On Tuesday at 9 p.m., the NYSE issued a statement saying it would freeze all of Berkshire Hathaway’s trades that occurred during the glitch. Dismissed The exchange termed these trades as ‘erroneous’, meaning they were ‘wrong’ trades. “It will “bust” all “erroneous” trades at or below $603,718.30 per share of Berkshire Hathaway stock,” the exchange wrote in its post.
As we reported, a data glitch on June 3 caused the Berkshire Group stock price to fall to $185 per share (roughly Rs. 15,000) after closing at $620,000 (roughly Rs. 5.18 crores) on its previous trading day. This is a decline of 99.97%. Trade Closed Many people took advantage of this dip and booked trades before it happened.
Although it is not clear how many people would have bought Class A stock during this one and a half hour glitch, the exchange later clarified that all the trades bought during that time were wrong. During this time, not only Berkshire, but all the companies affected by the glitch have been rejected for heavy losses. Not only this, an appeal cannot be made against this decision.
Fortune’s Report According to, the New York Stock Exchange reported that the problem was caused by a problem in the Consolidated Tape Association (CTA). The CTA provides realtime information about stock quotes and trades. It manages a part of the system called the Securities Information Processor (SIP), which combines all stock quotes and trades into one data stream. To fix this, the CTA reportedly switched back to a previous version of the software.