Another glitch on Nasdaq

EXcHanGEs • Nasdaq cancelled some trades in shares of Kraft Foods Group that had pushed the stock up about 29 per cent in just one minute, the latest in a string of trading glitches that have rattled market confidence.

The trades were executed between 9:30 a.m. and 9:31 a.m. on Wednesday. According to Thomson Reuters data, about 170 trades were made on a number of exchanges including NYSE Arca, Nasdaq, Direct Edge and BATS. Nasdaq OMX Group said in a statement they had cancelled the trades after determining them to be erroneous.

During the one-minute period, Kraft shares surged as high as $58.54 after opening at $45.44. Later the stock was up 2.7 per cent at $46.62. Nasdaq’s reputation was damaged in May after several hours of problems with the trading in the much-awaited initial public offering of Facebook Inc.