Skip to comments.All Nasdaq markets halting trading due to processor issue
Posted on 08/22/2013 10:56:51 AM PDT by Mad Dawgg
Traders waited nervously Thursday for the Nasdaq to begin trading after its largest intra-day shut in recent memory.
"When everyone comes back online at the same time that's when even more dangerous things can happen in the marketplace," said Sal Arnuk, the co-founder of Themis Trading.
The Wall Street Journal pointed to Apple as a good example of the chaos that could ensue. The tech giant's stock plunged shortly before the Nasdaq glitch.
The Nasdaq earlier halted trading in all securities Thursday until further notice due to a problem affecting quote dissemination.
Dozens of publicly traded companies, including high-profile companies such as Apple, Microsoft and Facebook, were showing their shares halted. The Nasdaq status message was time stamped at 12:14:03 ET.
(Excerpt) Read more at cnbc.com ...
Ruh roh, Raggy...
(How the story starts).
I used to be a history teacher at a private Christian school in Louisiana. I was in my mid-thirties then, unmarried and unattached. It was June and I was on a road trip, cruising up Interstate 81 through the northeastern corner of Tennessee in my Maxima. I was going to spend the month in Pennsylvania, hiking another 300 miles of the Appalachian Trail. The trail ran 2,200 miles from Georgia to Maine, and over previous summers Id hiked it in sections, from south to north. After a school year spent dealing with self-absorbed and often hysterical teenagers, I was looking forward to the wilderness solitude.
Friday afternoon, and I was scanning the radio dial as I passed the towns and cities. The global banking crisis was in the news; the most serious problems were in Europe. Bank runs of some sort. Lucky for Europe, they ran out the clock at the close of business going into the weekend. But by then the financial contagion had spread to New York, and the stock market closed early after some kind of Wall Street emergency fuses had been blown.
Breathy voices warned of another round of dire world economic consequences, by then a familiar tune. Later news updates reported unspecified problems with the American credit card system. Computer networks were having technical problems. Some cell phone service was down. Spillover from Europe, no doubt. Other problems related to the internet, possibly coinciding with a period of high solar flare activity that affected communication satellites. Plain bad luck and Murphys Law were frequently cited. There was even some talk of a possible cyber attack, but of course it was pure speculation. China, Russia, Iran, the usual suspects.
Whatever the cause, the main sticking point seemed to be problems in the international currency markets. The days interbank trades could not be resolved; there was too much volatility in the Eurozone as some countries hinted at plans to pull out of the Euro. Financial experts assured their radio audiences that it would all be straightened out by Monday. Thank God its Friday was a commonly expressed cliché laughed into radio microphones.
And that was my working knowledge of the unfolding events. Radio reports.
This has to be Bush’s fault, Has to be!!!!
Translation - you can’t get out until the protected folks do. They can’t keep their story straight as to whether pending orders were cancelled or not.
A whole flock of them.
By the time I decided to top off my tank in the northeastern corner of Tennessee, every gas station was taking cash only, with long lines of cars forming. Id stopped at an ATM before my road trip and had nearly 300 dollars stuffed in my wallet, and I wasnt worried. I still had a quarter of a tank, so I motored on and a few exits later, just past a cluster of gas stations jammed with vehicles, I pulled into the Regal Inn Motor Lodge and got a room. The Hindu desk clerk was happy to accept cash at below the posted nightly rate.
I figured the credit card situation might be straightened out overnight. I could gas up in the morning after the lines cleared. I was in no hurry; I had all summer. That was my thinking going to bed that night.
Woke up to no power, the TV dead, everything dead that didnt run on batteries. Anything that depended on the internet, cell service, wireless anything, that was all dead too. My smart phone was brain dead. It could show me some of my old pictures and texts, but it couldnt make a connection. Same deal in the motel lobby: no power, no wireless connections, no credit cards.
On balance, it wasnt such a bad location compared to many others places I might have been when the lights went out. I could have been passing through Birmingham or Baltimore. In rural northeastern Tennessee, the typical clients of the Regal Inn were long-haul truckers and families on a budget.
Next door, the Waffle House was still serving food, but only to cash customers. Their emergency generator quickly ran out of fuel. Without electricity, the food in their freezers was defrosting, but their propane tanks still cooked hot. Then the police moved into the restaurant, and the generator was fired up again, presumably with government fuel.
The restaurant was full of cops. Plenty of light inside the big glass windows and plenty of cop cars parked outside made it a safe place. By the third day the new restaurant policy was cops only, and we highway refugees were turned away. Even the parking lot was only for police. A little Alamo, ringed by a wall of police vehicles parked end to end.
Love the pic, man!
Meant to say, “Love the pic, man, but I want royalties!”
Hecky durn, what could possibly be wrong? These trains always run on time.
Yeah if ya think about it a good way to do it.
Announce that trading is halted. then spread massiver amounts of FUD.
Then watch the orders stack up and before trading goes back online you make sure YOUR orders go in the que so as to maximize your profits or minimize your loses etc.
where’s the rest of that?
I like that title, the combination of two titles are perfect for our time.
Getting a little more polish, it’s 11K words total, should be up on Monday. I’ll post it here too.
Didn't the White House have a meeting of sorts with the SEC Yesterday and the press release mentioned 7 times that the SEC was made up of "independent regulators"...?
Anyone find it curious that Obama just met with Wallstreet regulators yesterday? Perhaps the NSA needed to insert their software into the trading programs?
Yeah, but it’s the attacking Chinese processors that are the problem.
I have written a story almost exaclty like that!! Did I steal it from you? How dare me~!
Except mine starts in a crowded park where suddenly people start staring at their cell phones as odd messages start coming in, and suddenly all around everything starts going bonkers (street lights malfunction leading to car crashes, lights on buildings all going off)
It turns out some programmer accidentally flips the default value on one little bit, on one little boolean variable, in one little piece of internet communications protocal software from false to true, which makes it echo and repeat every command given before sending it on.
The leads to an immediate and exponential doubling of internet traffic in microseconds, as messages are replied to answer original messages which are then replied back to the answering messages, and so on, that brings down everything connected to the internet.
And everythig is connected to the internet, so everything stops.
the timing is quite a coinky-dink, eh?
as well as the activity level of this dipwad when he had a curiously short (for him) august vacation
hopefully the rest of the govt (congress) is enjoing corn dogs at their summer mansions
Seriously, this is a kickass story so far. Gotta tell ya, I’m a sucker for Apocalypse Fiction. This is JUST my cup of tea.
Hope you throw in a few pointers on how to make it through it all, btw.
Sadly, your story doesn’t sound like fiction.
Theres a video on the CNBC web page. (9:14 min) Brian Sullivan, Bob Pisani and Bertha Coombs
In a martial law scenareo, freezing people’s assets becomes a weapon used by government. I’m expecting that everyone’s assets will be frozen and then released on a case by case basis. Those who are not friends of Obama will have their accounts rolled over into US Treasury Notes. The gubmint will take the cash value.
So....friends of Obama = FOO?
Waffle House staff, prisoners at work. Until the food runs out. Nowhere to go anyway.
I find it highly suspect!
Is this excerpted from a new novel of yours?
I must read it!
It’s the start of an 11,000 word short story that will be posted on FR around Monday.
For reasons that become evident later in the story, I wanted to focus on why this one narrator survived. I even had the grid go down while he was asleep in a motel on a road trip. But I find your description of folks’ moment-by-moment reactions to be extremely interesting. One of the goals with my new story is to encourage writers in other fields to explore their own ideas of how it might unravel. I’d love to get the guesses of nuclear plant engineers, police officers, nurses, etc. Hour by hour as the grid falters and dies.
I’ll be here!
Here in the Midwest, we often get storm related power outages. My plant manages with a generator in order to get things in a safe condition, and we don't do things that cool anyway.
But some places will get quite eventful if the outage lasts for an extended period of time.
It will be out on Monday, I’ll post it here on FR.
Something similar to that happened in the early days of ARPAnet, before al-Gore invented it.
Once it’s size increased to a certain “critical mass”, it at one point, before it got reeled-in, was strangled by auto-replies to auto-replies to auto-replies...
Where else you posting it?
sO ANY DOUBTERS ABOUT OBAMA'S MEETING YESTERDAY WITH WALLSTREET REGULATORS.
now you just gave me another great idea- restart the story from several different points of view, and then somehow they all meet up at the end