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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TraderAlan who wrote (7776)11/16/1999 5:25:00 PM
From: TFF  Read Replies (1) of 12617
 
Nasdaq Says Systems Failed for 17 Minutes Near End of Session

Nasdaq Says Systems Failed for 17 Minutes Near End of Session

New York, Nov. 16 (Bloomberg) -- The Nasdaq Stock Market
said its electronic trading systems were disrupted from 3:40 p.m.
to 3:57 p.m. on Nasdaq's seventh-busiest day ever.

The breakdown forced traders to handle transactions over the
telephone and on electronic trading networks.

Nasdaq said its trade reporting and quotation systems failed
because of ''technical problems'' it didn't specify.

The problems made it impossible for traders to view the
current price or last trade of Nasdaq stocks. SelectNet, which
lets Nasdaq traders view other desks' offers to buy or sell
shares and send messages to execute a trade, were among the
systems that failed.

Nasdaq, which traded 1.35 billion shares today and is home
to computer-related icons Microsoft Corp. and Intel Corp., has
struggled with its systems this year.

Last month, it removed stock quotes from three of the
largest electronic communications networks, or ECNs, because of
problems with Nasdaq software. Nasdaq's trading systems failed
for 85 minutes on March 5 because of technical problems.

Bloomberg LP, parent of Bloomberg News, owns the Bloomberg
TradeBook ECN.
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