Feeds

NYSE preps for MILLIONS of trades in Twitter IPO stress-tests

We're not doing a NASDAQ style IPOcalypse, vows rival stock exchange

3 Big data security analytics techniques

In a bid to avoid a similar scenario to Facebook's IPOcalypse, the New York Stock Exchange ran a simulated market debut for Twitter shares over the weekend.

The NYSE did a test run of the day Twitter’s stocks will go on sale to check if its systems will be able to handle the tidal wave of traffic the IPO could potentially generate.

Facebook’s market debut on the NASDAQ exchange was a shambles because the exchange's systems became overloaded with the flood of orders going through and brokers didn’t know if their buy or sell orders had gone through or, where they were backlogged, what price the order had gone through at.

"This morning's systems test was successful, and we're grateful to all the firms that chose to participate," an NYSE spokesman told Reuters. "We are being very methodical in our planning for Twitter's IPO, and are working together with the industry to ensure a world-class experience for Twitter, retail investors and all market participants."

Twitter is the biggest tech IPO since Mark Zuckerberg's social network went public, and its decision to list on the NYSE is seen by many as a reaction to the NASDAQ’s handling of the Facebook shares.

The NASDAQ was fined $10m by the Securities and Exchange Commission for the debacle and is in the process of ponying up to $62m to compensate firms that were harmed.

Although the NASDAQ tested its systems before the Facebook debut, it limited the total number of orders to 40,000. On the day, nearly 500,000 orders were placed before the shares even opened and over 500 million stocks had been traded by the end of the day.

The NYSE tested orders in the hundreds of thousands and also simulated receiving large orders of tens of millions of shares from single firms. ®

High performance access to file storage

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.