Merrill's TSS Delays Nasdaq Trading During Recent Global Market Crashes
ELECTRONIC TRADING
NEW YORK--Merrill Lynch's internally developed Trading Support System (TSS), designed for heavy trading loads, became a bottleneck on October 28 when the number of stocks traded over the New York Stock Exchange and Nasdaq reached 1 billion.
A bottleneck in TSS, the 14-year-old order execution system, delayed transmitting quotes and orders from large and small clients to Nasdaq, says an industry source.
As a result, the investment bank will have to absorb the costs incurred by the delayed trades to
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