NYSE, Nasdaq plan to back up each other's closing auctions

[July 23, 2015]  (Reuters) - The New York Stock Exchange and Nasdaq OMX Group Inc said on Wednesday that they are working on a framework that will allow them to back up each other's closing auctions if they are interrupted by a technical glitch.

Earlier in July, the NYSE was forced to suspend trading for several hours in the biggest outage to hit a U.S. financial market in nearly two years. "We look forward to working with the industry and the SEC to implement this resiliency plan for the public markets on behalf of investors," NYSE president Tom Farley said in a statement. Nearly all U.S. trading is done electronically, and the NYSE outage again raised questions about the robustness of the technology at exchanges after a raft of major glitches in recent years. Both exchanges will file proposals with the Securities and Exchange Commision (SEC), laying out a clear plan. (Reporting by Amrutha Penumudi in Bengaluru; Editing by Ken Wills) [© 2015 Thomson Reuters. All rights reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.