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 ...
FWIW, it was a lot about a cyberwar where China was being very sneaky in taking over our weapons which utilize chips manufactured in the People's Republic.
Sarbanes/Oxley - a law McCain sponsored that is a bane to good and decent businesses and was basically a bone throne to consulting companies so corporations would hire them for compliance audits. PITA big time...
Smart practice. Generally we see different environemts for development, unit testing and QA before a product goes gold and makes it into prod.
Otoh, this sounded like,( and who really knows) they did production maintenance work in prod during the business week.
Right, so you roll out your upgrade in the morning . . . on a Wednesday.
You don’t roll your upgrades out on say, Friday after close of trade and then run your regression test set against the upgrade, or a simulated trading day against the upgrade.
Why would you do that - every other business in the US with any sort of IT competence would do that.
That’s why their explanation is BS. The NYSE has some of the best IT folks in the business. They didn’t roll an upgrade out in the AM on a trading day. They wouldn’t do that.
They would sandbox it in the middle of the week, run the regression sets and the trading simulator at it, and then you deploy it Friday at 10PM after the after hour trades are in.
Smells like caca, their explanation. Especially with all their redundancy and fail over.
That’s why finance systems should be worked on over the weekend or a holiday weekend. I work in networking and that’s the most logical time for our upgrades. Unless it’s 2 AM.
This is totally believable because there has never been a system upgrade done. Ever. Anywhere. On any system.
BULLLLLLLSHIIIIITE.
The Chinese ransack our federal data and everyone is like...oh they just got unimportant personal information.
The Chinese stock are falling and the Commies can’t figure out how the hell to stop it....and then.....
I wonder how much money is moved around in 3 hours of trading?
We all know there’s what you’re supposed to do and what actually happens. They probably intended to do it over the holiday weekend but stuff happened. And some middle manager pinhead was probably having a heart attack because they let the support contract on the legacy so they had to do it NOW NOW.
Every other business would PLAN to do it the right way, but most of them wouldn’t pull it off.
Sounds like standard operating procedure to me.
Believe that if you want to. Probably, maybe, probably, probably, maybe, probably. The NYSE is part of the national emergency infrastructure plan. Keeping it open is a priority for the US government.
Fact is, there explanation is specious, and you don’t know what happened.
The good thing about engineers is that they have a propensity to tell it like it is. The truth will out. Cisco engineers are in demand, and can go wherever they want.
The truth will out, but this ain’t it.
And it’s staffed by government employees.
Fact is their explanation is a scenario I’ve seen play out multiple times. Not specious at all.
I think the truth is out. But some people will never believe it, because some people want things to be more interesting than the truth tends to be.
Who are you working for. The NYSE employees are NYSE employees. I now have some of the facts. There was no upgrade. There was no glitch. There was a warning it was going to happen. Today there was another hack, this time, the USG got hacked.
My information comes from a contractor to Fedzilla who does cybersecurity. These guys are openly wondering why FedGov is even trying to lie about this. They also say they are at the beginning of this thing, not the end.
Riiiiight. You have some facts. Link of you’re just lying.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.