NASDAQ stopped all trading on its exchange shortly after noon on Thursday due to an unknown malfunction.
The stock market sent an alert to traders at 12:14 pm EST saying that it was halting trading on all stocks listed on the NASDAQ exchange “until further notice.”
Update: NASDAQ said Thursday afternoon that it will resume trading at 2:45 pm EST.
Regulators said they are communicating with market players, but have offered no further details on the issue. The Securities and Exchange Commission said in a statement that it is “monitoring the situation and close contact with the exchanges.”
NASDAQ, the second-largest stock exchange in the US behind the New York Stock Exchange, lists about 3,200 companies. It expects to resume trading later on Thursday.
It is not the first time NASDAQ has dealt with a major technical glitch. The shutdown comes more than a year after NASDAQ CEO Robert Greifeld apologized for technical glitches that interfered with Facebook's IPO and resulted in millions of dollars in trading losses.
To make up for the error, NASDAQ revealed a compensation plan in June 2012 that would pay $13.7 million in cash to firms and credit $26 million through reduced trading costs. The plan was criticized by firms, brokers, and the exchange group's rival, NYSE Euronext.