NYSE continues to mop up from glitches |
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Wed, 28 Feb 2007 23:01
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NEW YORK (AP) - The New York Stock Exchange on Wednesday continued its mop-up from the technical glitches that bottlenecked its trading system and triggered a temporary shutdown of electronic transactions during Tuesday's market plunge.The Big Board requested that specialist firms -- which match buyers and sellers -- keep their stock posts open after the closing bell. With some 22,000 data requests pumping through the NYSE's servers per second, management at the exchange wanted to make sure all trades were settled properly.Technicians at the world's biggest stock market spent the day trying to determine why computer systems were log-jammed Tuesday. Investors found delays when they tried to bail out of stocks as a computer malfunction caused the Dow Jones industrial average to plummet 178 points in a minute.Dow Jones & Co. said its computers triggered the sudden plunge in its 30-stock benchmark as it was unable to calculate the huge volume fast enough. But, the question now is why did the Big Board, Nasdaq Stock Market Inc. and major brokerages have problems executing trades.At the NYSE, which recently converted to a hybrid trading system that combines brokers and electronic transaction, problems were due to its messaging system. The Designated Order Turnaround system, known on the floor as DOT, serves as a way to route orders through the exchange.This system is used by brokers to request data, get stock quotes, and other procedures in addition to buying or selling stocks. The drop in the Dow on Tuesday caused traders to flood that system with requests.NYSE Chief Executive John Thain said the exchange reconfigured that system on Tuesday night, and there are plans to boost its capacity. He said in an interview with CNBC-television that 'it had nothing to do with hybrid.'Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Euronext chief sees markets dominated by 2-3 global exchange groups within yrs 