. >>> still to come on "worldwide exchange," bank of new york mellon is scrambling to fix a glitch inunds for more than a week. more on that story coming up. before earning enough cash back from bank of america to buy a new gym bag. before earning 1% cash back everywhere, every time and 2% back at the grocery store. even before he got 3% back on gas. kenny used his bankamericard cash rewards credit card to join the wednesday night league. because he loves to play hoops. not jump through them. that's the excitement of rewarding connections. apply online or at a bank of america near you. no student's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great. >>> now, despite the rebound we saw in late week trade, the dow, nasdaq,

they outsource it to the likes of eighth new york mellon, which , thern relies on sungard data provider just recently sold to provide the software. bank of new york mellon and sungard happens grambling for a week already. if you were in the investor or client who relies on that pricing to make decisions about which traits you're going to make, in a week like the one we just lived through? redone ive had to be corrected prices. it's disgraceful. warnedumber 4 -- buffett's berkshire hathaway making its most significant energy investment. is making a $4.5 billion stake in phillips 66. it makes it the biggest shareholder in the u.s. oil refiner and one with because name. buffett sees the intersection of recordle prices and driving. we have seen forecast for even lower oil prices. $32 from citigroup. they are the lowest of the big banks. each about it with everybody pumping as much as they can hear with you do not know everybody pumping as much as they can here today. erik: i would not evaluate. it does not matter whether it is or buffett ons buying phillips 66 stop. ck. matt: it doesn't eve

>> bank of new york mellon had a major software glitch on monday where its pricing system for mutual ange traded funds totally collapsed. bank of new york melon is saying they could not have mosted the net asset values for the funds, they're saying they did get the system back up and running, they're trying to work through the backlog to get the correct prices. bank of new york mellon is the world's largest custody bank. this activity is basically adding to the uncertainty and is not helping investor confidence in the market. we had a lot of problems with etfs on monday in the mayhem, we'll be tracking the story for you. the financial services software provider sunguard was the provider for bny mellon, basing that pricey glitch on the software provided to it by sunguard. bank of new york mellon saying the system was totally down, they're getting it back up now to get mutual funds and etfs up there correctly. melissa: i think this is the beginning of this, thank you. ashley: another storm brewing in the atlantic. tropical storm erika is heading towards the leeward islands with sustaine

. >> bank of new york mellon computer glitch, another computer glitch, reuters. lot with the pricing. so where is the congressional hearings on this? where is the upper and washington dc? we had so many hearings. >> to hillary's credit, this was violent, quick. some people got stomped out and hurt. when you think about the news,news, where we were friday and how the market has behaved, overall hillary is right. i really respectable 10 percent plus was recession. >> i'm suspicious. >> the market regulators are looking at the circuit breaks to see how they work. >> round up the usual suspects. look at the banking system, system, find for currency transactions. no one is going to jail come on trial. here is what happened. we're going to come out with a new rule. >> is the little guy right to be pulling his or her money out of the market? >> not at all. >> the individual small investor. thatthat investors should be all on paring back when they have an outside gain but also realizing that you have to invest looking forward. it's not always about looking back. going in

they're talking custodial banks like state street, northern trust and bank of new york mellon.ds with wall street regulations? a lot of players on wall street saying we don't want to do the back office stuff. we're outsourcing to these guys. liz: gary, there will be a trade warren buffett said a year ago i think told fox business every investor will have finger ready to punch as soon as the fed rate hike happens. just what will they be punching? >> the reason why it is so difficult to figure it out this time because we're in unprecedented territory in the sense that every time the fed has moved let's say in the last 50 years it is because the fed is moving because the economy is strong, the economy is overheating. this is much more about trying to normalize policy we're coming off of something that never happened before. so to try to figure it out. in terms of banks liz mentions, remember net interest margin will help all investment banks and many commercial banks. liz: td ameritrades of the world. >> that's true. you know what is so interesting, we've had no straight of hormuz

the problem was at bank of new york mellon which said it was having problems with its sungard data systems that impacted a number of mutual funds. bank of new york is a custodian for asset managed firms. sungard calculates the prices, the net asset values. it apparently has affected several fund firms including freighted and prudential financial. i spoke with some representatives of the mutual fund industry who emphasized it did not affect today's big market springs. it wasn't a part of that. this was a straight ahead hardware failure that could have happened any day, anytime. i was able to ascertain less than two dozen fund complexes were affected. it wasn it wasn't an industrywide thing. p. it affected part of the bny system. the question is whether they can accurately calculate the asset values. first trust which manages several exchange traded funds said on wednesday in a statement that the net asset value of some of its funds contain errors greater than 1%. that's not good. bny mellon was reportedly able to construct monday the net asset values for all their funds, but there's likely