Docs to resume as they try to get this system back up again. Meantime, we have Team Coverage and army of experts for the next two hours on this developing story. But if youre just joining us, dominik chu has a recap of what has been happening this afternoon. Dom . Bill this is something short of dramatic, really. Lets get you up to speed on what we know right now. We have been reporting on trading glitches happening with the nasdaq. All securities are, for the most part, not actively actively trading. One or two securities have been released now. Just to see whether or not things can function properly. But i want to get you the latest update. We have the latest statement from nasdaq. They are intending to reopen trading, in all tape c, nasdaq listed secure wits a 15minute note security. According to nasdaq at about 3 00 which is right now you will see shares of aame, supposedly start trading. All other securities, all other nasdaq listed securities, will be released for quotation only. Just pricing. At 3 10 eastern time this afternoon. Then we will follow a 15minute quoting period only so at 3 25 p. M. , eastern time, all nasdaq listed securities are at least anticipated to be open for actual trading. Nasdaq does want to point out here, if customers at all do be want to be part of this restart of trading, they should cancel all of their orders. Again, nasdaq is not, again not, canceling any orders with regard to this restart of trading if you are a customer with pending orders in the system for nasdaq listed securities. You should go and cancel them out if you do not want to be a part of this restart of trading. Again, key time you want to know, quotations for all nasdaq security will start at 3 10 p. M. Eastern time, trading itself. We will resume or as anticipated to resume at 3 25 p. M. Eastern time this afternoon. So again, bill, mal lem maria, is big deal. But everyone has their eye on 3 10 when quoting starts and 3 25 when trading supposedly begins, guys. Looks like trading on Atlantic American has begun. But we are watching carefully to see this test stock and how it is doing. It seems to be trading right now, maria. This is one of three upsets in trading that happened just in the last two weeks. Remember the major upset in hong kong in terms after trading glitch. Then remember the trading glitch with Goldman Sachs. Because that would cost them a hundred million dollars. This all comes back to Market Structure and the fact that this market is so fractured, bill. I just hung up with an Exchange Source and they all agree that market is so fractured, different pools to trade in rather than one consolidated pool, thats one of the issues here, nasdaq of course, weve been calling nasdaq for a statement. We want to see what they have to say about all of this. Bertha coombs, what are you hearing from nasdaq . They have not issued a statement, on the nasdaq trader where they talk about where this resumption is beginning. It is tough to reach someone right now. That is not generally the case. The nasdaq comes out and they dont want to put out wrong information so they hold their cards close to the vest. We will watch, obviously, the test stocks they are doing. Atlantic american is one. There was another asian ishares that is generally not traded very heavily. Small market cap. They are testing that. And what is a nasdaq test stock, ticker for that. We cant put it up because it is not really in the system, is zvzzt. This is a small test here. Obviously not very big volume test. Itll be very interesting now over the next 15 minutes as we start seeing some of the big nasdaq stocks that have not traded since about 12 25 today. What that is going to do. You know we have it is an day when you have big macro news like the fed minutes we saw yesterday, tuesday rather. But we do have news. Carl icahn tweeting he is going to talk to tim cook about apple and he seems to be encouraged the possibility of buy backs. We saw what happened the first time he tweet bed about that to apple stock. It is interesting as apple is set to resume trading with so many funds that have not been able to trade. So many traders that have not been able to trade these Popular Securities here for over an hour and a half. All right, thank you. Stick around and keep us updated on anything you hear there at the nasdaq markets. Just so orient you folks, if you are just joining us, we are watching this stock, Atlantic American. This is a test stock. They reopened this stock to see if the system is working. The problem was the price reporting was the problem. They were trading but couldnt get the prices reported out there using technology. So they today halt traysing. Now they are testing one stock to see if it is working. If it works they will try to get the whole system up by 3 25 eastern as we heard. Trading here as been relatively normal, if you want to call it that. We didnt see a pickup in volume here. It is possible to trade nasdaq listed stock at New York Stock Exchange. That in theory would be a back up. However there was a halt in the nasdaq listed stocks, trading just behind me. Shortly after nasdaq stopped trading because nasdaq requested nyse to halt trading. There is a back up here to trade elsewhere but in reality that back up isnt working very well. By the way, there is speculation about what happened. There are two possibilities. One is potentially a hack in their system. We dont know this for sure but thats a possibility. Other is i think the most likely, just a software failure. Remember, these are legacy systems. Nyse and nasdaq has Software Built upon software that goes back many years. It has to interact with old software and software with other systems. As systems get more complicated, it increases the possibility of some kind of failure. Sec has been concerned about the problems and legacy issues for a long time. Regular sci would stand for Technology Issues across the board. But my guess is that will get a lot more attention in the next couple months as people look at this. As for what people are talking about, i think some guys are loading still about nasdaq. A lot of people realize there is a Technology Issue that can happen with just about anyone. Ive been asked this question, what happens to the Exchange Traded funds. Etfs, like the spider. Which is the s p 500. Half of the stocks are not trading. This is a decision that has to be made by stock exchanges. They are not halting it. I did talk to etf traders about this. This is an interesting question about whether the etf should be halted. Traders are telling me that rational for keeping them open is they would use the same issues that would happen if an International Market was closed. You have price discovery from currencies. So i think the thinking right now is you ought to keep those etfs open for the moment and use other kinds of discovery methods for when they will possibly open. Guys, back to you. Bob, stay where you are. I just want to point out that im glad you mentioned the names and s p because the fact is, 110 issues in the Standard Poors are nasdaq stocks. 22 , yeah. Yeah. Even though this is a nasdaq problem. That account for 3, 4, 5 trillion in market value. Thats 23 bill of the s ps market value. Lets talk about this, joining us is jan, brian, ann, bertha, dominik. Ann, what do you do as an investor . Is this just a confidence blow or Something Else . I think it will affect confidence in the very short term. As you said, in the beginning of the program, maria, a very slow volume low liquidity day. So when there is low liquidity, you already have sorry, spreads on names grow. So thats happened. But it hasnt caused any major problems for us. I actually talked to our traders. They arent having any major issues today. But we want to see what end result is. What caused this and if it is only, 2 1 2 hours today and issue is resolved end we dont have any more problems, i dont expect it to impact confidence longterm. You are one of the biggest vicks traders. So i guess you werent bothered by this. But give us the perspective of an options trader that cant trade because theres no trading going on. You know, what is going on today for these guys . You know, certainly, it was an interesting story. Midday it got very quiet. Just looking at broker dealer, the Market Making side of the business, we went through about 10minute span which is very unusual for us, to not execute a single trade. Keep in mind, options are priced on time value. Timed exploration. That is decaying away on you. Guys holding weekly options that are long options, that is decaying with less trading going on. It is impossible to hide yourself if you have a nasdaq listed stock. That makes it difficult. Based on that we saw some people selling option premium and some index to at least try and cover option premium here. But this makes it a difficult time to trade because your whole model is getting skewed here. Guys, we are seeing stocks resume trading here. Coming across the wire. Go ahead. Jetblue. Whole foods. Value click. Obviously we will be watching for apple. Thats going to be the big one. And also qqqs as well. Nasdaq not just and the s p 500 but think about your fund manager today. Have you it make different allocations. So it impacts across the Fund Universe in mutual funds as well. The market seems to have taken this quite well. But there are implications here fz for those just joining us, we show you apple, it fell below the time the trading hull happened. I dont know if there was traysing but it was eerily that moment when we see the drop there as it fell below 500. Maria . Two point. And carl icahn sent out a tweet, by the way. Lets get your thoughts on the floor of the nasdaq. Couldnt have happened to a bunch of nicer people. Easy, easy. I used to work for bob when he worked his magic down here with his i ran his brokerage operation, so i have a little bit of contact. I surprised you cant get a hold of bob. But that is significant in the fact there are three dow stocks are effected, not trading. And the real concern, i was just chatting with New York Stock Exchange officials. Theres been concern because this was actually a regulatory halt. Primary market halted but because of the way they book down over over wherever the nasdaq is, time square, when they broke down they couldnt send out the message to shut down. Trading nasdaq stocks, continuing to trade for ten minutes, the direct edge and i believe for over an hour. So what is hatching now, thousands of trades are being broken and made now by the different exchanges. Bertha, you have something to add . Yeah, that looks like it is coming out ahead of time. It does have this quote. I apologize for that. Despite of the fact you may be seeing on the dow jones news wires and others that trading has resumed in the securities, they are still testing them and trading is set to resume i believe at 3 25. Tell us the impact you are seeing today. Youre a longterm investor and yet, if you cant trade some of these stocks, you cant trade these stocks. So what is the impact from your standpoint . Two points. First rule of engineering is all systems fail. It can happen, will happen again. Second point, last week about this time, we were a day shy of a lot of options expiring. If youre short term oriented, be aware it will happen again and prepare for it. You know, i dont want to sound like were pining for old days, ron. But you remember the days, i know you remember the days to trade, you picked up the phone, called your broker, called the human being. Do you pine for those days . Are we making things too complicated with the computers out there . Im told that this trading glitch is such they couldnt reboot because the system is so complicated it is not that easy to fix in this short amount of time. Let me tell you a story, i will try to keep it short. Jack was monitoring and there was a guy trying to trade with us. So any time you deal with the system you have to understand the strengths and witnesses of the system. All systems fail. Whatever your trading mechanism is, be prepared for that. And all that happens to us today is investors as anything we want to sell on the nasdaq or buy on the nasdaq today will wait until tomorrow. After 4 00 i think it shuts down for Something Like 16 hours. But of course it is predictable. So this will happen again. Be prepared for it. I just wonder in terms of the orders that wont be cancelled. As we heard earlier from dominik. Dominik, give us more on that. Because there could be people that didnt realize there was trading glitch and could be on the moneylosing end of us as a result. On facebook. Thats what i want to address. I spoke to a number of different traders on the street. Two senior ones at brokerage and electronic brokerage who said they are telling clients, before you jump in on this, make sure you are clear about what your risks are and they suggest not going in right away even when things start because you dont know exactly what will happen. Nasdaq said that they anticipate opening all of this trade willingiing at 3 25 eastern. I also want to bring you up to speed on one additional item that nasdaq has just put out here. They did say that nasdaq listed securities is resuming at 3 25 and that the Options Exchange, philadelphia, will purge all relevant quotes here after this time, and may begin sending quotes. The Philadelphia Office exchange will resume trading in all options classes at 3 35 p. M. Eastern time, again 3 35 eastern time on the philadelphia exchange. It just tells you how developing this is. That a great point dominik. Thats a great point. You are going to see market share taken obviously. Earlier cme group was trading nasdaq futures. They were the only ones at one point. So this is really a black eye for nasdaq no doubt we need to hear from bob greifeld of the nasdaq very soon, people want answers. But the bigger point is we could see market share losses as this fracturing of the market continues. Sec needs to get involve end really make decisions on Market Structure bill. I need to ask brian, as long as we are talking about this, to use that term options, what kind of options do you have yb in terms of where to go to trade when a primary dealer of whatever youre trading goes down. Basically the option here is to go to the futures market. If you needed volatility, you still had that in place. So separate anything related to the nasdaq. Same thing you talk about the cme Group Staying open. S p minis were still open so people could come to our exchange and change the spx options. Certainly you could look to other indexes. Good thing we didnt go down globally. To the point to others here, this is a down moment. Almost feels like an extra vacation day in the market. I guess thats how you have to treat it. Whether it is before the close today or tomorrow when you can execute trades. You just trade it as vacation day for some other things. If you need some sort of edge or access, it was a good thing the future market stayed open and you could have access to that. All right. When is the last time you saw a chart like this . Nasdaq straight line, bill. 2 1 2 hours. Moments aby from the nasdaq to resume entirely we think. About five minutes away. Well see. Yeah, go ahead. The interesting thing is how well the market has taken this in stride. In essence because weve had dress rehearsals for this. We have seen this happen before, whether it was the bats ipo or facebook ipo and participants on a quiet august day seem to be just waiting and looking and seeing whats going to happen. There are a number of participants. I talked it traders who were leery at seeing this kind of reopen at this time of day. This is normally when everyone is getting ready for the close. As you know, we call it the most important hour of the trading day. This is when volume surges. So this is a very big test here. On reopening. I just spoke to one trader yeah, i just spoke to one trader, and he said to me, this is a disaster. Let me bring kate kelly in. She is also talking to traders and hearing real frustration. Kate, over to you. Thats right. I have spoken to people at banks as well as the huj fend community. And there is frustration all around. One trader i was just emailing with says, we are okay in terms of how we are positioned and our ability to get through this. But this really is is unacceptable. That thats what weve been hearing. They told some people privately they expect to get the market up by 2 45 or so which is the original announcement, but now we are still waiting. The market as ber that pointed out is thriving and managing through this. This is an panic scenario. On the other hand, the way nasdaq is treating this is bob, the question has to be asked, how is the nasdaq allowed to effect a regulatory halt and then force other Market Makers who are willing to make a market, like the Market Makers on the floor of the New York Stock Exchange, why are they shut out of making a market . Who gave the authority for the regulatory halt . Thats got to be the first question to ask bob greifeld when you find him. One at a time. Maria . Part of the issue here is the Technology Group itself. It is the quoting system to quote and be able to see quotes that went down. So when you have an inability to see quotes, you dont trade the nasdaq, you know, person that the nasdaq is a montage system and any other market maker can post their bids and offers and be represented in the marketplace. It is not a system to the nasdaq. The market system can continue. By the way, ben hang on, bob. Let me get this in. Ben you mentioned earlier you thought direct edge was another trade for an hour after the halt. But we are hearing from direct edge they did halt trading as well at 12 17. There is a statement from nasdaq that says trades executed between 12 14 and 12 23 will stand. There will nobody no busting of those trades. That is after the nasdaq itself was halted. There were trades done after that. And apparently they will let them stand. Thats what nasdaq is saying. Ben, youre making a lets bring in you are making good point. Thank you, maria. What do you make of this glitch . And oh, by the way, 294 on the tenyear note as well. Thats right. And 170 on a fiveyear. I think it is a shame that mr. Greifeld went thr