June 26 (Reuters) - Interactive Brokers ( IBKR ) on

Wednesday disclosed a $48 million loss due to a glitch at the

New York Stock Exchange earlier this month that at one point

showed a 99% drop in the stock prices of some companies,

including Warren Buffett's Berkshire Hathaway ( BRK/A ).

The brokerage firm had filed claims with the NYSE to

compensate it for these losses, but the exchange denied its ask,

Interactive said.

Outages caused by software and hardware malfunction have

become common as trading moved from floors and pits to

electronic systems, but glitches can roil markets and frustrate

investors. In some cases, they can also invite scrutiny from

regulators and disputes with brokers.

Interactive said its losses stemmed from an attempt by its

clients to take advantage of the massive drop in Berkshire's

stock price.

Customers rushed to snap up Berkshire's Class A shares

after the price plunged to $185 from $622,000 each. They placed

'buy' orders after trading in the stock was halted, expecting

their trades to be fulfilled at a price near $185.

However, after trading resumed, the clients' trades were

executed at prices as high as $741,971.39, Interactive said. Its

request for busting trades that were completed at such

"anomalously" high prices was rejected by the NYSE, the trading

platform added.

Interactive then took over a "substantial" portion of these

trades. It is mulling its options, including a legal recourse,

but does not expect the losses to have a material impact on its

finances, it said.

The NYSE did not immediately respond to a Reuters request

for comment. The exchange, which is owned by the

Intercontinental Exchange ( ICE ), had attributed the disruption

to a technical issue earlier this month.