21 October 2017
visit www.response.ncr.com

Nyse resorts to open outcry after computer malfunction

03 July 2009  |  7043 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  |  4190 views  |  0 comments
Nyse Euronext to implement 100G network with Ciena

Nyse Euronext to implement 100G network with Ciena

05 May 2009  |  7079 views  |  0 comments
NYSE Euronext completes migration to Universal Trading Platform

NYSE Euronext completes migration to Universal Trading Platform

17 February 2009  |  8760 views  |  0 comments
Nyse Euronext to manage exponential data growth with Greenplum

Nyse Euronext to manage exponential data growth with Greenplum

19 December 2008  |  5800 views  |  0 comments
Glitch knocks out TSX

Glitch knocks out TSX

18 December 2008  |  6038 views  |  0 comments
Nyse abolishes specialists as Bats circles

Nyse abolishes specialists as Bats circles

27 October 2008  |  12302 views  |  0 comments
LSE trading halted by connectivity failure

LSE trading halted by connectivity failure

08 September 2008  |  11944 views  |  0 comments
Glitch knocks out Nyse floor hand-held devices

Glitch knocks out Nyse floor hand-held devices

07 August 2008  |  6505 views  |  0 comments
Nyse to overhaul floor trading

Nyse to overhaul floor trading

16 June 2008  |  8186 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.vasco.comvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
8807 views comments | 22 tweets | 26 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8621 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7703 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7177 views comments | 10 tweets | 22 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
6780 views comments | 14 tweets | 23 linkedin

Featured job

circa £250K total package
London

Find your next job