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The New York Stock Exchange is scrambling to fix a key market

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. REUTERS/Brendan McDermid

The New York Stock Exchange is scrambling to fix a key market.

NYSE suffered an outage that meant it couldn't carry out a closing auction for a number of exchange traded funds on one of its markets Monday, according to people familiar with the matter. 

"The matching engine crapped out in the last few minutes, and the closing auction didn't get done," one market participant told Business Insider.

The result is that trades on NYSE Arca, NYSE's ETF trading venue, that were made in the closing auction went unexecuted. 

The exchange sent a message to clients at 4.37 p.m. setting out how the closing prices for those symbols that did not complete an auction would be determined. Under the current rules, the closing price in this kind of an event is the volume weighted average price of all last sale eligible trades for the last five minutes of the day. 

It's not clear how many symbols are impacted, and NYSE hasn't published a list. 

The SPDR Dow Jones Industrial Average ETF, known as DIA, is one of the funds to have been caught in the snafu, according to people familiar with the matter. 

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