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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: LPS5 who wrote (8522)	11/15/2000 12:37:42 PM
From: TFF	Respond to of 12617

SuperSoes - The Guide to Enhancements provides specific information regarding SuperSoesSM changes, SelectNet® modifications, and enhancements to Nasdaq Workstation II®. nasdaqtrader.com

To: LPS5 who wrote (8522)	11/29/2000 6:30:01 PM
From: TFF	Read Replies (2) \| Respond to of 12617

Nasdaq Says Two Systems Failed Near End of Session (Update1) Nasdaq Says Two Systems Failed Near End of Session (Update1) (Adds detail and comment starting in 2nd paragraph.) New York, Nov. 29 (Bloomberg) -- The Nasdaq Stock Market said its computer systems failed during the final minutes of trading, leaving hundreds of stock brokers unable to see new price quotes. ``The problem started at approximately a quarter to four, and I don't know precisely what it was,'' said Andrew Madoff, head of Nasdaq trading at Bernard L. Madoff Investment Securities in New York. Nasdaq, the second-largest stock market, also was unable to say immediately what caused its systems to malfunction, according to spokeswoman Judy Inosanto. Trading was halted, she said, though it was unclear for how long. Computers that update stock quotes were apparently the first to fail. Then systems called SelectNet and SOES (for Small Order Execution System) were shut down, Inosanto said. SelectNet circulates orders, and SOES provides automated trade execution. Most Nasdaq activity occurs during the normal market hours from 9:30 a.m. to 4 p.m. New York time, though some Nasdaq systems are used in trading that goes until 6:30 p.m. The effect on after- hours dealings was also unclear, Inosanto said. Island ECN, whose automated order-matching network relies on Nasdaq systems, ran into trouble at about 3:49 p.m., according to general counsel Cameron Smith. ``There seemed to be some kind of blip in Nasdaq, and it's my understanding that a couple minutes afterwards we received approximately 50 stale SelectNet orders that we unfortunately filled, as we are required to do.'' Island Island, which is controlled by Datek Online Holdings Corp., typically losses money in those trades where it matches one client's order with an order that another trader has canceled. That forces the company to take on positions in the market, something it is not meant to do. ``It generally works out that the orders that you end up with are not profitable,'' Smith said. ``If they were canceled it means the market moved against them after they sent it.'' The ECN on May 25 reported that it had lost thousands of dollars during a period of several days because of similar Nasdaq equipment malfunction. Still, Smith said that Nasdaq seemed to have improved its record since then. He recalled few if any similar delays during the past six months. Nasdaq is trying to fix its systems and will provide more information on what caused the failures later, according to Inosanto.