The Nasdaq suffered a six-minute system outage on Wednesday this week, following a similar outage last month which caused the trading platform to go down for three hours. This week's problem has been resolved, but the exchange is now taking measures to try to avert the damaging spate of operational outages by strengthening its Securities Information Processor (SIP).
Trading was not affected by this week's glitch, claims Nasdaq. However, in an effort to get to the bottom of the issue, a meeting of the Unlisted Trading Privileges Securities Information Processor (UTP SIP) committee was called and moves are now underway to improve resiliency.
The body, which is responsible for policy matters and overseeing system operations, said it is going to consider a number of regulatory measures to ensure this type of problem does not recur and, as one of the 15 members of the UTP SIP committee, Nasdaq will be expected to act.
In a statement, the committee, said: "Our objective is to learn from the events and work together to identify appropriate solutions that improve the reliability, governance and operations of the SIP."
As well as looking to enhance the operational integrity of the system, UTP SIP will also increase the frequency of stress and failover testing as part of enhanced business continuity and resiliency procedures.
By Gary Cooper and Neil Ainger