NASDAQ froze trading today for three hours due to a technical glitch.
Trades halted due to an issue with something called UTP SIP quote dissemination, reminding us all that life is so fragile.
We knew that the NASDAQ froze because of the faulty SIP. We knew that regulators were coordinating to figure out what went wrong. And we knew that trading eventually resumed.
So what did NASDAQ have to say for itself in the new explanation? Not much. Check out their press release (via CNBC):
Earlier this afternoon, NASDAQ OMX became aware that price quotes were not being disseminated by the Securities Industry Processor (SIP), which consolidates and disseminates all prices for the industry.
Responding to the SIP issue, in order to protect the integrity of the markets, NASDAQ OMX issued a regulatory halt for all trading in NASDAQ-listed securities.
In the first 30 minutes, technical issues with the SIP were resolved. For the remaining period of time, NASDAQ OMX, other exchanges, regulators and market participants coordinated with each other to ensure an orderly re-opening of trading in NASDAQ-listed securities.
Trading resumed and the balance of the trading day finished in normal course.
NASDAQ OMX will work with other exchanges that are members of the SIP to investigate the issues of today, and we will support any necessary steps to enhance the platform.
The crucial question of what caused this remains unanswered.
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