Exchanges to report to SEC in 60 days on Nasdaq trading halt

By Sarah N. Lynch | NEWS.GNOM.ES – 

By Sarah N. Lynch

WASHINGTON (NEWS.GNOM.ES) – U.S. stock exchanges officials met with regulators on Thursday to discuss the three-hour trading halt last month in Nasdaq stocks and agreed to report back in 60 days with recommendations on infrastructure and amendments to exchange rules.

The officials met with Securities and Exchange Commission chair Mary Jo White behind closed doors at a meeting she scheduled after a software glitch on August 22 stopped trading in more than 2,700 Nasdaq-listed stocks.

“There will be amendments. There will be filings. There will be recommendations on infrastructure. It will all be very clear,” said Duncan Niederauer, chief executive of NYSE Euronext, operator of the New York Stock Exchange.

Niederauer said the meeting was “very constructive” and the recommendations the exchange make will require collaboration.

“Mary Jo ran a very good meeting,” Niederauer said. “We all have pretty clear homework assignments.”

William Brodsky, executive chairman of the board of CBOE Holdings Inc and the Chicago Board Options Exchange, also termed the meeting “very constructive” and agreed that “we have homework to do.”

(Reporting by Herbert Lash; Editing by Diane Craft and Nick Zieminski)