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00:00First thing this morning there were problems with messaging . Walk me through that and then the eleven thirty two shut down . First and foremost if we take our role in the center of the global capital markets very seriously we'll hold ourselves to a high standard of our systems being up available trusted at all times. This morning the open went off as you would expect and soon thereafter we were getting intermittent messages of customers not seeing the exact behavior that they would otherwise expect with respect to messages. I didn't feel like we had the level of trust in our systems that is required. And I made the decision and with working regulatory and CAC regulatory team and the counsel's office. I made a decision . Let's suspend trading at the New York Stock Exchange in part step because those New York Stock Exchange listed stocks continue to trade elsewhere during the day. And I told our team what's in a very deliberate deliberate fashion determined what went wrong. Put together multiple plans to be able to come back up for the close. Well how about that Tom. You did a great job sort of holding things firm but you were out for three and a half hours and when you came back volumes were still up. Prices were intact almost the beat goes on. What does that say about our need for the nice. Yeah. The most important thing it's a little bit of a Hippocratic Oath Do no harm for NYSE listed stocks at the open as you may know and the clothes every day the market consolidates around the New York Stock Exchange. Those are the biggest trades of the day. Those are roughly 20 percent of total volume. In fact our close today was a market average of 150 million shares. And so my first concern was Do no harm during the day. Those stocks continue to trade elsewhere get the problem fixed and get it back up and running for the close roll over to your failed system your backup. We we chose the least disruptive option for customers. So if we had moved to our disaster recovery center which was an option customers would have had to do a good deal of work to be able to connect to that new disaster recovery center. Contrast that with what we chose to do which was root out the problem put a plan in place to fix it fix it reopen the New York Stock Exchange and there was no work for customers to do to connect to New York Stock Exchange . What time this morning when did you make the decision. We've got to shut this down. I don't remember exactly cause I spent most my day talking to customers and regulators and internal staff but it was shortly after 11:00 and it was when I had heard enough reports that customers weren't seeing the exact sort of behavior that they'd come to expect and anticipate other New York Stock Exchange. And that's when I said let's take it down . And do you attribute this to a system upgrade. I'm not 100 percent certain because as I said most of the day I spent with with customers and staff there was a configuration problem in our system it likely had to do with an upgrade but that's pretty mature. And it's something that we'll come about as part of our full analysis of the situation. It began today. We found the problem it continues tonight we'll be looking at the steps that led us to this place and it will continue on in the future on a ever constant quest to improve the technology that we offer . Tom since you took this post you've cleaned up a lot here you've tightened the ship. Shareholders have really liked what you have done but you are leaner and meaner. Had you had a bigger staff more I.T. professionals like you used to have. Could this have been avoided. No. This wasn't a resource issue step . I've been here ever since the Intercontinental change acquired the New York Stock Exchange. I've seen the changes firsthand . We're a more responsive organization. Customers would tell you the same our technology is more responsive to the needs of customers. Our technology is by and large reliable today was very unfortunate day and I feel I feel customers pain in that regard but that is not the case. Before we go I'm worried about confidence. This week we are faced with Greece China today United Airlines had a problem. People are worried. Are you worried that the perception of this is going to keep people out of the markets. Well it's important and this is goes back to what I said first and foremost and our entire management team agrees with this our chairman New York Stock Exchange Jeff Sprecher agrees with us and it's something we talked about as recently as today. It's important that we're open for business . We have met for two and a twenty three years. And public perception is important. So am I happy about today. Obviously not. Can we work through it as we did on the close with a average close and our customers coming back to the New York Stock Exchange. And I greatly appreciate that by the way for our customers who are out there listening. Yes absolutely. And we're going to as I said we're going to continue to invest in our technology are going to continue to get better. And we're going to learn a lot from today .

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NYSE President: I Made The Decision to Suspend Trading

New York Stock Exchange President Tom Farley discusses the glitches that brought the NYSE trading to a halt for 3 and half hours. He speaks with Bloomberg’s Stephanie Ruhle on “Bloomberg Markets.” (Source: Bloomberg)

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