Securities Information Processor Issues Statement on UTP SIP Committee Meeting
NEW YORK, Sept. 4, 2013 (GLOBE NEWSWIRE) -- The Unlisted Trading Privileges
Securities Information Processor met today with the UTP SIP committee to
review the events of August 22, to better understand the causes of the
regulatory halt and to consider a series of steps to strengthen the resiliency
of the SIP.
NASDAQ OMX is one of 15 members of the UTP SIP Committee and is responsible
for operating the SIP, which provides equities pricing data information to
The committee discussed several short-term actions proposed by NASDAQ OMX.
*Improve structural framework: The committee agreed to consider several
proposals from NASDAQ OMX, as the operator, designed to tighten the
structural framework and provide additional clarity around roles and
*Strengthen SIP technology architecture: The SIP implemented a solution
that will automatically disconnect the front end and back end processors
when a failover occurs.
*Enhance operational integrity: The SIP will manually terminate connections
if unusually high traffic is experienced on a single port. In addition,
they will disable a single participant in such a situation to ensure the
integrity of the SIP and stability of the market.
*Increase frequency of stress and failover testing: The SIP is available
every weekend for testing. Market participants are encouraged to perform
stress and failover tests after making code changes. NASDAQ OMX has
recommended to the SIP committee to create a formal certification process
for any significant changes that can affect interaction with the SIP.
The SIP will continue to work with market participants, our members, and the
broader investing public, to help ensure efficient, transparent and reliable
Our objective is to learn from the events and work together to identify
appropriate solutions that improve the reliability, governance and operations
of the SIP.
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