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IT problems interrupt Nasdaq trading

Traders couldn't buy or sell for three hours
Fri Aug 23 2013, 10:48
nasdaq-1

A TECHNOLOGY PROBLEM STYMIED the Nasdaq stock exchange in New York yesterday, suspending trading for three hours.

According to a report at the New York Times the problem interrupted trading in stocks like heavyweights Apple and Google.

Nasdaq has not responded to our request for comment or confirmation yet, but the New York Times spoke with many people who were not impressed by their forced holiday from stock trading and a lack of communications from the firm.

This is not the first time that technology has let down the Nasdaq stock exchange and the launch of Facebook shares last year was infamously botched.

This year Nasdaq agreed to a US Securities and Exchange Commission (SEC) fine of $10m for its butter-fingered handling of that initial public offering.

Last night the SEC commented on the problems at the Nasdaq, saying that it was important that it delivered uninterrupted service.

"Today's interruption in trading, while resolved before the end of the day, was nonetheless serious and should reinforce our collective commitment to addressing technological vulnerabilities of exchanges and other market participants," said SEC chair Mary Jo White

"The Commission is determined to enhance the safeguards necessary for strong market systems".

White said that she would bring together the heads of the exchanges both in the US and outside in order to "further strengthen" markets.

Investor Carl Icahn tweeted that he was still talking to Tim Cook about the value of shares at Apple during the downtime. This was probably badly timed, considering the impact he had last time. µ

 

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