Feeds

US stock markets unveil new IPOcalypse-BUSTERS to watchdogs

New rules to help combat IT glitches in share trading

Website security in corporate America

US stock exchanges have said that they’ve figured out how to help stop technical trading glitches, following orders from regulators to come up with new rules after trading on the NASDAQ ground to a halt for three hours in August.

Market operators including NYSE Euronext and NASDAQ OMX said they had agreed on certain proposals and put together a timetable for implementing changes that will help to protect their IT infrastructure, including securities information processors (SIPs) and the mechanisms for IPOs.

The NASDAQ has suffered through a number of trading hiccups in the last year or so, including the trading outage in August, another at the end of last month and, most famously, the Facebook IPOcalypse, when problems with its systems stopped some trades in the new stock from being properly recorded and delayed others.

The Securities and Exchange Commission ordered the markets to come up with reforms to counter future problems in a meeting in September. The SEC said it wanted to see operators install a kill switch common to all of them to stop trading during glitches and better testing and disaster recovery for SIPs.

The exchanges didn't give out any details about the proposals, saying that they would be revealed in future filings with self-regulatory organisations and would be subject to approval from the SEC.

SEC chair Mary Jo White told the annual meeting of the Securities Industry and Financial Markets Association in New York that the commission and the operators had “made very good progress”, Reuters reported.

"Our objective has to be zero tolerance [on errors]. I think we all know that technology is never going to be perfect," she said. ®

Reducing the cost and complexity of web vulnerability management

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Israeli spies rebel over mass-snooping on innocent Palestinians
'Disciplinary treatment will be sharp and clear' vow spy-chiefs
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
OECD lashes out at tax avoiding globocorps' location-flipping antics
You hear that, Amazon, Google, Microsoft et al?
Show us your Five-Eyes SECRETS says Privacy International
Refusal to disclose GCHQ canteen menus and prices triggers Euro Human Rights Court action
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.