The Death of The God of The Closing Bell, Day II

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Specialists at certain posts on floor of the New York Stock Exchange have been told not to close up shop yet, according to NYSE CEO John Thain, who spoke moments ago to CNBC's Maria Bartiromo and Bob Pisani. It seems that the floor trader nightmare we described last night as "the death of the God of the Closing Bell" continues.
"Well, Maria, what you saw a little bit today and also yesterday was we had record message traffic volume through our system and several of the servers experienced queues. Which means that they don't fail but they're a little bit slow and they build up a traffic jam of messages. And so what we wanted to do today, as we did yesterday, was let that traffic jam, that cue clear," Thain said.
Thain played down the significance of this afternoon's delays, emphasizing that orders could not be entered after the 4 P.M. closing bell.
"Many times when there is an order imbalance at the end, it take a few minutes for the stocks to actually come up with a closing price. And that's really what we were doing today. There were some orders we wanted to make sure it got to the post and then we closed the price," Thain continued.
He estimated that it would take only a few extra-minutes to complete the process, telling Maria Bartiromo that the posts should be closed by 4:15.
If he was in charge of his own graphics it probably would have read "Business As Usual" instead of what CNBC tagged him with: "Specialists Told To Keep Trading Books Open After 4:00 PM ET."

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