In an expected move, the New York Stock Exchange has announced it would be cancelling the trades of Anadarko Petroleum Corp after a glitch in the system had cut the market value of the firm by 99%. This decision was first reported by Bloomberg News.
The US$45.15 billion company's share trade values fell to just 1 cent per share shortly before Friday's market closure. The stock though regained its losses and was able to close at US$90.03, or up 2.5% on the New York Stock Exchange.
According to Bloomberg, NYSE Euronext was forced to cancel trades that were executed at or below US$87.56.
The problem arose with the new program of the US Securities and Exchange Commission called 'limit up-limit down' back in June to avert volatilities in stock trading. The program would force the halt of the trading of US listed shares should they move beyond a recently traded price range.
The Houston, TX based company had trades happen after 1530 ET but the program was not yet in effect according Bloomberg News.
When sought for comment, both NYSE Euronext and Anadarko could not be immediately be reached for comment beyond regular US business hours.
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