I don’t know the reason for this glitch, but from prior knowledge:
- BRK.A has an extremely high share price, in the hundreds of thousands of dollars for a single share, which causes issues
- NYSE has a very complicated trading system, because it tries to do things that no other market does, like having special privileges for manual floor traders, and because their markets have highly complex trading rules in general. I’ve written connectors to some of their Pillar protocols and they were… unusual
There were several trades in BRK.A that happened at the $185 price before the halt. I wonder if, now that trading resumed at $631k, whoever purchased at $185 and sold for an immediate $631k gain (multiplied by however many shares) would be able to keep their profits...
> In addition to the volatility halts, trades in Class A shares of Berkshire Hathaway Inc. appeared to go off at mistaken prices. About a dozen trades showed shares changed hands at $185.10 around 9:50 a.m., a discount of 99.97% to Friday’s closing price of $627,400. NuScale Power Corp. had a similar glitch, with trades that printed at about 99% below the prior price.
> “It’s very confusing that it’s happening in just a few shares,” said Jonathan Corpina, senior managing partner at Meridian Equity Partners, who typically works on the floor of the NYSE. “I would assume that those bad trades will be broken.”
- BRK.A has an extremely high share price, in the hundreds of thousands of dollars for a single share, which causes issues
- NYSE has a very complicated trading system, because it tries to do things that no other market does, like having special privileges for manual floor traders, and because their markets have highly complex trading rules in general. I’ve written connectors to some of their Pillar protocols and they were… unusual