The New York Stock Exchange’s parent company announced on Tuesday that government investigators are likely to file civil charges relating to the 2015 blackout that ground stock trading to a halt for nearly four hours.
Intercontinental Exchange, which owns NYSE, received a “Wells Notice” from the Securities and Exchange Commission’s enforcement staff on Dec. 29 — an indication that investigators are likely to file charges, the company said in its annual report released Tuesday.
On July 8, 2015, the Big Board went through its worst outage in its 223-year history after a botched software upgrade backfired and ended up shutting down almost all trading for nearly four hours.
While the outage was a major disruption for NYSE, it had little effect on trading that day. Other stock exchanges, like Nasdaq and BATS, were able to pick up orders after brokers re-routed trading.
The SEC has been investigating ICE since the outage, according to the annual report. It’s unclear what the company will be charged with or when any enforcement action will come.
“The results of the Wells Notice and any enforcement action related to the July 8, 2015 outage are unknown at this time,” the company said.
Source: The New York Post