Tags: CFTC, dogs/homework, Exchanges, Gary Gensler, glitches, SEC
Luckily, Robert Greifeld was able to solve that problem faster than the problem that led to the little get-together.
SEC officials on Thursday told exchanges to work with other market players to come up with “comprehensive action plans” to ensure that the data feeds are resilient, and to ensure the soundness of other “critical infrastructure systems,” according to an SEC statement.
Thursday’s SEC meeting, attended by top executives from exchange operators Nasdaq, NYSE Euronext, BATS Global Markets Inc., Direct Edge Holdings LLC, and others, was marked by one snafu. Nasdaq Chief Executive Robert Greifeld was 40 minutes late due to transportation problems, according to people who attended.
And lest you thought that (slowly outgoing) CFTC Chief Gary Gensler was going to let Mary Jo have all the fun, think again. Read more »
Tags: Exchanges, NASDAQ, Regulation NMS
Is there like a five-minute rule for equity traders and Nasdaq shutdowns? I suppose if you are at a bar now and not reading this because you took off after the first hour of Nasdaq down time, the joke is on you because it got better and all your more diligent competitors are making money while you’re not. Today’s session ended with about half an hour of what I will guess was some fairly drunken trading.
But for three hours this afternoon, not a lot of shares traded on Nasdaq. Here is Apple:
What would you do if you wanted to buy Apple this afternoon, for instance because Carl Icahn tweeted maybe-news about it?1 Read more »
Tags: Exchanges, market structure, NASDAQ, NYSE, speed bumps, uniform regulations
Executives from the nation’s various trading venues convened are holding meetings in Washington today to devise new rules that aim to prevent the dramatic 1,000-point drop in the Dow that shocked the markets last week.
Early reports from the meeting indicate that exchanges, including NYSE Euronext and Nasdaq, are planning to institute uniform circuit breaker rules that slow trading during volatile market swings. The rules are meant to apply across most major trading systems, but it’s unclear how regulators can impose the rules on banks’ internal order flow. Read more »