NYSE Equities investigating technical issue regarding LULD bands

By Thomson Reuters Jun 3, 2024 | 9:13 AM

(Reuters) -NYSE Equities said on Monday it was currently investigating a reported technical issue regarding Limit Up-Limit Down bands, sending dozens of stocks listed on the exchange into volatility pauses.

The LULD mechanism is meant to prevent trades in securities from occurring outside of price bands. The bands are set at a percentage level above and below the average reference price of the security over the immediately preceding five-minute period.

The exchange operator said additional information would be provided as soon as possible.

Stocks listed on the NYSE, such as Berkshire Hathaway, Chipotle Mexican Grill and Barrick Gold, were halted for volatility.

Berkshire shares were shown to be down 99.97% due to the technical issue.

The NYSE did not immediately respond to a Reuters request for comment.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Krishna Chandra Eluri)