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Nasdaq Updated April 25th Post-Mortem

27

April, 2011

Nasdaq has updated its April 25th post mortem:

“On April 25, 2011, NASDAQ experienced an issue with its Market Maker Automated Quotation System whereby the system had invalid and stale market data for a subset of securities. The issue, which was caused solely by a NASDAQ malfunction, resulted in automated quotes in those securities being posted at aberrant prices starting at 09:28:00. In many of these cases these quotes resulted in executions for participants. The application that controls these functions was updated and at 10:02:42 the system was normalized. NASDAQ has determined the root cause of the issue and has taken steps to avoid the likelihood of future occurrences.”

In our morning blog post today, we questioned what the “issue” was that caused the problem with the Market Maker Automated Quotation System.   We would like to thank Nasdaq for clearing this issue up and stating “the issue.. was caused solely by a NASDAQ malfunction.”

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