Wall Street traders took to Twitter today to lament the 3 hour system outage that crippled NASDAQ and left stocks flat. The outage started around 12:15pm after its Securities Information Processor was incorrectly disseminating the wrong quotes and prices.
By around 12:20pm everyone was asking one question:
Some found the comedic side of it:
Even Reuters got in on the joke:
While others took it more seriously:
At one point there was talk that NASDAQ had been hacked, but nothing substantial:
Others thought the reason might be a bit more … sinister:
But overall the reaction was a mixture of fear, doubt, and disbelief that this type of technical glitch could happen again -- especially after the Facebook debacle.
Luckily there’s legislation on the horizon. The SEC’s Regulation SCI (Systems Compliance and Integrity) is aimed at getting these crucial, yet volatile, IT systems under control and injecting some confidence back into a market that sorely needs it. In fact, CAST has submitted official comments on the pending regulations, which you can read here – making the case that without a focus on software quality, Regulation SCI will have little impact on system integrity in the financial markets.
Eventually the exchange did come back online to some partial trading, but not before one fast-fingered analyst created a parody YouTube: