CBOE Says Systems Preparation for Extended Trading Led to Outage
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CBOE Holdings Inc. said preliminary work in preparation for reconfiguring its computer systems caused the April 25 malfunction that shut the Chicago Board Options Exchange for three-and-a-half hours.
The company was preparing to change its systems to get ready for extended trading hours on the CBOE Futures Exchange and eventually CBOE options, the exchange operator said in a letter to customers posted on its website yesterday. That work “exposed and triggered a design flaw,” it said.