The pink-sheet purveyors had another little surprise for traders, who got to take an extra five minutes during an early lunch yesterday, following last month's "connectivity issue." But before anyone gets too worked up, let's remember where the responsibility for this episode really lies.
OTC Markets Chief Executive R. Cromwell Coulson blamed Tuesday's outage on a hardware "failure." The system's backup also did not immediately switch on, which forced the exchange to stop trading from 11:15 a.m. to 12:20 p.m. EST.
"A piece of hardware failed and what should have been a seamless transition for our subscribers to access the market through other routes was not," Mr. Coulson said. "To be very direct, it's something that should not have reacted this way…."
Mr. Coulson told the Wall Street Journal in November that the exchange was improving its backup capabilities and diversifying its use of infrastructure providers to reduce the potential for a similar problem happening again.