CBOE Malfunction Shuts Down C2 Exchange

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Sept. 13 (Bloomberg) -- On today's "The Roundup," Cumberland Advisors' David Kotok and Bloomberg's Alix Steel, Trish Regan, Adam Johnson and Matt Miller wrap up the top market moves on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Time for our round up.

These are the stories we are tracking.

Another train glitch rattled there's today.

Apparently not the markets.

It took place at the cboe.

The malfunction prevented it from sending information to the options industry.

Sound familiar?

We have heard this many times.

In a poll conducted among subscribers, analysts and traders, 35% of respondents said trading disruptions like the nasdaq halt will never be completely preventable.

Kind of taking it with a grain of salt.

This is what happens.

You would almost think maybe 85% of people would think that.

With 27% taking the other side.

So it was close.

It was definitely close.

They take it with a grain of salt.

Where it became more split is if there is some kind of curb on high-frequency trading.

43% opposing.

That dented confidence out there.

Using over a billion dollars in value in a matter of minutes.

What is your take in all of this electronic trading?

Well, we are an evolving world.

We don't know.

The hardest thing for anybody to admit is i don't have an answer.

I admit i don't have an answer.

We use electronic trading, we use creation units.

We move them into a dark pool.

Why are you doing that?

It gives you an advantage.

The difficulty is you also do not know, you do not have transparency.

You don't see activity on the other side.

I know the activity that goes on and on my desk and no one else knows.

If they did, i would not give the executions i want.

I'm going to change the subject of little bit.

The biggest winner so far in the twitter ipo is goldman sachs, which scored a lead role in its public debut.

The lugar -- loser is morgan stanley after facebook's failure.

You can imagine the bankers being like, we want to go with morgan stanley.

That's an easy line.

We are not morgan stanley.

Nyse could they the same thing.

We are not nasdaq.

Although, remember, it is not as of the new york stock exchange has never had problems.

I heard somebody from the nyse did they -- today, a broker, said nasdaq hasn't. technology.

-- has inferior technology.

Everyone sort of agrees.

Correct this is a competitive environment which are inspected the nasdaq.

They have to compete with the best way to draw orders.

You have all of these fancy algorithms.

And if you are pitching business, any other bank, you're going to try to knock them when they are down.

They all have fancy algorithms.

The nyse, although there is a bunch of specialist's on the floor, they are most seen -- mostly using big volume.

It used to be a standalone exchange.

They bought them so you could argue the new york stock exchange really is a nasdaq.

It just happens to have people.

Not the same amount of glaring failures.

That is the problem with nasdaq.

There are people there if the machine shut down.

China's government says a new disney theme park is under construction and will open in 2015. it will have two hotels and 1200 rooms.

The disney cfo said the company's shanghai property could be its biggest part.

They have to build more hotel rooms.

One hotel in vegas.

The whole theme park?

The cap next hit three point $8 billion.

For this reason.

They also expanded in california and florida.

The european resort did not do well.

Disney paris, a flop.

Disney hong kong, as success?

Is euro over?

Sort of.

You can go there.

You can drink american beer.

You can smoke cigarettes on the teacups.

Is no lines because nobody wants to go.

I feel i china will embrace it.

I think china will embrace it.

It is hard not to see that.

If you have been to shanghai, how wealthy the segment is, how many hotel rooms there are, you can get there from the airport at 300 miles an hour on a train.

Shanghai is a marvelous place.

This has to succeed.

I have a mind bender.

Fidelity manages over a trillion dollars of retirement accounts.

Companies across the country.

Their own employees are suing the firm for its own lousy 401(k) plan.

A class-action lawsuit alleges the company offered them expensive funds with high fees.

Since all of them available were fidelity funds, the plaintiffs are choosing the company of self giving.

It is like low hanging fruit.

They don't have a choice.

Let's make it our own.


It is not just them.

They have been criticized for the same thing.

Too slow to roll out the cost- conscious buyers.

Not just their employees.

An incredible blackeye.

To not give your and employs a discount, that seems almost like a professional -- exactly, you are making money.

I have some good news for you.

The maxim channel is coming.

The faltering magazine is in turned into a cable network to counter the slow demise of the publishing company.

Was it faltering?

They also plan to leverage the brand in radio and music.

Why not?

You get miley cyrus to do a music video for you.

It's not just women in bikinis.

They have articles.

It's actually like a reputable -- that is like reading playboy for the articles.

Come on.

Did you notice the change of information when you said body brand?

It is so fun to say.

It will be more fun to watch on cable.

There is a block of channels guys gravitate toward.

Maybe some women.

You have speed tv, which fox canceled.

And now you have espn, spike tv, do you watch that?

I don't. you can see every james bond movie.

Matt, matt.

Esquire is also launching a network.

Esquire magazine.

This is a theme.

The magazine industry is having a hard time making business.

You have to move on.

Tv is trying to go online.

It's the iteration of the next thing.

Are there women's magazines?

We have home and garden.



There is one called oxygen.


When you said home and garden, you did not use the information.

I would not know how to garden if you stuck a fork in my face.

But she finds maxim reputable.

And loves beer.

Not girly beer.

Man beer.

Whatever that means.

Here is a look at what is next

This text has been automatically generated. It may not be 100% accurate.


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