The New York Stock Exchange has struck upon a novel idea/way to further humiliate a rival and rub its face in its great victory: The Big Board is actually going to test its systems before holding a major IPO.
The Big Board said Friday it would allow trading firms to conduct a dry run of their systems to prepare for Twitter’s IPO. The exchange seems to want to avoid the technical problems that marred Facebook’s debut on the Nasdaq Stock Exchange in May 2012. The glitches were a major embarrassment for Nasdaq, and resulted in a big fine.
The NYSE test will occur on Saturday, Oct. 26, according to a notice sent out to traders.
NYSE to hold ‘dry run’ for Twitter IPO [AP via BloombergBusinesweek]
NYSE to Test Trading System in Preparation for Twitter IPO [WSJ]