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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: Northern Cougar who wrote (71917)	11/16/1999 10:45:00 PM
From: kendall harmon	Read Replies (2) \| Respond to of 120523

NASdaq problems today--from TSC <<Both the Nasdaq Small Order Execution System and SelectNet, which enables securities firms to electronically trade with each other, were not operational during that period. The disruption is "believed to be related to an interday [sic] software upgrade that was put in place to respond to today's heavy volume," the statement said. A Nasdaq spokeswoman would not (or could not) provide additional details and never responded to a subsequent request to speak with Frank Zarb, Nasdaq's chairman and CEO, or any other higher-up at the exchange. Meanwhile, market players were clearly looking for more information and frustrated by this latest slowdown in Nasdaq trading, which -- again -- occurred amid record volume of 1.47 billion shares. "Everything was frozen -- we were totally down. It's definitely discouraging," Heekin said. "Our customers are really ticked off. It's not a good thing for Nasdaq." So bad was the situation that some big market makers essentially ended the trading day early. "As soon as it became apparent the system was inoperative, we suspended trading for the balance of the day," confirmed Kenneth Pasternak, president and CEO of Knight/Trimark Group (NITE:Nasdaq). "Without pricing information, we did not have the ability to price in accordance" with Nasdaq guidelines for market makers. Emanuel "Buzzy" Geduld, president and chief executive of Herzog Heine Geduld, said his firm "executed orders to the best of our ability, but many we could not execute.">>