Allan, here are the glitch details
Nasdaq glitch hits stocks starting with 'M' or 'N'....(what a mess!)
Tuesday July 23, 5:53 pm Eastern Time
Reuters Company News
NEW YORK, July 23 (Reuters) - Six days before it is set to launch a new trading platform, the Nasdaq Stock Market experienced a glitch as its systems accidentally rebroadcast the day's data for stocks beginning with the letters 'M' and 'N'.
That resulted in daily volumes figures appearing much higher than they actually were for the affected stocks.
"It is a data system issue with the letters M and N. The system redisseminated the day's data," said Bethany Sherman, a spokeswoman for the Nasdaq.
For instance, shares of Novellus Systems Inc. (NasdaqNM:NVLS - News) finished the day down 9.5 percent at $26.75, hitting what appeared to be a daily volume figure of 27.79 million. The stock's true daily volume was 15.47 million, Sherman said.
Other stocks that were affected included shares of Microsoft Corp. (Nasdaq:MSFT - News) and Nextel Communications Inc. (Nasdaq:NXTL - News). Microsoft, Nextel and Novellus were listed as three of the top 10 volume movers on the Nasdaq for Tuesday.
The Nasdaq expects to have the revised figures available this evening, Sherman said.
The Nasdaq is set on Monday to launch SuperMontage, its new trading-and-order display system. While the Nasdaq can begin trading test stocks on the system at that time, it is still awaiting final regulatory approval to trade real securities in the system.
biz.yahoo.com
SuperMontage (three years and $100 million in the making): This program will allow traders to view the Nasdaq's market makers and at least a few electronic communications networks [ECNs].... traders will have the ability to compare prices before placing their trade with the market maker of choice. Nasdaq, the regulator, would also decide who gets to be viewed on their platform.... |
