Think that ill look at just like our call centers. The difference this time being it happened to those who are participating very seamlessly. Those who arent already in the market i would tend to agree with you that maybe it gives them a reason for pause. But i think that those who are already in the market see it as the benefit of technology and a seamless experience. I totally agree. I can just see the headlines in the conventional press. But make it very clear. This is not a flash crash of 2010. By no stretch of the imagination is that what this is, at all coming up on 1 00 eastern time. The halt continues here at the nyse. Has been in place since 11 32 a. M. This morning. Getting close to some other events as well as we get into the afternoon. Fed minutes are about an hour away. Art cashin says the question the longer this lasts, at what point do the mutual funds have to price their Net Asset Value at the end of the day. Cashin says the percentage of orders in limbo is growing. We may be making some progress but clearly no indication as to when this will end. Because it is a rebooting process. They can only do it in certain ways. As they do it then theyll reboot the system. Pisani . The president of the nyse is upstairs obviously dealing with the crisis. Cant come down at the moment but hes working on getting us a person that we can talk to which ive been waiting for are for an hour. Ive been talking to all the people here behind me. So far we still dont know the cause of it or exactly when it is going to come up. This is the problem. If you dont know exactly what happened its very dangerous just to bring up the system. You might be able to say, okay we can reboot system and bring it up but you dont want to do that until you are absolutely clear on what the problem is. We had spoken earlier about the fact that there were some connectivity issues at the open that were quickly resolved. It is quite possible that there was some kind of Software Upgrade. This happens all of the time, upgrade, usually with no problem. Dealing with the connectivity issue, the coding for it created other problems that created a cascade of tech issues. It is a glitch. Believe it or not, if but exclude Cyber Security that is the most likely explanation. Again the nyse has not confirmed any of this. Im simply going on many years of experience watching connectivity issues and the kind of glitches that occurred. All of this is code. Endless millions and millions. Lines of code. You might say how come the people behind me dont know exactly whats going on . I want to point out, theyre not the people that are actually dealing with all of this. The people who are dealing with this are the tech people and the people who are out where the Main Data Center is. In a sense this is happening above up literally and also out in new jersey where the Main Data Center is for all of the servers for the nyse. Thats certainly where the coding issues are. People here are simply figuring out when it will be safe to reopen the market assuming the data people say we can get everything working properly. Thats sort of where were at right now. We have had enormous amount of orders that have been canceled. There have been more than a half a million. I dont have an exact number. At the point at which we were halted at 11 32, there were more than 500,000 orders outstanding. Those are bids offering, as welling a orders for the ing aing a ing aing a orders for the close that were simply not on the books yet. Theyve been canceling these orders throughout the day because you cant assume everybodys orders are going to remain. Theyre in the process of doing that. As far as i heard, that whole process is going very smoothly. Again, imanticipate waiting for the it nyse to bring me over a spokesman to get us an upgrade update on exactly whats happening. Most of this is occurring right now over at the data center in new jersey. Just want to bring in rich again briefly. Over the past couple years, theres been a lot of debate over whether the markets are rigged. Im wondering, rich has the impact or maybe lack of impact of this outage actually made the counter argument that actually the markets are working pretty well . Apparently we just lost. Pills ask you kenny. I think that is the takeaway, that the markets are performing once again. In fact weve rallied back. Now were down 185. Market is kind of just humming along. So the markets are acting well. I would argue again i think thats a tough word to use, i dont think you should talk about the u. S. Market being rigged but i do think current Market Structure is in fact ill say working well. Cramer i got to wonder what if you have a client whos chosen to list here what is your response to this today . Ill tell you, i dont want to put anyone on the spot because i think theyre doing their darnedest and theyve got Great Software and it could have happened to anyone. We saw nasdaq glitch facebook. Theres no doubt about it. I know the New York Stock Exchange technology is topnotch. Theyve spent fortunes on it. I just think what you should thinking is there are governors on the floor. This is going to happen to anybody but if i wanted to have a human being involved in the process, youre not going to get anywhere else other than the New York Stock Exchange. Look, i hate to use this term. I certainly didnt like the term the r word. But there is the l word. Luck. I think this is just bad luck. We could be sitting here and it wouldnt matter. It wouldnt maesht. Tter. The fact of the matter is if you want trades to be executed for as fast as they are for prices that the retail customer now pays to have this done this is what you have to live with. This is the brave new world of stock trading. But are they . So many people do etfs mutual funds. If this werent news if we werent broadcasting this if this never leaked out, the Retail Investor would not even know. Exactly i feel like what happens is we draw attention to it and obviously the opticses are not good. I just hope what im loping is that people recognize, geez its so much better than it used to be weve got this actual dry run. It doesnt really matter. Its not like were sitting here holy cow, how did proctor drop 20 points. Like you were on the day of the flash crash let me put viewers at rest. If anybodys going to hack us theyre going to go after price. Theyre not go to shut down the market. Because this really does nothing. You have to shut down every exchange. Theyre going to take proctor down 20, take Something Else down 50. Thats what i would do if i were a hacker. As far as that wasnt that comforting. Was it . Thanks for the advice, steve. The customer comes in they almost never route their orders themselves. In other words, it goes in to that Td Ameritrade or trade monster or whatever. It goes into that system and is shot to the best nbbo National Best bidder offer. So the customers dont really need to worry about this at all unless they routed individually by their own designation to a specific venue like the New York Stock Exchange. But if they try to route it to the New York Stock Exchange it is going to be rejected so theyll just reroute it to an alternate venue. Exactly. To the point that these two gentlemen made and yours, kenny in other words thats pretty seamless. People wouldnt even know. On the other hand, as far as once you make something electronically available like the emini futures, for instance, 1. 9 million of those traded i believe thursday last week into the holiday. Only 6,000 or 8,000 fullvalued futures traded that same day. So even though theyre onefifth the size if you multiply the future times five youd get 40,000 of those verses 1. 9 million . I mean the tail wags the dog on the electronics side. Theres no doubt about that. So the fact that once you make electronic trade available to folks, then the venues can be anywhere. And they are. Well one things for sure. To pisanis point a few moments ago, the last thing you want is to reopen, and then have to shut down again. Exactly. Exactly. They are going to be looking for some finality to this issue before they fire up the engine once again. Sue herera has joined us here at post nine. What a morning it has been. It has. But to your point kenny and to your point carl as they work to fix the glitch the software however you want to characterize it, the important thing is that they are completely sure that they have it fixed before once again they open for orders. The question is in my mind whether or not this causes a dryup in volume, whether or not people, to art cashins point earlier this morning tend to stay away from the market until they feel confident this is picks fixed. There were some issues this morning at the open. Those were remedied. But it may be related to what we see now. But there might be some gun shy investors out there. There might be. But i think if they get the problem fixed the exchange is not going to let it go unless its going to work. Once they open it up again, i dont think thats going to be so much an issue. Listen, dont forget the New York Stock Exchange is it is the institutional order flow that really comes here. More so than the retail orders the 150share loss gets shot out to the other venue. But the institutions to whoever said it earlier today, they understand it. They understand what technology is they understand whats going on. If we get this up and running again, theyll be right back. I would think so. Thats certainly the hope. Yeah theyll come back. That is certainly the hope. Kenny, when things do get back up and running, whenever that may be whether were sitting here for more hours or not, what is it going to look like on the floor as were watching the live shots unfold . Whats the process . Well the process if its going to be the whole reopening process, theyll restart the system, theyll go through that opening process again, theyll discover price and, bang theyll let it open. But listen it is not going to be a big deal because the stocks are trading. If coke is trading at 80, when it reopens the flow is going it is going to reopen right where it is trading but it will go through that opening process again, then trading will go on then well move into the bell and well go through the closing process. J. J. , im told you want to add to this. One thing i would say as far as people with the talk about panic, et cetera. One thing to keep in mind, we saw it this morning with united airline. I dont think people are suddenly going to say im not going to use United Airlines again. Im sure plenty of people were frustrated by this outage. I think the consumer has become sort of used to this and the advantages of the electronic market have given us some side effects that we dont necessarily like but i think most people realize the overall benefit is so great that theyre willing to put up with the occasional side effects that come with Software Updates or whatever it might be even though theyre aggravated at that moment. To your point, j. J. The fact that the market is just kind of churning here not doing anything, should lead people to be more comfortable with the fact that this is just an isolated incident and that the market is fine. Arent you a little you must be a little worried about the Closing Price listen. As we move pa little bit closer to 4 00 maybe a little bit. Explain why thats important. Because at the closing bell is as you move into the closing bell is when you have these institutional customers that try to wrap up their orders. You get the mutual funds that have to price off the end of the day so there has to be a closing process. Now its only 1 15. I suspect we will be fine. But i would imagine if were having this conversation at 3 30, thats going to be a different conversation. Kenny, i was told theyre working on something right now for closing so that mutual funds, et cetera can get well be able to do that. Right. There is a backup plan for that. I dont know exactly what it is but therefore, people should not be concerned about that. For those who are joining us and they wonder exactly how much the pricing will work some of these stocks are trading on arca on bets on different exchanges. Do you take that particular price . Is that your benchmark price when stocks do open here . Can you explain that process . At the moment if coke is trading at 80 andin all the other venues and thats where it stopped trading here then thats the price. Theres no reason for it to be anything other than the price thats been discovered in these other venues. Theres no reason that once we start trading, there is going to be massive volatility of prices. Absolutely not. So therefore, in this sense, it should be seamless for institutions and for the Retail Investors. Somebody wrote in a few moments ago saying its days like this where they miss street signs. They can have it back right now. Its days like this where i miss the open outcry. What about open outcry . Joining us is the aforementioned former anchor of street signs, ron insana joins us. Sue is here at post nine. This is like what am i . Is the Business Center in 2003 . Its Business Center du. When sue and i used to go down to the floor of the New York Stock Exchange when there were 3,000 individuals populating the floor of the big board, its down to less than 500 today. There were specialists who paired off, made individual stocks. Its as if chicago is no longer an open outcrisis tell with guys on the floor. It is electronic as well. This is where we are dependent on the technology that we have and these things will happen from time to time. As weve heard, it doesnt appear to be a Cyber Security. The actions that took place at united, at the wall street journal, at the New York Stock Exchange are set to be unrelated. So look these glitches have occurred on numerous occasions over the last many years. Used to be almost solely the province of nasdaq where i think dick grasso joked many years ago, the former head of the Stock Exchange a squirrel ate through a wire and took down the whole system. Unfortunately, as these systems get more and more complex and more and more activity happens away from human involvement, we see this more. Do you this ink today is a failure or a success . A system failed but the markets are operating as normally as they possibly can because of what you just said . Right. It is a technological glitch but we now have 20 individual exclang on which you can trade the issues. The nasdaq is open. Pardon me for that slam from many, many years ago. The dow which used to be comprised solely of New York Stock Exchange stocks now includes microsoft, intel and apple which trade on the nasdaq. You dont get the same types of disruptions. Yes, there are a host of different exchanges now, marketmakers who exist that will be very, very active today in the absence of floor activity at the New York Stock Exchange. Ron, to that point, so that viewers understand New York Stock Exchange stocks where the primary listing is here do trade in all those other venues. They are not only confined or constrained to trading here. Therefore, thats why you see the market actually functioning as properly and efficiently as it is. We talked about 25 of the volume at the big board but my understanding is that the New York Stock Exchange itself has something on the order of 14 market share in the stocks that are listed at New York Stock Exchange. That depends on the market capitalization of stocks. The secondary names, there is much more volume that trade here because theyre much more human interacters. Big names like big market cap names that are easy to trade can trade on all these venues very, very quickly and easily. Some of those names you may have lower volume. But overall the New York Stock Exchange i think total volume is somewhere around 22 to 25 . Interestingly, the s p is out. Every day there is deletions. They are drawing the line at 2 30 p. M. Eastern time. If the nyse does not reopen by then theyll issue guidance on how they will that he handle those scheduled additions and deletions that are set to take place this evening eastern time. People are having to make plans. You have to make plans. You just cant wait until five minutes to 4 00 to say all of a sudden, what are we going to do . I would take that as a positive. Because when you market reopens you want the most orderly reopen possible you want the least outstanding issues possible. For s p to do that i think is probably a very good idea. Very good idea. Im sure the companies would appreciate it, too. I wonder, kenny, on whats an already decidedly down day, if there is a limited amount of trading between now and the close, doesnt that have that was my question as well scott. Doesnt that have the ability to make tomorrow morning a little messier than it otherwise might be . You know . Im not so sure that thats the case. Because, look, i cant see what the total volume is now. I can see that our volume has stopped at 195 million. But thats just whats traded here. Dont know if somebody can tell me what the total volume is. But i would not suspect thats going to be true at all. Because as long as people can trade, people are trading. So therefore, i dont suspect that youre going to get any more nervousness or not based on just this factor. I think the nervousness and anks is going to be what happens with greece and with europe and with china overnight. Thats where youll get the nervousness. Apropos of that. So china closes down 1,400 stocks. When you cant sell what you own, you sell what you can. Were liquid irrespective of whats happening at the New York Stock Exchange. China went ill liquid last night despite all of the hodgepodge efforts that they undertook to try to provide liquidity, to try to slow the descent of that market. You couldnt sell stocks in china so you sold stocks in hongillliquidity hits the market our investor