GlitchWatch: Was Thain's Defense of Hybrid Pure Spin?

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Late yesterday afternoon we reported on New York Stock Exchange chief executive John Thain's interview on CNBC explaining why traders had been told to keep their books open past 4 PM.
But there was more than just that to the Thain interview. The NYSE chief also came out swinging—or what passes for swinging for the mild-mannered executive—in defense of the exchange's hybrid trading system.
"There was no problem with hybrid at all," Thain said.
Thain pinned the blame on a system called Designated Order Turnaround, or Dot, an older system that predated the hybrid trading system. DOT electronically routes certain orders to the floor of exchange.
But not everyone was convinced by Thain's performance. Reuters quoted a Prudential analysts note as saying:
"Clearly there would appear to be implications for the hybrid system and questions of reliability," wrote Prudential Equity Group analyst Rob Rutschow in a note, adding that, although the exchange claimed hybrid was not the issue, "NYSE may suffer damage to its reputation."
CNBC reporter Charlie Gasparino described Thain's remarks as "a lot of spinning."

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