Latest Nasdaq glitch blamed on human error

31 October 2013

The latest problem with the Nasdaq has been blamed on human error.

On Tuesday (29 October), the stock exchange was frozen for three-quarters of an hour, although officials insisted trading continued as normal.

It is the latest problem to affect the Nasdaq and comes after similar outages took place on 4 September and 22 August.

After these issues, the trading platform organised a meeting of the Unlisted Trading Privileges Securities Information Processor committee to try to get to the bottom of the problem.

Speaking to AFP about the latest glitch, managing director of equity trading at Wedbush Securities Michael James said: "It does not do anything positive in terms of investor confidence in the vehicles we use every day to trade."

He added the situation is "definitely problematic" and so action needs to be taken.

According to Nasdaq OMX - the group responsible for running the stock exchange - the issue stemmed from employees not properly completing an "operational function".

By Gary Cooper

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development