Technological Ineptitude Goes International

The latest exchange SNAFU announcement has been made with a British accent. Unfortunately for the Liffe, it’s the one part of Euronext that the IntercontinentalExchange and its crack technology department, the New York Stock Exchange, is keeping.

This morning it was the turn of NYSE Liffe, which suspended trading in futures and options contracts tied to the Euro Interbank Offered Rate (Euribor) and Euro Overnight Index Average (Eonia) shortly after markets opened at 7:00 a.m. GMT, with all pre-market orders cancelled, before trading resumed around one hour later.

A spokesman attributed the outage to “technical issues”.

NYSE Liffe Latest to Suspend Trading Over Glitch [WSJ MoneyBeat blog]

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4 Responses to “Technological Ineptitude Goes International”

  1. s jay says:

    I wonder if the systems that run Obamacare will be judged by the same standards. I think the American people will be begging for a fraction of the quality of current exchange systems.

  2. Great post. Another way to show gratitude is to thank a volunteer! Many of them serve while seldom hearing "Thank you."

  3. Javier Gonzalez, PhD says:

    These technical issues are quite suspect. There is so much money on the line, a trader could bribe an employee of the exchange to have technical issues and avoid having to go bankrupt. There is desperation in some of these traders and the outages are quite common given the high tech that is being used. I don't buy the outages. There is no reason for them being so common in terms of hardware or managers.

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