Governments. Computer says no. A Technical Glitch holds trading for more than three hours. Raising tensions on wall street as details on the outage remain unknown. Air france lands a deal with dutch pilots over pay and benefits clearing the way for its restructuring plan. Hi everyone. Im seema mody. Coming up on todays show movers and shakers as some of the biggest names in business gather in idaho. Well discover what black bustockbuster bids are in the work. Plus would you turn down 30 murder in the Second Degree for a business idea . Well show you what happened with the creators of a dating app appeared on primetime. Chinese security regulator stopped large shareholders from cutting their stake. The ban will last six months with those not adhering to the rule facing punishment. Its up 5. 8 . Martin has the latest for us in singapore. Thanks a lot. Wilfred good morning. Thats the big story here. Limiting big shareholders. 5 or more from selling out for at least six months. Thats the most drastic move authorities in china have taken so far. Take a look at the numbers here. Shanghai up 5. 8 as you said because single session percentage gain since 2009 but the wig question now is this is okay this is good. Its a nice change but will it last . Its taking a long time but interestingly we are getting criticism from foreign shareholders now, a and p down in australia, the Big Financial Services firm one of the first to voice their criticism of this interventionist approach by chinese authorities. They have reason to be not so happy because their flag ship China Capital growth fund was worth before it started 440 million australian dollars but since the route its down to 272 272. Heres the bad news. Theres a lot of buzz in the market. One of the reasons why we had such outside gains in the Chinese Markets today, the authorities in china could be on the cusp could be ready to take policy action to try to support this market here. What were talking about is we have heard phrases thrown around like well do whatever it takes. Can you say ecb and mario draghi . Can you say a buyer of last resort for chinese equities. Were all ears to see whether or not thats going to come to pass. That would be probably the most interventionist move weve seen yet. Back to you. Thank you very much for that. Could be on the cusp of taking extraordinary measures. They have already taken quite a few. Well discuss that more in a moment. Lets update you on data out of china as well. Consumer price levels above expectations for the month of june but the Producer Price points to Spare Capacity in the worlds second largest economy. Lets get to steven jones. Good morning to you. Thank you for joining us. Look, when i look at the action from the officials in china over night and theyre limiting stake holders as to what they can sell, whats really selling is theyre taking a very opposite view from the last couple of months and that was deregulating the market. They wanted to let the Market Forces work. Thats not happening. Does that worry you . Theres a lot going on in china. The move toward liberalization has been in place the last 18 months or so and significant steps have been made. They might have just found that they have taken a few too many too fast and suddenly the ramp up in retail involvement over the last couple of months with millions of leveraged and retail accounts entering the investment arena overegged things a little bit and they slowed down. Just a month ago on the show we were talking about china not being in the emerging markets just yet and with hindsight really good reason. Do you see that happening at any point over the next year now . I dont, actually. I think the case for msci greater involvement and damage in china is damaged by whats happening and by the authoritys reaction to it. You want markets to be stable transparent, broadly based involving institutional and retail and overseas investment flows without the need for disruption and intervention of the authority. They got pulled in the most meaningful way yet with an over 5 decline. Is this still a shanghai only issue . More a shanghai only phenomenon phenomenon. It was interesting that hong kong got dragged in when the domestic Chinese Exchange ceased to function when you had extensions from Share Price Movement and company activity. So an extremist hong kong gets involved. Has reality set in perhaps that beijing not as influential as its perceived to be . I dont underestimate the global power of Central Banks. The ability to move in markets. To inject liquidity aggressively. To put in place some stabilizing policies is still there in my mind. Are they effective . They have been and will continue to be. Maybe not as effective as first and second tile around but they still have potency definitely. The ppi is weak this morning. Lending figures weak for a long time. Theyre getting worried. The measures we have seen for the stock market in the last week have been absolutely extraordinary. Yes, they have. Some of those extraordinary measures in cutting Interest Rates will also help the real economy and thats also worth watching very closely. Q1 growth was pretty strong. That coming in 7 year on year. I do think that q2 will be lower than that and theyre reacting to this with measures that can stimulate the economy and see the issues in their domestic stock market. Thanks for now. Well be back with you shortly for another chat. Whats really behind the volatility in chinese stocks . Head to cnbc. Com for the four key features of shanghai markets that fuel volatility. But now lets get a check on how european stocks are trading. Yesterday we had a strong day for the euro. That switched around today. A strong day for equities and flat day for the euro. The way the weak has progressed the interesting thing is that investors seem not to be too bothered about what the news coming out of greece was. Since then whether its because of boredom or lack of a relief that well get contagion were shrugging off little bits of news coming out better than we have done over the last three weeks. Either way, today, strong returns across the board for european equities. Ftse 100 up 0. 6 and the rest of Continental Europe up. 6 . We did get quite considerable bound buying in the u. S. A strong risk off move but that wasnt so much related to greece or anything in europe. It was partly because equities were doing poorly in the u. S. But also because we had the Police Department fed minutes coming up later in the show. We did dip yesterday in the u. S. Were now back above that. But even though the fed minutes might have suggested rate hikes that yield itself doesnt suggest people are expecting it so well break that down for you later in the show. 0. 68 at the german yield. Back below 0. 7. Still that risk off sentiment in general. U. K. 1. 9 . Lets have a quick look at forex as well. The euro has just come back off flat which was on earlier in todays trade. Off 0. 4 . 11034. Seema. Lets get back to greece. The greek government says its doing, quote, Everything Possible to reach a deal wits creditors. With its creditors. This after tsipras aplayed for a mechanism. He said he would submit proposals with credible reforms today ahead of sundays deadline. Meanwhile, he says the euro system should not increase emergency lending to athens until a deal is reached. He criticized the greek government for the way its running its affairs. The greek government not only walked out on the previous agreements but has been widely criticized as an unreliable negotiating partner. A little over a week ago the Assistance Program finally came to an end and the greek government stopped honoring its payment obligations toward public creditors such as the imf. Central banks though they do have the means have no mandate to safe guard the solvency of banks and governments. That kind of redistribution is a matter for governments or parliaments if at all. Lets get out to jeff in brussels. You wouldnt expect anything different, would you . No what we heard is really a statement of the facts. We had two failed bailouts and were looking at the prospect of a third deal here and everybody is quite fed up. Where is the commitment . Where is the delivery . And this time around with the germans already on the hook for nearly 100 billion euros to the greeks, not surprising that theyre saying show us some real solid commitments to reform before we extend any further credit. Just one point about the structure, though of the euro zone. I just think its worth making here and the germans and the french have exploited this. Effectively, the structure of the Financial System in europe doesnt work. It means that countries and governments will always have the ability to exploit the researches by exploiting the rules. The greeks are really pushing the envelope on this and this is the point being made to them. If they want to stay a part of the club they really have to abide by the rules. Midnight tonight is the deadline but based on what we have seen previously from this government in athens they could turn up tomorrow lunchtime. Absolutely jeff. I want to move things along to the imf. Its interesting to hear what they had to say. Once again overnight saying that debt relief is needed. But i guess theyre increasingly with their euro zone partners arent they . I wouldnt say that carolyn. I think the timing may be unfortunate but i think what youre hearing from the imf is a statement of the obvious. Lets be clear here. We have seen surpluses delivered by the greek government but the minute you factor in the debt servicing costs, they evaporate which means effectively greece is running faster and faster to go nowhere so its very logical that there has to be some reprofiling of this debt or whisper it quitely. Possibly a forgiveness at some stage why start to make a noise about this now and put out that report just as were getting to a very critical stage in the negotiations. Even the germans said theyre prepared to put some conversation about debt restructuring on the table maybe in october once weve seen the greeks commit to serious structural reforms. Thank you for that. Trading comes to a stand still on the New York Stock Exchange floor. Has it impacted your confidence . We discuss, next. The New York Stock Exchange resumed floor trading Late Wednesday after a four hour halt. What was behind the technical issue . What started as a day concerned about greece and china turned into a waiting game. Waiting for the nyse floor to reopen. They discussed connectivity issues. It was quickly resolved and did not appear to effect overall trading. Then at 11 32 eastern time they shut the entire floor down for what they called a technical issue. The nyses electronic Trading Platform continued as usual. Listed stocks on the other exchanges including nasdaq. Trading resumed at 3 10 eastern time and the all important close came off uneventfully. The nyse wont name a specific cause yet but its possibly due to a Software Update that caused the initial problems at the open. However the process of fixing that issue may have caused other Software Glitches that eventually shut the entire floor down. This actually happened several times before though this is the most serious of these types of outages assuming it is a software problem. It wasnt a good day for the nyse but considering theres 11 exchanges and over 40 dark pool with literally trillions of pieces of data that move between them each day its remarkable this doesnt happen more often. The last serious problem of this type occurred in 2009 when the nyse was shutdown for roughly 30 minutes. Lets get back to steven jones. Look, you trade us equities on behalf of your clients. Did that impact you in anyway shape, or form . It didnt. The u. S. Equity market largest equity market in the world. 51 of msci developed Market Indices so a crucial part of what we do for customers and also a crucial influence on other markets around the world but now theres a variety of venues where you can go and trade stocks and take exposure and risk in entities and they function normally. You wouldnt change anything about the venue that you want to trade stocks on in the future . The key thing is certainly as an Institutional Investor to have a number of different venues we have seen technical issues with increasing frequency. People arent that clear about being able to give a reason for it because the connectivity in the marketplace is so complicated. I suspect in all honesty that they havent yet worked out why it quite happened. We think this as we were saying we dont know exactly why but its just a Software Glitch and not anything more malicious but the pause in between yesterday when twitter went crazy about this issue does it remind you how reliant we are about technology and is that an issue were not protecting ourselves against enough . Could that cause a more massive crash or meaningful one . They had a field day yesterday with the Airline Outage and Media Outlets and nyse. I think, yes, security around Market Technology and your own technology as an Investment Management firm is key and well up the agenda and youre spending more and more time and money trying to make sure youve got the right expertise in this. I think it is also as was illuminated by commentary from the u. S. And, indeed other areas yesterday that its also a national issue. National Cyber Security on peoples radar and their spend. These are rare. We had the one in 2013 and the facebook ipo with a Technical Glitch in may of 2012. But what made this glitch unique is this is one of the only physical trading floors in the world and they take pride in that and how that leads to transparency. But clearly thats not the case. That Human Interaction in everything we do is now facilitated with i. T. And connectivity and i suppose we are only as strong as that weakest link. You just hope protocols in the future will be updated to ensure that these glitches dont happen. They cant be doing anything good for investor confidence. It wasnt a great day yesterday. We have work and invest to understand and protect against further outages. Well leave it there. Steven jones, cio, thank you for joining us here on Worldwide Exchange. We want to hear from you on this. Will the outage impact the way you trade Going Forward . If you want to join the conversation get in touch with us by email at cnbc. Com via twitter or our personal handles are on the bottom of the screen. Pair mount pictures plans to speed up the home release of some movies in a deal struck with two major theater changes. It will make two of its upcoming films available on digital home video two weeks after they leave theaters versus the current three month window. In return amc will get a cut of revenue from itunes and on demand sales. They have fought shortening the home video window saying it would hurt Box Office Sales by discouraging people from going to the multiplex but this would happen. If youre going to narrow the window more people will say why do i need to go to the theater . Especially if its just two weeks. Are you ever going to go to the movie in the first week. The premiere no doubt. But other than that. No i agree. I think its a fair point and comes down to what the type of film is. A big action movie or whatever you like it being on the big screen and surround sound. Or if its Jurassic Park and youre wearing the 3d goggles. Two weeks though is probably enough. Is it . I think it probably is. Already if its not that type of film and youre not desperate to see it then youll already wait three months because everyone is busy and youre happy to wait. You go to the cinema when its a film that youre desperate to see months in advance and youre going to see it as soon as you possibly can. Rather than what am i doing this weekend. Its unfair though. It really is in favor of some of the big action dramas like Jurassic World or james bond the ones that have a lot of buzz around them. But what about the smaller independent films. No one is going to watch them. That might be good for the film maker though. Its a clear sign of moving with the times and trying to preempt something thats already happening. Interesting one. Lets move on. Winter is long gone but one mound of snow refuses to disappear. It is actually three feet of snow covered in dirt. However it is a shadow of its former self. So why doesnt it melt . Experts say the dirt made a shield which covers the snow and keeping it at 32 degrees which of course is fahrenheit. Wow, still to come cheering the city of london as the u. K. Chancellor makes a change to the levies raised on banks. Well be back in two. Push your enterprise and you can move the world. But to get from the old way to the new youll need the right it infrastructure. From a partner who knows how to make your enterprise more agile, borderless and secure. Hp helps business move on all the possibilities of today. And stay ready for everything that is still to come. The ecb plays hard ball with greece. The board member says its not its responsibility to keep the nations banks afloat. Central banks, although they do have the means, have no mandate in my view to safe guard the solvency of banks and governments. A Technical Glitch holds trading on the New York Stock Exchange for more than three hours. Details on the outage remain unclear. Air france lands a deal over pay and benefits sending shares in the airline higher and clearing the way for its restructuring plan. All right. Lets take a look at european equities