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Non-Tech : Quote.com QCharts -- Ignore unavailable to you. Want to Upgrade?

To: wily who wrote (3935)	10/8/1999 2:01:00 AM
From: Gibbons Burke	Read Replies (2) \| Respond to of 17977

Nasdaq and the ECNs had a major problem on Wednesday, according to the Wall Street Journal today - (Thursday in my neck of the woods.) For those who have the online edition, you can see the article in the archives - search for "nasdaq glitch". Apparently the exchange tried to put in some software that would allow them to report trades past 17:15 to 18:30. (This is why our Form T trades stop coming across then) but the new software wasn't right and it caused systemic constipation in their trade reporting. They had to shut down ECN quote reporting on SelectNet to reduce traffic so they system could handle it. From the article: "Nasdaq Glitch Causes Quotes To Disappear, Delays in Trade": >>> Trouble started when the stock market opened at 9:30 a.m. [Wednesday] Dealers at traditional Nasdaq firms, as well as the ECNs, began to notice nearly intolerable slowness in Nasdaq systems, particularly in SelectNet, the market's main order-routing facility. They started calling Nasdaq, but answers were few at first. The problem was partially fixed once the heavy ECN traffic left the market. Stock quotes from Instinet and the two other ECNs returned to Nasdaq screens between 12:30 p.m. and 1:04 p.m., but even then traders manning desks at Wall Street firms grumbled about exaggerated slowness in the system. It wasn't until 3 p.m. that trading returned to normal, according to an official at one market-making firm. <<< -- Gibbons Burke