Feeds

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

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

Top three mobile application threats

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. ®

3 Big data security analytics techniques

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?
Record labels sue Pandora over vintage song royalties
Companies want payout on recordings made before 1972
Ex–Apple CEO John Sculley: Ousting Steve Jobs 'was a mistake'
Twenty-nine years later, post-Pepsi exec has flat-forehead moment
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
Number crunching suggests Yahoo! US is worth less than nothing
China and Japan holdings worth more than entire company
prev story

Whitepapers

SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.
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.
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.
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.