes, there are a host of different exchanges now, marketmakers who exist that will be very, very active today in the absence of floor activity at the new york stock exchange. >> ron, to that point, so that viewers understand new york stock exchange stocks where the primary listing is here do trade in all those other venues. they are not only confined or constrained to trading here. therefore, that's why you see the market actually functioning as properly and efficiently as it is. >> we talked about 25% of the volume at the big board but my understanding is that the new york stock exchange itself has something on the order of 14% market share in the stocks that

are listed at new york stock exchange. >> that depends on the market capitalization of stocks. the secondary names, there is much more volume that trade here because they're much more human interacters. big names like -- big market cap names that are easy to trade can trade on all these venues very, very quickly and easily. some of those names you may have lower volume. but overall the new york stock exchange i think total volume is somewhere around 22% to 25%. >> interestingly, the s&p is out. every day there is deletions. they are drawing the line at 2:30 p.m. eastern time. if the nyse does not re-open by then they'll issue guidance on how they will that he handle those scheduled additions and deletions that are set to take place this evening eastern time. people are having to make plans. >> you have to make plans. you just can't wait until five

minutes to 4:00 to say all of a sudden, what are we going to do? i would take that as a positive. >> because when you market reopens you want the most orderly reopen possible you want the least outstanding issues possible. for s&p to do that i think is probably a very good idea. very good idea. i'm sure the companies would appreciate it, too. >> i wonder, kenny, on what's an already decidedly down day, if there is a limited amount of trading between now and the close, doesn't that have -- >> that was my question as well scott. >> doesn't that have the ability to make tomorrow morning a little messier than it otherwise might be? >> you know? i'm not so sure that that's the case. because, look, i can't see what the total volume is now. i can see that our volume has stopped at 195 million. but that's just what's traded here. don't know -- if somebody can tell me what the total volume is. but i would not suspect that's going to be true at all. because as long as people can trade, people are trading. so therefore, i don't suspect that you're going to get any

more nervousness or not based on just this factor. i think the nervousness and anks is going to be what happens with greece and with europe and with china overnight. that's where you'll get the nervousness. >> apropos of that. so china closes down 1,400 stocks. when you can't sell what you own, you sell what you can. we're liquid irrespective of what's happening at the new york stock exchange. china went ill liquid last night despite all of the hodge-podge efforts that they undertook to try to provide liquidity, to try to slow the descent of that market. you couldn't sell stocks in china so you sold stocks in hongill-liquidity hits the market our investors have an option to trade elsewhere with our markets which wasn't true in china last night which shows the immaturity of that market system and some of the dangers inherent in calling an emerging market a

developed market. >> some investors are sitting on their hands. >> in china or here. >> here. >> well sure of course they could be. but there is no reason to. >> what happened kind of investors do you think are sitting on their hands? you talking about the retail investors? >> who's been calling klein a developed market? >> you haven't and i haven't. >> guys we are getting word homeland security secretary johnson speaking saying that the problems at united and at the nyse apparently are not related to what they are calling nefarious activity sort of ec echoing with the nyse has told pete williams. >> the coincidence though i think is going to be the headline. one of the headlines tomorrow certainly. i take your point about the retail investor is not going to be the driving force in the market here. and hasn't been for some time. however, you know what the headline is going to be tomorrow. the headline is going to be the

united breach the headline is going to be the technical issues on the nyse. i do think that that does trickle down to the individual investor at some point. not that it would impact trading here. certainly it wouldn't. however, it's to a certain extent one more issue that the individual investor needs to process. >> but i think what they need to process is the role of technology in this. it's not the human beings that failed. it is the technology that failed. listen, that's the world we live in. right? is that the failure of technology along the way. whatever venue it is whether it's your airbag in your car that fails or whether it is the new york stock exchange or whether it is united airline. it is the world we live in today. i think if anything people just are going to look at that headline and think, how do i feel about this failure in technology. >> jimmy, are you still there? >> no jimmy is not. >> we lost cramer. one question is going to be how do you wrap up a day like today talking about anything else?

we got alcoa coming in a few hours. we'll have fed minutes in 40 minutes. we'll be awaiting pepsi tomorrow. news flow is not going to stop. >> funny that you should say that. on "nightly business report" tonight we're trying to decide how do you prioritize what has happened in today's trading session in light of the fact that the news flow is going to be pretty heavy after the close of trading today. right? so i think that's something also that will dictate what happens tomorrow morning. what is the open going to look like in light of what's going on right now, even though a lot of people say it probably will not have an impact on the way stocks open in the morning. however, have you, to your point, carl, alcoa. you have a lot of other news items there are going to hit after the close. >> what if those items are all positive? we are making it out as if those are going to be negative. what if those news items are all positive? everyone's going to go wow! right? su expect that the news is going

to be negative. >> no i'm not. listen. right now given what's going on in china? and what's going on in greece? we're the best looking pearl at the the dance. we have the overhang of china down on this market. i think that's a story that's going to be with us for some time. >> right. ron made that point. when you can't sell what you want, do you sell what you have to, which is why you had that contagion in japan and hong kong and australia because they couldn't sell what they had in china. right? >> listen. we have been doing this together for 31 years. if you had to order the day's news you'd go with the new york stock exchange halt. then with united. then maybe earnings. then alcoa. but this is a story that people will be thinking about. alcoa's earnings the unofficial kickoff the earnings season but not a bellwether company the way it used to be 20 or 30 years ago. these two things have happened today at the exchange and in the

airline world. they're big stories from the perspective that they're going to lead the news. they're not going to be buried behind anything else. >> ron mentioned virtu, a company that recently went public on the new york stock exchange. i have been in contact with their ceo who tells me who says while our floor operation is shut, the remainder of our u.s. equities market continuing un unabated on the nine exchanges that are fully functional. i think they listed up at the nasdaq. i want to be clear on that. but nonetheless, that's the ceo of virtue financial who tells me that market making continues unabated on the nine other exchanges. that's to your point, ken in inykenny, about the fragmentation of the

market. >> exactly. let's bring in a stanford law professor, former s.e.c. commissioner to joins us on the phone. joseph, good to talk to you this afternoon. thanks for being with us. >> thanks for the invitation. >> s.e.c. doesn't have any specific comment at this time but what would you imagine is the conversation going on in those halls? >> primarily i think they want to find out what's going on. they want to find out what the problem is why the problem occurred. they're going to be interested in what the exchange is doing to get back up and running as normally as possible. and they're going to want to stay as fully informed as they can be. >> something they say they're working on working in conjunction with the exchange. hang on for just a moment. i want to get to eamon javers who does have some sound from the homeland security secretary. eamon? >> that's right, carl. secretary of the homeland security jeh johnson is speaking right now at csis a think tank here in washington, d.c. he said he has been on phone with the ceo of united airlines.

he's talking about all the technology disruptions that have happened throughout the course of the morning. he's making a little bit of a distinction between what's gone on at united and at the nice and what happened at the "wall street journal" in terms of their website. take a listen to the secretary of that homeland security. >> it appears from what we know at this stage that the malfunctions at united and the stock exchange were not the result of any nefarious actor. we know less about the "wall street journal" at this point. >> the secretary of homeland security there not saying that the wall street was necessarily impacted by a nefarious actor but just simply saying that the homeland security department as a whole has less information about that one than they do about these other two major technology incidents that we've seen today. also, i should tell you, we have a statement from treasury officials who say they are also closely monitoring the situation. here in washington a whole lot of monitoring going on but not a whole lot of answers coming out of government agencies right

now. >> eamon, thank you for that. we've spent a lot of time this morning and this. afternoon talking about why the nyse may have kept this from becoming an even worse situation. would you agree that this is unacceptable? unacceptable for a major exchange and one of the biggest and best developed economies in the world? >> what i'll tell you is that any business in any sector of any economy that is so dependent upon computer operations would think that an outage of this form is unacceptable. i'm sure that united views what happened with its systems this morning as being unacceptable. if google were to go down and when facebook does go down the ceos of those companies also find those situations unacceptable. this is part of the unfortunate reality in living in such a cyber intensive world. it's a new fact of existence.

>> what do you think the longer term impact of this particular event will be? what does the nyse now need to do? once they fix this what do they need to do and what's the longer term impact of an outage of this scale? >> well, i think the answer really depends on why did the outage happen. and at one level it could be something remarkably mundane. early reports suggest that there was a new piece of software that was being introduced this morning. and when it was actually put into production people found glitches that rennereddered the system inoperable. if that's the problem, you can test new systems before you actually launch them. on the other hand, you could do something more profound and at this stage it is impossible for anybody outside the exchange to intelligently speculate as to the actual cause of the problem. >> art cashin here at post nine says that they are beginning to look at the process of

re-opening. does this need more regulation? >> well you know that's very very far from clear. remember, you are talking here about regulation of computer systems by the federal government that also runs the office of personnel management. that was recently very successfully hacked. just in today's world, when you run into a computer problem and you say, well the answer is let's have the regulators come in and fix it for some reason i wind up being a little bit cautious about that solution. >> professor, can i just say we bring back the brokers? >> yeah. until it snows and the brokers can't make it to the floor. >> is it not perhaps an indication that the pendulum has swung perhaps a little bit too far toward it the electronic

side of things? do we need to maybe bring the pendulum back a little bit and find a bit of a hybrid that might make a situation like this a little bit easier to resolve? or not? >> as a practical matter i don't think we're bringing back the horse and the buggy and i think we have computerized trading systems. and what we need to do is figure out how to optimize their operation and let's remember whenever are dealing with a computerized system there is a probability there is going to be a failure. you want to get that failure rate down so that it is measured in billionths of a percentage. but we have to design systems that in a person sense are appropriately redundant. and what we're seeing here is all right, the new york stock exchange has a self-inflicted wound. it goes down because of some programming problem. but meanwhile nasdaq and other

exchanges are able to pick up the slack and trading continues. so this appears to be a bit of a benefit to the fragmentation we've seen in our markets. >> but let's just make this also clear. this is not an issue that happens at the new york stock exchange on any regular basis at all. when you talk about the number of times or billionths of a second, however you want to define it this falls within that purview because this is absolutely not something that happens here. coming up on 1:59 minutes. almost 2:00 hours now that the new york stock exchange has not traded a single share. halt of the exchanges began at 11:32 eastern time. since that time we've heard from the exchange itself that it was not related to any cyber attack or tied to it the united

airlines outage. literally a self-inflicted wound. ccs says they continue to remain in contact with the exchange. fbi, similar story. the white house. the president has been briefed. treasury continues to monitor it. the question now is really do they open before the would-be close? >> i think -- if you were a betting man -- i know they want to. we all know they want to and i think it would probably be -- assuming they can resolve this would be in their best interests to go into the close with some open trading. >> i'm sure they're working very, very hard to get this done. even if it could almost be an opening and closing in one trade. >> what if they can't resolve it before the close? what happens tomorrow morning? >> i don't know what the back-up plan is. >> what would the open -- i know i'm asking you to speculate but i think that's on the minds -- when i was walking up here that was on the minds of everybody.

>> i guess there's -- listen. there's got to be a back-up plan. the composite close would have to be it. a lot would depend on i would imagine what happens overnight in the news. we get positive news overnight out of europe, what could happen? would there be any reason for the market to crumble? >> what i meant is the mechanics of the open tomorrow. does it look -- is the process any different? >> no. listen, if it doesn't reopen today but then they get the problem fixed and tomorrow is just a normal day, tomorrow the opening process will be the opening process. they'll discover price once again like they do every morning and boom at 9:30 they'll open the stocks. there are be no change in the process. >> if you wanted to but didn't sell a stock today, would you do it in the morning or is it completely an irrelevant thing to think about? >> you mean you're not selling it just because of this issue today?

>> yeah. if your trade did not get executed today and you just didn't do anything with it. your trade should have gotten executed today. >> your trade can get executed. the market is still trading. >> just get executed somewhere else. >> you can't say to me i couldn't execute my trade. you can absolutely execute a trade today. there's no reason you can't execute. you have to be careful how you ask me that question. if you've made a conscious decision not to do it that's your own decision. you can't say i can't execute. can you absolutely execute. >> flash crash was different. a lot of trades got canceled because of the inability of the market to do complete trades that had been previously put into place or they gapped down 30%, 40%. >> the flash crash was a completely different issue. those trades got canceled because technology failed and the alternative you spun out of control. don't get -- no trades on the new york stock exchange ever get canceled. don't even -- don't take me down that road. >> let's not revisit that.

>> i didn't say that. >> the nyse is saying that all open orders now have been canceled. we've heard from art cashin a moment ago saying they're beginning the process of reopening. no timetable set on that. there's the briefing room amount the white house. we'll keep our eye on that to see if the white house has any comment beyond the fact that the president has been briefed and they continue to watch the situation along with treasury. ben willis doesn't even need an introduction. >> he just weighed in. >> don't say weigh in. >> can you talk about what it's like to be you right now? >> i have to tell you, it was a lot of fun when it first started to happen. i was actually very busy trading and the fact of the matter is we have the ability at my firm to trade in every other venue. but the big thing for me is what you are witnessing, the fact --

>> let's listen in to the white house. >> -- experienced by the new york stock exchange. miss monaco told the president that at this point there is no indication that malicious actors are involved in these technology issues. she informed the president that new york stock exchange officials had been in close touch with the department of homeland security with the securities and exchange commission, as well as the treasury department. the officials at the stock exchange are working feverishly as you'd expect to try to resolve the situation. for an update on their efforts, i would encourage you to contact them. the president told miss monaco and mr. mcdonough that he wanted to continue to be updated on the situation throughout the course of the day. but at this point there is no indication that malicious actors were involved in these technology issues. with that darlene, we can talk

about this more or take other questions you may have today. >> sure. thank you. even though you say that there is no indication that malicious actors are involved is that something federal authorities are still on guard for as you continue to look into what happened? >> well obviously the administration is keenly aware of the risk that exists in cyberspace right now. there are a in tum ber of steps that this administration has taken to improve communication between the private sector and the federal government when it comes to safeguarding cyberspace. i would point out that the stock exchange is actually an example of a private sector entity that has a strong relationship with the federal government and one of the most important pieces -- one of the most important elements of our strategy for safeguarding the nation's computer networks from cyber threats is effective communication and sharing of information between private sector officials and the federal government particularly those elements of the federal government that are responsible

for responding to cyber threats. the new york stock exchange does have an effective information sharing relationship with the federal government and i think the information that i shared with you is an indication of how valuable that kind of information sharing can be. >> given what has happened today, did the federal government take any steps to beef up its own cyber security defenses or anything like that? >> well the federal government is obviously very vigilant about the steps that we need to take to protect federal computer systems. the kind of security pleasures that are in place are sometimes obvious to the general public. sometimes they aren't. we also work aggressively to make sure that the kind of defenses that we have in place reflect the threats that we perceive. this means that our security positive is continually evolving

to reflect the current threat environment. i don't have any steps that we have taken at this point to tell you, but i can assure you that officials, even on days when these kinds of questions are not lingering in the air, are very vigilant about their need to adapt to an environment in cyberspace that is filled with malicious actors. >> on a different subject, on the hilda, senator schumer and portman unveils a new plan to sort of overhaul the way u.s. companies pay taxes on foreign profits and some of the money they would propose using for infrastructure, roads, bridges, et cetera. do you have any reaction or comment on that? the work that they are talking about? >> senator schumer and senator portman have communicated to the administration about their report and we certainly applaud their interest in this area. >> that is the white house briefing.

reiterating what we've heard from other agencies at the federal level, that is no indication that malicious actors were involved in the halt here at the nyse. also reiterating that the nyse has what they're calling an effective information sharing relationship with the government. that was a very quick turn in the line of questioning there. >> it was. and arnest say something the senior homeland security advisor has been in contact with the nyse and has briefed the president. so it seems as though everybody is talking and everybody's communicating but kenny, you brought up an interesting point and ben, maybe you can weigh in on this about redundant systems here at the new york stock exchange and whether or not there are duplicate systems that would kick in when an event like this takes place. >> well i'm assuming -- ben might know better than me -- but there are redundant systems but i have to believe that this glitch must be affecting -- whether it first comes into the building, i would imagine. otherwise they would have

flipped it already. >> it is called a ccg. i don't want to get too granular into the technology -- >> please do.erally at the switch point. part of the redundancy quite frankly was introduced by our competitors of the government saying the redundancy has to be to allowed access out of the building with order flow that for years when you and i started, kenny, would be locked down. we'd have the ability to have a human intervention. that's been taken away in this whole process where i have heard some of the s.e.c. officials making comments about whether we should bring humans back. the humans are still here. we've never gone away. there are far fewer than there were but that is a system where i was a human at the point of sale with my customers when we were down. i was still trading in every other marketplace that allowed moo he to trade. not as effectively, at a far more cost restrictive policy. it is a function of the automated system it is payment

for order flow where we hear people come on the show talking about how they route their orders. they get paid for their orders. they're not routing just for the goodness of their customers. they're getting paid by wholesalers. >> i think back to the white house briefing. the subject may have come back again. >> -- central bank there, they haven't been able to stop it. is this on the white house's radar and do you have any concerns about that affecting the global economy? >> jeff the administration particularly the treasury department but also economic officials here at the white house do closely monitor activity on global financial markets. we do live in an age where the -- where our global financial markets are interconnected and interrelated. activity that we do see in one market could have an impact on other markets. so that's something that we carefully monitor. in terms of assessing the impact of the volatility -- >> discussion china which, oh four or five hours ago was the number one topic on our plate. and may be again once this is

all resolved. bob pisani might have some better intel on that. >> i was lynning inglisening to your conversation. the key issue for today is the close. can you go in between the middle of the day and trading curves outside the nyse not such a big problem. but for many many organizations, the nyse close is going to be the key point. they need that. every day they need to close the price at the new york stock exchange. without that creates a bit of a problem. also we've got some reweightings going on today in some indices at the close, and that's something creating a little bit of an issue. the key point is there's a little bit of urgency around getting to the close. not so much between here and the close but getting the closing price somehow. two points i want to bring up. you tangentially were talking about this. one issue is the disaster recovery. there is a disaster recovery plan. remember kenny, there used to be a back-up trading floor at one time a long time ago.

the plans still exist. i don't know what they call for right now but i can pretty much assure you was one of the ideas was archipelago would be the back-up disaster recovery plan. in other words, if there was a problem on the nyse floor, the archipelago would continue trading. that's exactblyly what would happen. whether there is a more detailed plan on disaster discovery, i'm checking on that. the other issue people are asking me, i'm still working on getting answers, if it is a software problem, not cyber security why can't they roll back to the status quo ante. software program existed yesterday. if there was a change in the software, an upgrade or something that changed it why couldn't you roll back. that may not be as easy to do as simply saying let's roll it back but that's certainly an issue that people are dealing with right now. again the issue is just trying to determine what exactly the problem is. if you have a problem with the service what's called the gateway where the data is coming

in there is all sorts of data that comes in then there are matching engines that match off the buy and sell orders. then tell people we received your order here's what's going on. if there was a problem in the connection, the matching engines got out of sync with the servers, that would cause this. kind of problem. so i'm really speculating now about given the fact that cyber attack is out of the question what's the most likely explanation and the most likely explanation is some kind of software glitch that led to some problem with the gateway server what's called the main servers that are out there, and the way they connect with the matching engines and match off the buy and sell orders and tell the customers exactly what's happening. in my mind having been down tloa long time, that's the most likely explanation. i'm stimll waiting for somebody to get down leer and give us a little more color on this but they are trying to get to the close. that's the main thing. >> a quick question. we talked about redundant systems a few moments ago.

ben mentioned the gtcs system. the nyse has put out a statement saying that the gtcs system will remain active when normal market activity resumes. now not trying to read too much into that but that assumes that that system is active now. do we know that it is or is not? >> all i know -- this has been so long since anyone's thought about this. it is called a dr disaster recovery plan. all of the exchanges have to have on file with the s.e.c. a dr a disaster recovery plan that outlines exactly what they will do if something like this happens. in the old days the '90s there actually was an alternative trading floor, a ghost trading floor that was in brooklyn that was set up in the event something happened to the physical floor. that became sort of not relevant anymore with the advent of electronic trading. what i haven't seen is the most updated disaster recovery plan but i'm quite sure that

archipelago is a major part of that that if the floor can't open archipelago stays trading. in a sense, that is what is going on. we're going to continue our coverage in a few moments but we'll take a quick break. we'll have the fed minutes due at the hoptop of the hour and we continue to cover this trading glitch at the new york stock exchange. back in just two minutes. \ s 2

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xfinity is perfect for people who want more entertainment for their money. welcome back to cnbc. we continue to cover the breaking news which is the fact that nice has halted trading in all stocks this morning. it is a technical glitch according to the new york stock exchange. so far trading has been halted for 2:18 minutes, and change. people down here are starting to really wonder what's going to happen as we get closer into the close. kelly echs isvans is on the set. kenny polcari continues to give us ushis perspective and comment. trader on the floor want to know how to start preparing for end of trading. >> as we transition into the

afternoon, this becomes the critical time. we are always talking about the last 30 minutes or the last hour of the trading session. today that's especially important. kenny can tell us as much as anybody why here at the new york stock exchange which admittedly is only a small fraction of total trading volume so most people's stocks are trading quite normally today. that could all change a little bit as we approach the close. why is it so important what happens here as we approach 4:00 p.m.? >> because so many mutual funds and etfs price off of the listed closing price which has always been the new york stock exchange. on nasdaq it is the nasdaq closing price. from listed securities it's always been the new york stock exchange. so that's going to be the question as we move closer to 4:00. if they are unable to get, for whatever reason up and running again, who ow are they going to do that. it's interesting because arca is owned by the new york stock exchange so it is a new york stock exchange venue and stocks are trading there. i won't profess to say that i

know what the back-up plan is because this has never happened before so i don't know. but i do understand they are trying to -- i think s&p put a 2:30 deadline on having to make other plans if in fact we're not up and running by then. i know the exchange is working very hard. >> those additions or deletions to other indices and the rebalancing. >> we don't know yet what their decision will be in terms of how they handle it. >> it is one thing as well as wede digesting in this mark. greece. after we'd all focused our o attention on that market how much of that activity was halted as they deal with that bubble, the air coming out of it. >> the difference between here and there is they halted it that's it. you're not trading anything. here we've halted at the new york stock exchange yet stocks

are trading freely in other venues. >> i would go further and halting it. they're plan plating it. they're manipulating it. i think that's ha major difference that investors who may be looking at investing in the chinese market need to keep in mind. they're putting in place all sorts of "fixes." here our market is incredibly liquid. we're the prettiest girl at the dance. yes, we have some technical glitches here but it is a completely different situation. >> look we were down almost 220 points at the height. we're down 170 now. there is no sense of panic. you don't see phones ringing or guys on the phone talking to customers realizing there is a sense of panic. nor is there in the market. >> some people are saying why is it everybody seems to be so comfortable we've heard from the acknowledge the from the new york stock exchange and from officials in washington that there is no nefarious issue here. it is pretty easy for them to rule that out but why haven't you guys gotten more information

on what is the real problem, about what it isn't ksh. >> i think we've heard as much as we can from the exchange. it was identified as a glitch. tlp was an upgrade to the system last night. whatever that upgrade was causes an unintended consequence. foreign policy from within the system. it is not external. i just don't think they've identified exactly what the glitch is. >> good to see you, art. what are you hearing from people you are talking to and how should we prepare for this going into the close? >> we have a target obviously. the s&p had announced that they would set up contingency plans for the close and evaluations if the exchange was not reopened by 2:30. i am told that we have interacted and cleared the books of all existing orders that were there. close to a million. now they're getting ready. if anything i would say they're

probably in the pre, preopening phase trying to determine. it would appear from evidence that as kenny alluded to, it was some kind of software glitch. the first thing you want to do is see if you can test the system so that you don't re-open and have the same darn thing happen all over again which would be a great complication. the next thing that brings up is the need to reopen because we have a morgan stanley index reweighting on the bell. a normal contingency, if there was some kind of an emergency where you couldn't get closing prices. the mutual funds need a closing price to do their net asset value. the various indices that the etfs trade need a closing price. what they would ordinarily do would be to use the composite close as that price. the difficulty here is that if

there is a reweighting that price is to some degree fictitious because it does not include the demand of what people ordinarily would be buying for the reweighting and/or what they might be selling. so that becomes a bit of a problem. the fact of the matter is one of the areas that the new york stock exchange excels is on the closing prices. at expirations and reweightings we get a disproportionate share of the market share. it jumps up to 50%, 60% at times. that is because we have order types such as market on close, limit on close, et cetera and here because there is a market maker, you will be guaranteed a closing can price. were you to put such an order in to one of the dark pools, to nasdaq or even arca you

wouldn't have a closing price. that's why they need the nyse to re-open. >> approaching just a couple of minutes before the release of the fed's beige book. >> fed minutes. >> the fed minutes. thank you, sir. they have a different color on top. >> a recap of what we do know this hour on the floor of new york stock exchange. a technical glitch that started at 11:32 a.m. has halted trading here. nyse saying the tech issue not the result of a cyber breach. pt white house has been briefed. they're monitoring the situation. it is about 2 1/2 hours now since trading has been halted. bob pisani is on the floor with more. >> the important thing is art's got it right, they're really trying to figure out how we can get to the close. the problem is you can't re-open if you don't exactly know what the source of the problem is because then it could lead to another issue. the good news is with the cyber security ruled out, the most likely explanation is some kind of software glitch. there was what was called an interruption, whatever you want to call it at the open. this may have been related to a software rollout. they have not clarified this. we don't know.

but we have seen this happen in the past with many upgrades not only on the nyse but on other exchanges as well. you have a momentary problem. it is a coding problem. the coders fix it and this leads to another problem that creates some cascading issue. that frankly, is the most likely explanation. we haven't been told that but having seen this happen before that's the most likely explanation. there are two things that are bothering people down here. number one is what happened -- why if there is a software issue can't you roll it back to what happened yesterday? if the software today is not working, you can reboot from yesterday's software. that is possible i've been told. i talked to coders. it may be a little more technically difficult than just doing that just saying that. the other issue is the whole issue about disaster recovery. as i mentioned earlier, there is a disaster recovery plan on file with the s.e.c. it is specifically designed to deal with these kinds of situations. we know there is one. the question is what is happening with that.

in the old days there was actually an alternative trading floor that was set up. it was never used but it was set up as an alternative in case something actually happened. today that's not as necessary. i think -- i haven't seen the updated disaster recovery plan. i know it exis. it is likely they feel that archipelago is the disaster recovery back-up and in fact archipelago is working as they indicated. that's certainly a little bit of good news. as for what happened some people are talking about issues with the main gateway servers and perhaps having problems in the way they are interacting with all these matching engines. there is a lot of different ways that this data comes down here. it gets matched off with buy and sell orders. remember, you have to go to the customers and tell them yes, i have your order to buy or sell here's what's happening. constant stream of communication going on. as soon as we get to the bottom we'll get to you and let you know what's going on. guys, back to you. >> all right, bob. thank you. as everybody knows, we are just moments away from getting the federal reserve's minutes from its latest meeting with be this as the dow is still trading down 165 points.

the s&p down 22. today still dealing with concerns about europe and china and the trading halt that's stopped activity just here on the new york stock exchange floor. let's get out to brian sullivan. stocks are lower right now. much more on the halt in trading at the nyse. but we do have breaking news from the federal reserve. steve leisman has the fed minutes. >> thanks, brian. the federal reserve at its june meeting was concerned that there would not be a greek deal between greece and its creditors. this is before the latest round of troubles with greece. they were worried that greek troubles would still over into european financial markets and into u.s. markets. for that reason and others most of that late june meeting, conditions not ripe yet for a rate hike but they said the economy was "approaching levels needed to create that first rate hike in over nine years. one member in fact was ready to hike in june and some said the rate height conditions had been met. the majority said the labor

slack would be absorbed only by year end. they wanted more evidence inflation was moving back towards its target. stability of the dollar and oil eased in some of the deflationary concerns but there were worries about foreign growth specifically klein. every positive in theepsse minutes is countered by a neglectative. we've brought you a lot about this issue of seasonal weakness in the first quarter and the federal reserve brought this up after a meeting saying there was concern that the first quarter weakness would continue and there was discussion of seasonal issues in the first quarter gdp. they were thinking about -- there is the full screen -- consideration of alternative estimates that showed there was stronger first quarter growth. that story from several months ago now making its way into discussions at the federal reserve. >> we got to get back to the nyse story. quickly though we know it is not yellen. any idea who the one member that suggested a rate hike last month

would have been appropriate is? >> i am going to think it is jeff lacker. i could be wrong. jeff may write me and saycy was wrong but i think it probably was jeff. >> richmond virginia. old dominion. not a state. >> not yet there but i think ultimately brianmarkets need to be on their toes to get to those levels the fed thinks are necessary to raise rates. >> even if the fed -- even if there was market moving information or commentary in these fed minutes, guys it is unlikely that we would see the market move because while we know stocks are still trading, traders have obviously taken a back seat because they don't want this unfair sort of playing field to happen right now. >> i'm not sure about that. i think they've given the volume that's trading away from the new york stock exchange. if there were some shock that came out of the fed minutes i think people would be hammering it somewhere, whether it is oil,

whether it is stocks whether it is bonds. there would be a large reaction. bonds have barely moved today. >> i think you have to take under advisement the fed was concerned about greece back at the end of june and things have worsened since then. china's gotten worse. they were concerned about china as well. things have worse rnned on both those fronts. hi guys. bob pisani on the floor of the new york stock exchange. tom farley president of the new york stock exchange here with me. tom, give us an update. >> sure. sure. so tough day, bob. we opened -- we opened the market as usual. so all the nyse listed stocks opened without incident. and around mid morning, started to see some concerns about the way trading was occurring. customers weren't getting all of the messages back that you would

otherwise expect. we made the decision -- i made the decision consistent with our rules and working with our counsel and regulatory arms obviously to suspend trading here on the nyse because we want to make sure nyse stocks wouldn't be negatively impacted. during the day as you know they continue to trade on various venues. i've said to the team we have a great team they're working on it. i said take your time identify the issue. these stocks continue to trade. let's get it right. let's identify what it is. let's put in place the right plan. let's make sure we communicate to customers, let's make sure we communicate to the s.e.c. i've been in touch with them. let's make sure we can bring the market back up form the close. the close is a very critically important part of what we do. >> to be up by the close. >> yes. that's the plan. we're not there yet but i'll continue to update you as we would our customers around the s.e.c. if anything happens.

but the plan stop open the market around about 2:45 3:00. we'll put out an official notice.quickly come on air with you and your audience. we'll put out official notice and give our customers plenty of time. again they're trading these stocks right now. the key is do no harm and open up the trading and be there for the close. >> we were told there were connectivity issues at the open that were very quickly resolved. eventually you shut trading all together. there a is there a connection with those connectivity and what happened subsequent to that? >> it is premature to say. it was a technical issue. looks like a configuration problem. we've been quarterbacking to make sure today goes as smoothly as possible.

>> can you confirm it was not a cyber security attack? >> no it was not external. it was an internal sectivity problem. >> we have seen software glitches in the past. we've seen efforts where you are upgrading the system some codesing problems some servers have gone down. is that the most likely explanation? can you tell us if there with a is a software upgrade or anything around that that might have been a causal factor? >> it's premature. again i gave you my impression that there is a configuration issue with nyse application. one of the things that we focused on and we continue to focus on is there are some systems that are market wide. we operate are the securities information processor for taipei. the open and close tend to be market wide. those systems -- you need to have absolute resiliency in all

your systems but you need to make sure that stocks including nyse listed stocks can continue to be traded. fortunately in this instance they can continue to be traded though it is not a good day. i don't feel good for our customers who are having to deal with the fallout. >> we had of course issues on other servers. united had an issue on their server. the "wall street journal" had an issue on their server. can you tell us if any of those outages or problems are in any way connected? >> no they're not -- well not connected with us. whether they're somehow connected with each other i don't know. i've been focused on communicating with customers and our internal staff today. >> you don't believe there is a connection between what happened at united the wall street and the outage at the new york stock exchange. >> right. >> give us some signs that would indicate things are going to get back to normal. what is happening right now to ensure that we're going to get a 4:00 close? we've been saying all day there

is msci reweighting, and of course a lot of people depend on the nyse close. what are you doing to ensure that close will happen? >> we're finalizing the customer notice which will be going out shortly. again working with the s.e.c. working with our technology team, we identified the issue and we have that addressed. >> so the issue was a software issue? i'm trying to -- it is important for people to understand just what the problem was. we are relieved it wasn't a cyber security problem but still trying to piece together most likely explanation. >> when i say it is premature. it is because our system is more than just software. the network connectivity the various external/internal sources and the actual hardware. whether it was actually enshrined in the software code that returns the application or it was a configuration of connectivity of the networking i'm not absolutely certain but we have identified and more information will come. there will be an official write-up. we'll certainly report that information to the s.e.c. >> was it possible -- people

have been asking -- let me ask you about the disaster recovery program. there was -- all of the exchanges have to file a disaster recovery plan in the event something happens. i assume one is on file with the s.e.c. can you tell us a little bit about it? what is the back-up plan? >> sure in this case it is easy. we'll bring the system back up. we'll be open for the close today. that's the plan. we have a disaster recovery plan. a whole hardware/software apparatus that's based in chicago. >> you made the decision not to do that. >> that's right. >> the reason you decided not to do that -- >> i wanted my team to take their time and get it right. be open for the close. new york stock exchange stocks continue to trade. >> in a sense the back-up recovery archipelago's working just fine. >> tom, thanks for stomg bypping by.

can you come by after 4:00 to give us an update? >> i'm not certain. there's a lot going on. >> president tom farley of the new york stock exchange. he says they're going to get trading up at 4:00. they're preparing for it right now. i'll go over here by the main data center and just check with the guys and see if i can get some technical updates on what's going on. kelly, back to you. >> bob pisani speaking with the new york stock exchange president tom farley who did say they hope to reopen trade by 2:45 to 3:00 or so with more details to come in an official statement. we'll have much more for you right after we take a quick break here on cnbc. a chance to try something different. this summer, challenge your preconceptions and experience a cadillac for yourself. ♪ ♪ take advantage of our summer offers. the 2015 cadillac ats, the sharper performance sedan. lease this from around

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♪ welcome back. we are live on the floor of the new york stock exchange where trading here at this exchange has been halted now for going on three hours. this came after a technical glitch this morning. we did just hear from are the stock exchange president tom farley a few moments ago saying they hope to get trading back open within the next 30 to 45 minutes. it will be critical as we approach the close, including for many mutual funds here. stocks are still trading. that's important to emphasize. the biggest news of the day was supposed to be what happened 13 minutes ago when the fed minutes came out from their last meeting. we saw a more dovish fed than we expected. we saw the 10-year interest yield moving down on that news. interestingly enough, stocks here in the u.s. not getting much footing on that. the dow jones industrials down 182 points this afternoon.

i'm joined by art cash be sue herera kenny polcari, a mix of people from on the floor who have been weighing in trying to explain to us how serious the situation is as we enter the third hour here. does this become more of an unprecedented event? >> well i wouldn't call it unprecedented. we've had trading halts for a variety of reasons over the 50 years i've been doing this. everything from geopolitical events to technology things. we've had past instanced where we've had software updates over the weekend and didn't quite take the bugs out in one circumstance they forgot to take out the trial package that they put in and we started running an opening that wasn't really accurate so we had a halt right away and got that corrected. by and large over the years, everything has run far more

efficiently than we've had a glitch like this. >> this is absolutely not something that's a regular event at all. so in that sense it is a one-off. it is a one-off. >> are you comfortable, kenkenny, and everybody with what you've heard from tom farley. first we've heard from the new york stock exchange beyond a couple of tweets. >> we've also heard there are plenty of technology people on the floor that have been saying the same message. i think it is more important when it comes from tom. he is the ceo so he needs to come down and be that face. but i am very comfortable with that. i don't think it is an outside event at all. it is internal, it started at 8:15 or 8:00 this morning when this upgrade from last night seeming to cause some initial problems which they seemed to have fixed. they opened smoothly trading under way, then what happened at 11:30. that leads me to believe it was a more internal than external event. >> tell me what happens if they are able to get trading up in it

the time frame tom farley just laid out to us. we do have stocks trading on arca. we do have stocks trading on all the other exchanges. how do you mark those stocks and take us through the process of closing. >> that in fact presents a kinds kf of logistical problem in the fact that stocks are continuing to trade there. one of the determinations that the exchange has to consider is how do we re-open or resume? is it simply a resume trading? which then could possibly move smoothly with the other markets already trading? if you tried to do it as a kind of second opening, that might be difficult because the prices of the stock would continue to change on arca and in the dark pools. it's not so much flipping a switch and opening again, you have to find a way to hit the ground running. you have to be part of this relay race that's already going on. that's part of the difficulty.

you have to word your messages correctly so that the systems at all the member firms understand how that handoff, that baton hand-off is going to happen. what is important here is for that -- i'll use the term -- re-opening to go smoothly. there are two critical measures we are going to face here. getting that market back in line smoothly and effectively with little or no disruption and then handling the close. everybody will be focusing here on the new york stock exchange. whenever we have a reweighting or expiration our market shares go up strongly from the ordinary 22% to 25%, often up to 45%, 50%, and even higher. so this is the place where people feel most comfortable with a market on close program. we've got to make sure that we hit the ground running, the baton handoff goes perfectly, and then some hour or so later,

to make sure the close goes absolutely smoothly. >> do they let those of you on the floor know when they're going to do a major software upgrade? do they say, hey, guys just know tomorrow or this morning we're going to do this. because if this is the result of an upgrade or system-wide change gone bad you would think they'd want to let everyone know that there is even the possibility that something could go wrong. do they do that? >> it depends. if the upgrade or change is substantial, they will put out wires to all the member firms just to make sure that they are ready for the new kind of connectivity that will be needed when the program is changed. if they think it is a minor change it is not necessary that i'll get a notice that oh by the way, we're bringing the crowd in on saturday. certainly from now on they will be getting everybody's attention, i think they'll be asked rather than sending out

notices. >> kenny, how does it make you feel to know that trading activity is happening today pretty much as normal except for right here on the floor of the notion? >> i made this point. i would have been -- yesterday i would have been one arguing about the fragmentation in the marketplace and how -- >> you would be! that's true! >> absolutely. and how i was a non-proponent of having 60 different venues. today, after this event, i would argue in fact that fragmentation has created the ability for the market to continue to trade and really trade without a whole lot of nervousness. i think everyone will say the market doesn't feel nervous pat all. so in that sense i would say i think it is okay. i still think maybe we have too many venues. do we need 60 venues? probably not. >> nice to have a couple. >> it is nice to have a couple. on a night like this i think that point is made clear. >> certainly seeing uptick in volume at the nasdaq guys. as you know stocks continue to trade. if you look at the trading volumes, i picked out of the blue macy's. the average daily volume on that

share is 4.1 million shares. right now it is trading 3.4 million. even despite this halt it is trading practically at normal paces. bertha coombs tweeted out recently 84% of the average daily volume traded so volumes don't look to be affected precisely because of these alternative trading venues such as here at the nasdaq. we've learned here that the type a stocks nyse stocks, handled at this exchange was up 20% as of 1:00 p.m. compared to the trading that happened yesterday up until 1:00 p.m. 20% increase in the trading of nyse stocks here at the nasdaq. >> so melissa, that makes perfect sense. right? institutional investors that need to continue to be represented and execute need to find the other venues. so naturally that's how -- that's where the flow would go. >> fair enough. let's take a quick break. when we come back we are approaching the critical time when the stocks down here need

to start reopening as we approach the close. we should also mention stocks are trading and the dow jones industrial average near its lows of the session, down 210 points.

welcome back. bob pisani on the floor of the new york stock exchange. nyse data center behind mean. quite a momentous day here when at the open the nyse informed us there were connectivity issues. they quickly fixed that said everything was fine. then 11:32 a.m. eastern time nyse halted trading on the floor in all nyse listed stocks. however trading in archipelago, which is the electronics exchange, continued and nyse listed stocks trading on other exchanges also continued and have continued throughout the day. the nyse very quickly ruled out a cyber attack. that's the good news. however, tom farley president, came on just a short while ago, discussed issues with me, said he had identified what the problem was but declined to identify what exactly the issue was. speculation is this may have been a software glitch in terms of updating some of the software. still haven't confirmed that however. the key story here is the close.

mr. farley said they are aiming for 2:45 to try to get the systems up and running. we aren't far away from that. then big close in a lot of mutual funds and others depend on the nyse close for determining exactly what the right prices will be. again some speculation that this was a software glitch and that's the most likely explanation. we have seen this many times where there have been attempts to upgrade different software. they have a problem. you fix it. then it creates another series of problems. this has happened a number of times down here, though it's been a while since there's been a problem that's been this notable. one thing i would say, kelly, given how complex these systems are, the constant upgrades that have to occur and you are dealing right now with 11 different exchanges that are out there and 50 different dark pools, it is amazing this doesn't happen more often. i'm not making any excuses but it is really the last time this was a significant issue here was in 2009 when we had an outage of

about 30 minutes. >> stocks are still trading today, just not here on floor of the new york stock exchange. moving towards the lows of the session. the dow's down 212 today. >> that's gotten lost in the sauce, is what is the market doing? what did the minutes say? we've seen a decline in yields on the treasury markets and prices are still very volatile. one trader pointed out to me a little while ago, algorithms will post -- they base a lot of their trading on bid and ask here at the new york stock exchange. you take that out of the equation literally, it makes for a much more volatile day. when you take trading out at the big board you'll make life very difficult for those who trade with a computer. >> as we know from covering markets heading into the close, every day that's when the market tends to come back. heading into the final 90 minutes of the trading session. told stocks will reopen here in

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welcome become.ack. we are still waiting for the new york stock exchange to reopen.

computer problem that began at 11:32 eastern halted trading of securities here at the new york stock exchange. the stock exchange saying the technical issue not the result of a cyber breach. our bob pisani just spoke with the exchange's president, thomas farley, minutes ago about the glitch. farley was asked whether he thinks trading will resume before the closing bell at 4:00 eastern. >> yes, that's the plan. we're not there yet and i'll continue to update you as we would our customers and the s.e.c. if anything happens. but the plan is to open the market around about 2:45, 3:00. >> bob also asked him about where this problem actually is. >> around mid morning started to see some concerns about the way trading was occurring. customers weren't getting all of the messages back that you would otherwise expect. we made the decision -- i made the decision consistent with our rules and working with you are o counsel and regulatory arms obviously, to suspend trading here on the nyse because we wanted to make sure that nyse

stocks wouldn't be negatively impacted. >> well fed also a major story today. in minutes of the june fed meeting released there are several headlines you need to know about. here you go. several pants pants on therticipants on the fed were concerned about greece worried that greek troubles could spill over into our markets. the interest rates most judge conditions for a rate hike not yet achieved though the economy is approaching a level needed to hike rates. however, one voting member of the fed was ready to hike rates in june. that. he were was unnamed but earlier in the show i asked steve leisman leisman, he said he thought, just a guess, richmond's jeff lacker. many expect labor's slack to be absorbed in the markets by the year earned but they still want more evidence that inflation is moving back to target and they also worry about foreign growth specifically in china.

want to remind you that stocks are in fact trading. even nyse listed stocks. they are trading in other venues such as here at the nasdaq. dow jones industrials 200 points. nasdaq, s&p and russell all down more than 1%. the s&p 500 is just one point off session lows. the yield in the 10-year falling to 2.2% after those fed minutes. kelly, this is something we are watching because we did see a spike on the fed minutes. interestingly though session lows for the tlt, the bonds, were just about at the glitch. after the glitch they started rising. >> we do have full team coverage for you of this glitch. brian, melissa, sue herera art cashin we understand the next 15 to 30 minutes are critical because we need a seamless reopening. correct? >> it is going to be a little bit of a carl wallenda act

because all the other venues are still trading. if it was simply a reopening, we'd do it like that. so it is almost like a relay race. we need the baton passed carefully. we'll open as stocks are already trading. >> how will that work, art? they've already cleared out all the open orders that were on the books when the glitch happened? there went the demand at that moment. do you put out a shingle that says we're open for business again to get those orders to come back again? how does that work? >> they would invite people to re-enter appropriate orders whatever they thought was appropriate. reason they canceled everything was not a systemic problem, but because when you entered the order, certain economic conditions were holding fort. then you got handcuffed by the glitch. so they said okay bill rather than ask everybody, we're going to cancel all the orders. if you want to re-enter your order, go ahead. >> guys brian sullivan here. am i the only one that thinks we

should maybe stop calling this a glitch? that sounds like a minor thing. >> what's a bigger word than glitch? is. >> failure. a failure. >> catastrophic failure? epic fail? biggest failure in the history of the new york stock exchange. >> why do you want to say catastrophic failure? >> kenny, why would i want to say glitch? a glitch makes it sound like oh, i had a glitch with the trigger. jasper, you blew my foot off. for united airlines anybody who uses the word glitch make it sounds like a small thing. tens of thousands of people couldn't be with family job interviews, sale meetings. that's the biggest -- >> that's not the case in the new york stock exchange. outside . >> outside of 9/11 and major world wars that's not a glitch! >> the reason you call it a glitch, brian, is where's the catastrophic damage that's been done? okay? >> from are other places to

trade. >> exactly right. >> in contrast to the nasdaq when their system went down. >> the word glitch makes something big. sound small. >> i don't agree with the use of the word catastrophic but from the new york stock exchange standpoint, the fact that you can't process trades that is a failure of the system isn't that correct? the point is that for the past three hours-plus there have been no trades at the new york stock exchange. that's a failure. correct? >> that's a failure here at the moment but to arthur's point and everybody else's point, it is not catastrophic. >> i'm not picking on the new york stock exchange, kenny. you know that. what i'm talking about is we've seen over the past couple of years major computer problems happen and everybody's kind of shovels them off as a "glitch." but the reality is that night trade interesting group -- someone described that as a glitch. it wiped oupt thet the firm. >> that was not a glitch. thatcatastrophe for them. >> i'm saying generally now with

major system shutdowns, i think we in the media need to stop referring to things as a glitch. when you shut down 25% of the u.s. capital markets. >> while you are debating there, the s&p is still trading and we are at session lows right now. just about -- could be ten minutes before the nyse resumes trading there. again, session lows on the s&p 500 right now. >> that's right. melissa. 228 points lower on the dow. this is a market that already had a few crises of confidence relating to greece relating to china. we come into the session today, perhaps what's most interesting about this you could describe activity as fairly normal except for this -- call it what you will, what's happening on the floor at the exchange today. >> yes, i would. volume is a little lighter, volatility is a little greater because of the lack of trafding here on floor of new york stock exchange but i think it is imperative that word does get to individual investors out there who may be concerned about seeing these headlines about trading halted at the new york

stock exchange. that their stocks can be traded still today. and probably were. i think it is imperative that we emphasize -- i know you both agree that we need to make sure everybody realizes that stocks are trading today. >> there's headline risk tomorrow morning on the front pages of the newspapers. >> there's headline risk right now. >> there is. >> but the bank is not closed. there are places where you can withdraw your money. >> forget about the cnbc audience for a second. i've been going down to the nyse, as long as you guys have for about 15 years. to sue's point, this will be on the cover of the usa "today" tomorrow. it will be the lead story of non-financial newscasted and you've got a customer base and an american population that has over the last couple of years -- maybe right, maybe wrong -- lost much of its confidence in wall street. they had the flash crash. they had the nasdaq two years ago. now they look at this and say, another reason i shouldn't invest. >> what i think is interesting,

i know we'll go to pisani in a second. what i think is interesting, an even bigger story that's going to make the papers tomorrow brian, is the connection people were very quick to try to make between this glitch whatever you want to call it and the glitch at united airlines and the glitch at the wall street. their website went down for a short period as well. i think it just speaks to how skittish weearful of the hackers out there and we're quick to point to that as a cyber breach of some kind. while, yes, it is an inconvenience to have the new york stock exchange closed today, i think the bigger picture is our sociological reaction to what's going on today in the world of cyber security. >> that's a good point, bill. the white house, the stock exchange itself trying to distance people from drawing any major conclusions about that. focus is more on what went wrong here. >> i think the important thing is, i spoke with tom farley about what the cause was.

he said he had identified it but declined to say what it was. on the issue of a connection between united and the "wall street journal" sites going down, he said he did not believe that there was any connection. so we'll have to get some more information to see if that's indeed the case. as i talk about all day, if tuyou exclude cyber security the most likely explanation is a software issue. these systems are updating constantly. we know that there was a brief interruption at the open. a connectivity issue is what they described it as. they said it was quickly fixed. then at 11:30 they closed the operations. it is quite likely that somehow the fix that was involved in the open cascaded into a problem with the broader market. i know that sounds crazy but that has happened a number of times. these are millions and millions of lines of code. you change one and the systems are so complex that it can create a problem somewhere else. in fact that was exactly what --

the night trading issue. it was a whole coding around. here's the team here trading guys here this is the sort of nerve center for the nyse. we're waiting for some decision on when and if we're going to open. tom farley the president, has said they are aiming for somewhere around 2:45 to open. it's not so important that it has to happen at 2:45. it ha iss to happen with enough time to be able to get a decent close with enough people putting in market on close orders and indicating where they want to go. the feeling is that they need to get at least an hour to get a good close like that. but at this point i can assure you, any are looking for any kind of close at all. it is 2:40. >> do we know where the volume is right now? >> yeah. the nyse floor volume is 195 million shares. on a normal day, at 3:00 in the afternoon, we should be doing 500 million. >> but that's not counting the

other exchanges. >> i guess my point is people keep saying hey, stocks are trading. that is true stocks are trading on the arca on nasdaq on tape a. but is it fair to say overall volume is down too, because traders aren't in the game of what's happening on the nyse floor? >> overall trade something lighter than normal. i can give you a global figure on global trading. it's not up on the board. but it is lower than normal. on a normal day, global trading, all trading of u.s. listed stocks about 8 billion shares. 3.2 billion nyse listed. . rest nasdaq and bats. >> you should check that number. you should check if it is well below or not. is it right in line. yesterday we traded 8 billion shares but yesterday was a very

big day yesterday. >> we hear nasdaq said on their a tape trading was up 20%. >> volume as of 1:00 p.m. was up 20% versus the previous day in the same period. yeah, we are seeing definitely an uptick in volume in other venues. >> while i can't cite the source i can tell you according to some trading desks they are saying nyse is currently at 9% market share despite the daily average of 13%. >> just somebody find out what the composite volume is as of right now at 2:42. is it 4 billion shares in if it's 4 billion shares rear's right in line. >> that's what i'm looking to find out and analyze and prove. if we lose 25% of volume on the floor of the nyse but 10% goes to other exchanges, we're still down. i'm trying to find out if people are staying out of the market even if they can exchange a trade elsewhere because of what's happened and perhaps they're concerned that price discovery is not there. >> i'm not sure i'd buy that.

>> okay. it's a question. >> brian, i think what you are looking for is in a market like this, if people don't have to trade, and if i'm a large mutual fund or whatever and i'm thinking about placing very large orders i might piece them out a little more narrowly. and if i don't have to get it all done today, i might reserve to see if the new york stock exchange opens or do it tomorrow. but i would like to throw something up on the table. i would like to tell everybody, in my opinion, today is the opposite of the flash crash. >> because? >> because in the flash crash, it was systems run amok. serious mispricing. things had to be changed drastically. instead, the glitch or problem, whatever it was, was caught. everything stopped. trading continued everywhere. there's been no serious mispricing. >> exactly. your point is well-taken in that regard. you don't have is the price dislocation we had on the flash crash. >> at the same time, let me ask

you guys this. whenever you soo heee something like this. kelly mentioned the headlines that will appear in the mainstream newspapers tomorrow about the shutdown of trading on the flooisnyse. whenever we see that happen congress people jump into the fray demanding investigations demanding new regulations, regulatory bodies get involved. is there a fear art, that perhaps this sort of high-profile system shutdown albeit temporary, will spur calls for more regulation on the markets? >> i don't think there is a failure of regulation here. i think it's a failure of software upgrade technology glitch. i don't know how you regulate that. it's a glitch. right? somebody wrote a line of code in the millions of lines of code and it affects -- it was an unintended consequence somewhere else. so i don't necessarily think it is something you have to regulate. >> i don't think it is something you can regulate. >> if i may, i think we know that mary jo white came out and said that the s.e.c. was monitoring the situations very

carefully. i think if there was a price dislocation, if there with a is an inability for people to trade stocks today, you would have a regulatory backlash of some kind. but the fact that there is no dislocation or interruption today i think the regulators are going to keep hands off and let them figure out the problem. >> guys one second. >> they'll say we didn't want singular venues to be in charge. >> art, just want to remind people, it is 2:45 now. when we heard from the new york stock exchange president thomas farley a little while ago, he said they hoped to reopen trading at 2:45 or 3:00 p.m. earlier he said "we're not there yet." it is important that they are able to hint the ground running coming right out of this. what happens if it gets to 3:00 and we're not open down here? >> well it is going to be difficult. the longer and longer you take the more and more difficult it will be. because you have a lot of things compressed in. as kenny alluded to earlier, you

wants to give people enough time to begin planning for those reweightings on the bell and the things that they want to do. >> is peel revere going to come riding by to tell us when they get ready -- what indications will we watch for knowing that we're ramping up at that point? >> you're going to watch me leave this chair. >> that's sort of what i was alluding to mr. revere. >> i'm going to leave the set. >> the exchange also sends out like every broker sends out notices, they'll give you a timeline, they will you when it's going to be. >> farley said we'd opened up a minute ago. maybe. art, your firm? anybody said hey, in ten minutes we're a go? >> that's why art cashin literally just got up and walked away. he's going to find out and get the lowdown on what they are looking at right now. >> what does this do to the discussion of the other exchanges?

that so many people here have raled against. granted, maybe we don't need 50 or 60 exchanges but it is a very good thing that we have four or five or six that are functioning right now. >> for me it is like eating crow. i was one of those ones saying absolutely not, it is a disaster when in fact shame on me because in this case it's actually worked to really save the system. >> does it change the discussion in washington about dark pools, about the order flow about the role of the nyse versus the role of all of those external exchanges which today are making the process work? >> they're making the process work. i don't think it necessarily changes the conversation. i think it empowers the conversation. i'm not necessarily sure that the whole dark pool conversation i think is a separate conversation. but the fact is even in this environment, they are hae allall working together. >> we're down 258 points in the dow jones industrials. we are certainly trading in

decidedly to the downside on other exchanges. about a 1.5% drop on the dow. we had another difficult session overnight in china as authorities there try to halt trading to try to bolster their exchange. the s&p 500 down just about 34 points. the nasdaq down 88 points. 1.8%. even though the nasdaq getting some volume today. >> interesting to watch because as everybody's focused on whether or not we are about to reopen within the next 15 minutes or so we are watching some pretty interesting moves here at the nasdaq. you mentioned the fact that people were quick to say cyber attack, a hacking attack. not the reason for this halt of trading. we are seeing the cyber security stocks continue to hold on to gains even at session lows. palo alto cyber, fireeye to a

lesser degree. >> the federal reserve issues minutes from its meeting at the top of the hour. that could have been the major news event of the day. in fact it had more of a dovish tone than a lot of people were anticipated. the 10-year is below 2.2% today. that's what makes today's drop in the stock market so interesting. there doesn't seem to be much relief, much sense that we're pricing in further out rate hikes than we earlier anticipated. despite all that the yield moving lower. dovish remarks from federal reserve officials. stocks here still down 260 points on the dow jones industrials today. >> art cashin did leave to see if he could find out when we might anticipate. meantime, a trader just came to me and said he's hearing that nothing is imminent right now. here we are ten minutes to the top of the hour. >> i would be curious just in the last 20 minutes, has there been any news out of europe to

cause the market -- has there been anything said about greece? >> i think that sentiment has taken a back seat today. >> we just went from minus 2.10% to minus 2.70% fairly fact that the new york stock exchange is not open at this moment. they're trying to get it up as we heard. tom farley tell us a little while ago between 2:45 and 3:00 p.m. to give people enough time to get these orders in by the 4:00 close, kenny. perhaps that simple fact we're not open yet and as bill indicated, no the getting the indication we're about to. let's ask bob pisani what he's hearing. bob? >> we're still waiting. and here's officials here and everybody's walking off the ramp here. but we don't have any news yet. you heard from tom farley. he said they were aiming to open somewhere around 2:45 to 3:00. it's past that right now and we don't have an exact number. here's people standing around trying to figure out. and this is not an issue for them to decide. there are people in the back here who are actually determining what the problem is that making sure that they can

open the system. and i know from talking to them their biggest concern is being able to open the system, make sure it functions, doesn't have another tradering problem. the integrity of the system is the primary issue, particularly when you're going into the close. yet, i'm still talking. there's tom who is a floor manager here one of the people in charge. and i'll go over and ask him if we can get a particular time on anything. hold on one second. tom, we got anything? anything at all, tom? okay. that's the guy that makes the decision over there. he says nothing yet, as soon as i get it i'm sort of attached to tom's hip over here. as soon as i get anything guys i'll go right back to you. >> another trader walked by me with -- i did see somebody go rolling by there heading toward the garage again. the technical area. the talk is, and this is tentative right now, they are shooting for an opening at 3:00. right at the top of the hour. 8 1/2 minutes away. >> i'm sure they're trying to

get that. by the way, bill, there is no particular -- if it doesn't happen at 3:00, it doesn't mean it can't happen. really realistically, most of these guys need 5 or 10 minutes and they can open it. the key is to close. so i'm not saying anything positive. but i'm quite sure they could open it at 350 and have a close. >> you can see on the screens there saying they do plan to re-open before the 4:00 eastern close. that's a new statement reiterating that the stock exchange with an hour and 8 minutes to go still plans to get this up and running. >> the only thing i would say is they want to give enough time for customers to enter market on close orders and kind of get, you know get that all together. sooner rather than later. doesn't have to be 3:00. but as it approaches 3:40 and 3:50 becomes a little bit more antsy. >> how much time do you personally really think you need? >> i think they have to get it open by 3:15 buzz then there's only 45 minutes for people to try to get their thoughts

together. don't forget everything's been canceled out of the system. both buy and sell orders. >> right. >> exactly. >> everything -- >> kenny, to your point. >> everything's canceled out. i've already determined that all the orders that have been put in are canceled. that's not an issue right now. >> right. >> people got to have a chance to put them back in. >> i can imagine what tom farley's message is to his staff. get it fast but get it right. get it fast. get it right. you know. which way is it going to go? they want to get it open. but you only want to open one time in this next hour. you don't want to have to -- >> and i want to go back to kenny's point. about whether you missed the headline. i didn't see anything here at the desk at cnbc. >> hang on, brian. they are going to try and open the american stock exchange options trading and stock trading at 3:05 eastern time. and here at the new york stock exchange, they will open at 3:10 eastern time.

that'll give us 50 minutes of trading here. >> just to make that point, the american stock exchange is there behind me. the options are over there. the stocks are here post 11:00. >> what are you going to do? >> i have to go back. >> explain to us what exactly is going to be involved. >> well so then what's going to happen is i'm going to get any order flow that comes in. yo ur going to walk around like arthur said i think they're going to hit the resume button. >> why are they going to phase it? >> only because -- >> what are they going to do? >> two different systems. i'm not sure at the moment. i think they're still operating -- >> okay. just to be clear here what we just got from art cashin is the plan is to re-open stocks that trade on the old american stock exchange, which is also on the floor of -- >> right. >> open those at 3:05 eastern time. so roughly ten minutes from now. 10 1/2 minutes. the new york stock exchange will officially then open itself at

3:10 eastern time. that is the plan right now. so we will wait and see how that goes. at least they've got a timetable for us now to see if we can get that open and get, maybe get almost an hour of trading in. >> and this will. guys, this will tell us something important. the point you made a couple of minutes ago, which is why did we go from down 200 to down 270? if the market comes back on these headlines, we'll know it was about the nyse's issues. i will say this kenny, the ten-year bond is moving more, more than the dow. 2.5%. so that leaves me to think maybe it's more global macro than it is this. >> well the fed minutes also moved the ten-year today, too. we'll see. what else you got for us? >> well i could confirm what you've been saying 305 for the american stock exchange. that room over there and 310 for the new york stock exchange and there are officials here who are briefing some of the traders. there was a whole group of them

here just about a minute ago, and they're being told exactly what's going on. so the word has spread very quickly on the floor. and you can see the briefings going on. we'll keep an eye on that 3:05. i'll go in the options room and check with them right now. but that's the word we're getting. you see them getting briefed here. traders coming up and people asking what's going on. and it's going to be. this is not going to be -- they're just going to open the market right now. they're not going to gather pre-orders or anything like that. they're going to straight ahead open the market right now. >> i'm quite sure it's not going to be a normal 9:30 open. let me check on the options market and get back to you with an update. >> thank you so much. >> right. so what they'll do is do the resume feature. they'll see where the stocks are trading and the flow that comes into the crowd either directly into the machines or via the

brokers. jumps in and be trading at where it's trading. >> for those just joining us they would peg those numbers based on the other exchanges that the major stocks are trading on. >> that's right. all the other exchanges. right. >> is there any fear on your part or other floor traders that when it does open there will be lots of problems? >> well, melissa, let me -- >> go ahead. >> if i may, i mean art cashin he's still getting his troops in order here. but he did walk by and point out to me that while the new york stock exchange has been halted all this time, other exchanges have been trading and the stocks continue to trade. and some cases, not all, but in some cases the stock price will have moved away from where the the nee stock exchange halted a trade on a particular stock. >> right. >> what might happen when you open and he's not saying this will happen but that's one of the considerations they're watching is when the exchange here opens. they may have to work out the

gap there. there may be an automatic halt on that stock if it moved far enough away. >> right. moved far enough away. >> this is one of the considerations they've been watching. >> if that happens the stock will move to where it's trading now. what will happen in the crowd is buyers and sellers in the crowd. customers know where stocks are trading, they're trading away. customers don't expect it's not going to trade anywhere other than there. >> but the computer that's been asleep for 1/2 hours won't know. >> well the computer won't know and that's the only problem potentially you'll run into. >> he's not saying that's going to be a major problem. but that is a consideration as we go forward. there may be a handful of stocks that have that -- >> right. >> that problem because of the dislocation of the price. >> especially because within the last 3 1/2 hours, we've seen the markets move to the downside in the last 15 20 minutes in some cases. and we can't show you the heat map now taking up too much of the screen but there are going to be individual names whose moves could trigger that behavior. >> if memory serves the dow was

down 218. >> now down 233. >> 233 now off the lows of the session. again, the question as brian was referring to a moment ago, how much of that leg lower is simply because of markets hadn't reopened. we were down about 270, maybe 280 on the dow at the lows. now coming back up to a loss of about 238. interestingly, bill coming back up toward the levels where trading here was halted this morning. >> something to keep an eye on here. what a crazy day. >> crazy day. >> we know you've got to go in a second here. listen, there is the point in all of this is it's not this morning when we had a series of if you want to call them glitches across united. the "wall street journal's" website, the floor of the new york stock exchange. a couple have fallen by the wayside. the attention is focused here. and that probably is no going to rest well. >> no i don't think it's going to rest well with them at all. >> nor should it. >> absolutely it shouldn't. and they will put all their efforts together to find out exactly where it went wrong and how it went wrong and, you know

what that code what that upgrade did last night. was it properly tested? who tested it? all the questions going to ask. >> kenny, we'll let you get back to it. really appreciate it. going, as we prepare to begin for trading to reopen down at the new york stock exchange taking place in ten minute's time. you're watching cnbc our live coverage of the halt in trading at the new york stock exchange that began at 11:32. one hour now to go into the close, sue, and our brian sullivan here, as well from headquarters keeping an eye on the levels of these markets which are still trading. the news we've had to digest and now five minutes to go until the first of this reopening. >> yes, and i believe i'm solo, kelly, in my anti-glitch patrol back in new jersey. to your point, we are certainly trading here. that's an important point to remember. tape "a," a part of the nasdaq where they trade new york stock