Posted on 07/08/2015 2:10:59 PM PDT by SeekAndFind
An expert says a failed systems upgrade forced the New York Stock Exchange to halt trading on Wednesday.
Two weeks ago, the New York Stock Exchange told trading firms and other subscribers that it would be discontinuing some of its legacy systems. Apparently, the fix disconnected the entire NYSE.
The NYSE has not yet confirmed why trading on the exchange had been halted on Wednesday morning. It has said that it was the result of technical issues and did not offer any further elaboration.
But Eric Scott Hunsader, an expert in Wall Street trading systems who heads market data firm Nanex, said that it appears that a faulty system upgrade brought trading on the exchange to a halt. The NYSE has reportedly also told floor traders the exchange had to suspend trading due to an error with a systems upgrade that was rolled out before the market opened on Wednesday.
Hunsader said there were indications that the NYSE was having problems even before the market opened on Wednesday morning. At around 8:17 in the morning, according to Hunsader, the NYSE sent out a message alerting traders that there was a reported issue with a a number of the exchange’s “gateways.” The exchange said the problems would affect trading in a “subset” of stocks, but it didn’t say what that subset was. Gateways are access points that traders and other exchanges use to connect with the NYSE to place stock orders. The NYSE has dozens of gateways.
(Excerpt) Read more at fortune.com ...
That sounds like a logical explanation, but I’ll bet some are blaming the Chinese, while others are (wrongfully) blaming Israel.
After 5 hours that is the best they could come up with?
So, basically, it conveniently got implemented on a day when China was in free-fall so that NYSE traders would consider before joining the selling frenzy.
The NYSE is a legacy system...............
...and United, and the WSJ??
Sure. If the writer says so.
China is the first thing I thought of.
Some coders and testers need firing.
Decommissioning old systems is a minefield. There are many undocumented dependencies between systems, and you never know what is going to happen when you stop a process that has been running for years, or turn off a server.
For example, if a Unix box has a remote NFS mount, and you turn off the remote server, then the bad things may happen. It may be even worse if processes on the box were actually using the NFS for something.
Because the Dow went down to 17,500, right after China ran shorters off from its markets.
...and United and the WSJ to make it look real.
I used to hate working on mission critical systems.. People get so upset so quickly when they’re losing money. Geeesh.
United was supposedly a faulty router.
I closed out a brokerage account today with about $5K in it, I hope I didn’t overwhelm the system.
So, the NYSE trading system software is outdated, eh? In the one place that is ear-deep in money?
Rriigghhtt.....puh-leeze.
Have you been servered today?
Or as MITT may say..
Have you been severed today?
;-)
Hang in there ,folks.
ALL YUR FUNDS ARE BELONG TO ALIENS!!
How many years does it take to write off mainframes anyway?
Geesh. I thought the Deutsch takeover would make things better.. OH vell.
” The NYSE has reportedly also told floor traders the exchange had to suspend trading due to an error with a systems upgrade that was rolled out before the market opened on Wednesday.”
This is even worse. The proper way to do this is to install the upgrade on Friday night, and do a full day of system testing on Saturday. If there are problems, you’ve got all day Sunday to roll it back.
This is what all the banks do, from bitter experience.
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