Nasdaq Says Flaw Exposed in Data Flood Caused Trade Halt
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A confluence of computer mishaps culminating in the failure of Nasdaq OMX Group Inc. backup systems led to last week’s three-hour stock halt, the second-biggest U.S. exchange operator said.
Exchange computers were flooded Aug. 22 with inaccurate data before flawed software disabled systems that should have prevented the malfunction from snowballing, according to a statement released yesterday. The challenges were “clearly within the control of Nasdaq OMX,” the company said.