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Friday, Aug 30
Nasdaq accepts blame for "flash freeze"
- Nasdaq (NDAQ) has taken responsibility for the three-hour trading outage last week, saying it was caused by a software bug and other technology issues.
- "Our performance is unacceptable to our members, issuers and the investing public," the exchange said.
- The problem occurred when NYSE's (NYX) Arca was unable to connect to Nasdaq's data feed, which eventually led to the overloading of the latter's servers. However, Nasdaq CEO Robert Greifeld specifically said he's not blaming Arca for what's now being called the "flash freeze."
- Bank and brokerages are reportedly discussing how to prevent another outage, including giving a non-exchange entity responsibility for managing feeds.