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Nasdaq officials said the halt was prompted by a problem with the data system that disseminates prices and that its cause had been “identified and addressed.”
The breakdown came just two days after Goldman Sachs accidentally sent out a barrage of errant trades that disrupted the exchanges where options are bought and sold. The two episodes have amplified questions about the reliability and integrity of financial markets that companies depend on to raise money and Americans trust with their retirement savings.
While regulators and market participants have taken several steps to strengthen their systems, the problems this week suggest that the flaws in the markets have not been repaired, and may actually be getting worse.
“You have a very Rube Goldberg system,” said Gene Noser, co-founder of the brokerage firm Abel/Noser. “We’ve just put patches on it without attacking the basic problems.”
Update: In an addendum to their initial comment, sent shortly before 7 p.m. in New York, Nasdaq said the problem originated in a “connectivity issue” between an exchange participant and the Securities Information Processor (SIP). The statement, which did not identify the other party, said the issue affected the ability of the SIP to disseminate trades and quotes to the broader market. Nasdaq says the issue has been identified and addressed.
Arca, operated by NYSE Euronext, NYX +1.50% is the unnamed exchange participant referred to in Nasdaq's statement, the people said.
Based on the closing price of $185.80 of ICE on Aug 1, 2013, the company is acquiring NYSE for a purchase consideration of $10.6 billion, higher than the $8.2 billion takeover price decided earlier. Through the deal Intercontinental Exchange aims to reach out to newer markets and diversify among multiple asset classes.
This takeover will unite two leading exchange groups to ultimately form a diversified global exchange operator. This amalgamation would mark the evolution of the third largest global exchange group after Hong Kong Exchanges and Clearing, and CME Group Inc. (CME - Analyst Report). However, the deal requires approval from European national regulators before it is finalized. The combined entity is expected to be better positioned to compete and serve customers on a large scale.
NYSE EURONEXT SUBSIDIARY TO BECOME NEW ADMINISTRATOR OF LIBOR
London - 9 July 2013 –
NYSE Euronext Rate Administration Limited, a subsidiary of NYSE Euronext (NYX), today announced that following a rigorous selection process conducted by the independent Hogg Tendering Advisory Committee, NYSE Euronext Rate Administration Limited has been appointed as the new administrator for LIBOR. The transfer of the administration from BBA LIBOR Ltd, the subsidiary of the British Bankers’ Association (BBA) is expected to be completed in early 2014, once the Financial Conduct Authority’s (FCA) authorisation of NYSE Euronext Rate Administration Limited is complete.
Following the recommendations of the Wheatley Review in September 2012, the Hogg Tendering Advisory Committee was mandated by both HM Treasury and the FCA to supervise the selection of a new LIBOR Administrator and to present its recommendations to the BBA. This process has now been concluded and NYSE Euronext Rate Administration Limited has been selected as the new administrator for LIBOR.
NYSE Euronext briefly halted trading yesterday (August 19th) in about 40 exchange-traded funds and notes when the securities were added to a program aimed at curbing sudden price swings. They were set off during implementation of the protocol known as limit up/limit down that pauses securities when bid-ask spreads become too wide, the exchange said.
Apple is also counting on iTunes Radio sending users back to the original iTunes Store to buy music, where they’ll listen to their purchases on the mobile and desktop versions of iTunes. Before that happens, Apple needs to fix the latter.
The latest version of iTunes is an utter abomination–at least that’s been the opinion of a very vocal horde of users since the program was redesigned in 2012 to include bigger album art and more pop-up menus.
Originally posted by Senduko
No one has a clue what's happening. Man I would love myself a good financial collapse right now. Head to the hills and start milking goats lol!
Originally posted by wrabbit2000
"Hey! What does this Wipe command do??" .....said the new network tech to the room.....as he hit enter...
The Nasdaq had yet another problem Wednesday with the main data feed that was at the center of its unprecedented outage nearly two weeks ago.
According to the exchange, a system called the "Securities Information Processor," or SIP, experienced an outage between 11:35 a.m. and 11:41 a.m. The outage affected the exchange's ability to transmit quotes in stock symbols PC through SPZ.