23 August 2017
Visit http://response.ncr.com

Nyse resorts to open outcry after computer malfunction

03 July 2009  |  6995 views  |  1  Credit Suisse building at Canary Wharf

The New York Stock Exchange resurrected the dying art of open outcry at the close of play Thursday after a series of computer snags interrupted trading and forced the Exchange to extend the closing by 15 minutes.

The computer problems flared up just 24 hours after after the Nyse had trumpeted its switch to a new ultra-fast order execution system, replacing the 25-year old SuperDot platform.

Nyse reported technical problems throughout the day, starting at 9.25 am with issues with floor brokers' handheld computers and culminating at 3.30 pm with an interruption to order flow, just as brokers started submitting trades for the closing auction.

The Big Board postponed the end of business until 4.15 pm. in New York to ensure all orders were executed properly, Larry Leibowitz, head of US markets for Nyse Euronext, told Bloomberg. The Nyse's 1200 floor traders completed the closing auction manually, instead of using automated systems.

"Having people around as the fail-safe really came through at this point because that allowed us to have a close, where otherwise it might have been very difficult," Leibowitz told Bloomberg Television on the Nyse floor. "Things will always happen with computers, just like they happen with people, but we want to make sure that we can recover as quickly as possible."

Nyse traders resort to processing orders by hand after glitch - Bloomberg

Comments: (1)

A Finextra member
A Finextra member | 06 July, 2009, 10:50

Citations from the article:

"Things will always happen with computers ..."

"The computer problems flared up just 24 hours after after the Nyse had trumpeted its switch to a new ultra-fast order execution system, replacing the 25-year old SuperDot platform."

And a quick remark: The old SuperDot system did run on a fault tolerant IT platform which greatly helped to prevent such snags. The new ultra-fast order execution system doesn't ...

 

 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Nyse Euronext teams with Juniper to build faster network

Nyse Euronext teams with Juniper to build faster network

25 June 2009  |  4151 views  |  0 comments
Nyse Euronext to implement 100G network with Ciena

Nyse Euronext to implement 100G network with Ciena

05 May 2009  |  6877 views  |  0 comments
NYSE Euronext completes migration to Universal Trading Platform

NYSE Euronext completes migration to Universal Trading Platform

17 February 2009  |  8685 views  |  0 comments
Nyse Euronext to manage exponential data growth with Greenplum

Nyse Euronext to manage exponential data growth with Greenplum

19 December 2008  |  5748 views  |  0 comments
Glitch knocks out TSX

Glitch knocks out TSX

18 December 2008  |  5993 views  |  0 comments
Nyse abolishes specialists as Bats circles

Nyse abolishes specialists as Bats circles

27 October 2008  |  12260 views  |  0 comments
LSE trading halted by connectivity failure

LSE trading halted by connectivity failure

08 September 2008  |  11886 views  |  0 comments
Glitch knocks out Nyse floor hand-held devices

Glitch knocks out Nyse floor hand-held devices

07 August 2008  |  6469 views  |  0 comments
Nyse to overhaul floor trading

Nyse to overhaul floor trading

16 June 2008  |  8153 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.worldpaymentsreport.comdownload the paper now

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
12738 views comments | 27 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
11366 views comments | 22 tweets | 34 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
10523 views comments | 21 tweets | 34 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
10481 views comments | 10 tweets | 8 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10444 views 0 | 6 tweets | 1 linkedin

Featured job

Find your next job