Nasdaq's SelectNet Software Crashes--So Do Three ECNs
ATS/ECN UPDATE
Washington, DC--Software changes implemented on Nasdaq's SelectNet system on October 5 lead to a general slowdown that knocked three ECNs and their quotations temporarily off the system. The changes were designed to accommodate trade reporting and quotations systems during after-hours periods.
SelectNet slowed to the point where two ECNs asked to be removed from the system. The third was removed because customers were unable to reach the ECN by SelectNet or phone, resulting in locked and crossed
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