Report: Leap second is a worry for markets

Trader on the floor of the New York Stock Exchange.
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Trader on the floor of the New York Stock Exchange.

While investors across the world maintain an eye on central banks' monetary policy and economic data, among other factors, they are also on the lookout for the upcoming "leap second," Dow Jones reported Monday.

The leap second is an event that occurs every few years in which the world's standard time is adjusted by one second in order to compensate for a mismatch between the Earth's rotation and clocks.

Investors and exchange trade officials are gearing up for the latest time adjustment because it will occur right before 8 p.m. ET on June 30, during extended-trading hours. The adjustment could present some technical difficulties for traders and exchanges, as some computers might not be programmed to account for the adjustment, the report said.

"These guys are agonizing over it," Steve Allen, a programmer-analyst at the University of California's Lick Observatory, told the publication. "It is definitely a hassle."

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Still, a U.S. Commodity Futures Trading Commission spokeswoman said that "For the most part, we're not too worried," according to the report. "But of course as the regulator, we do need to ensure folks are ready."

Nevertheless, some high-profile companies' websites, including LinkedIn and Yelp, experienced problems during the last leap second, which occurred in 2012.

Click here to read the full report.