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System failure, not exchange spat focus of investigation in Nasdaq shutdown

Aug. 27, 2013 3:29 PM ETNasdaq, Inc. (NDAQ) StockNYX-OLD, NDAQ, ICEBy: Stephen Alpher, SA News Editor
  • A rumored spat between Nasdaq (NASDAQ:NDAQ) and the NYSE (NYX, ICE) is a distraction, reports Reuters, citing SEC sources. They're instead focused on why a system for distributing stock quotes wasn't robust enough. "There's a lot of finger-pointing as to what caused the SIP (Securities Information Processor) to go down," says a source, "but bottom line, the SIP really shouldn't be going down."
  • Both exchanges have been asked to provide a minute-by-minute timeline of what went down and the heads of the exchanges are expected to meet with SEC chair Mary Jo While on September 12.

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