Nasdaq Swiftly Tackles System: In a commendable display of efficiency, Nasdaq promptly addressed a system glitch that disrupted stock orders for over 50 clients. The incident, which commenced on December 13, resulted from a duplicate internal order ID within Nasdaq’s ‘FIX/RASH order’ handling system, a key component of the financial ecosystem.
Nasdaq, known for its role as a prominent exchange operator, took immediate action to investigate and rectify the issue. The exchange opted to roll back the concerned application to a previous version, a strategic move that successfully resolved the glitch and restored stability to the system.
As part of the remedial measures, Nasdaq made the decision to temporarily shut down the FIX/RASH order handling system. This proactive step involved blocking all new orders and canceling any open orders back to customers. Nasdaq communicated its confidence in the corrective actions taken, assuring stakeholders of its readiness for the subsequent trading day.
Despite the glitch causing some customers to experience inaccuracies and delays in the delivery of execution reports, Nasdaq swiftly implemented solutions to mitigate the impact. In an emailed statement, the exchange operator expressed assurance in the effectiveness of the corrective actions.
“FIX/RASH was closed down for the rest of the day, but the closing cross was successfully completed, and all other markets continued to operate normally,” Nasdaq stated. However, the exchange did not provide specific details in response to inquiries about the number of trades affected during the system error.
Nasdaq’s proactive response to this incident reinforces its commitment to maintaining a resilient and reliable trading environment, showcasing its dedication to the smooth functioning of financial markets.
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Our Reader’s Queries
What is the difference between Level 1 and Level 2 NASDAQ?
Level 2 data offers a more comprehensive view of a stock’s market than Level 1 data. While Level 1 data only displays the current best bid and ask prices, Level 2 data reveals all the outstanding orders surrounding the current stock price. It’s like seeing the entire iceberg instead of just the tip. With Level 2 data, investors can gain a deeper understanding of the market and make more informed decisions.
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Level II quotes offer more detailed information than Level I quotes by displaying market depth. This level of quotes typically presents the top 5-10 best bid and offer prices. For even greater market depth, Level III quotes provide up to 20 of the best bid and ask prices.
Does NASDAQ use AWS?
Nasdaq, the US stock exchange, has successfully completed another significant systems migration to Amazon Web Services’ (AWS) cloud. This time, the Nasdaq Bond Exchange has been moved to AWS, marking the latest update since Nasdaq’s announcement of its cloud migration plans in December 2021. This move is a testament to Nasdaq’s commitment to leveraging the latest technology to enhance its operations and provide better services to its clients. With AWS’s robust cloud infrastructure, Nasdaq can expect improved scalability, security, and reliability for its trading platform.
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