Did anyone experience the crash of computer in the exchange

Discussion in 'Trading' started by ADX_trader, Sep 23, 2002.

  1. Having beein the futures market for 2 years, I know the system of many brokers will crase from time to time. Did anyone experience the crash of computer system in the Exchange? It seems you could not use a second broker to hedge you position in such case. What could you do?
  2. tntneo

    tntneo Moderator

    I can remember in the last 2 years, 2 major crashes of computer systems.
    Nasdaq was shutdown totally, NYSE as well.
    It's tricky because noone can trade at all. it's a total market halt. If you are in a position, it's stressing and frustrating.
    (for Nasdaq it was because of a human error with MCI worldcom (!) the network there. for NYSE it was an upgrade with new software I believe).

    Of course, brokers do suffer more often computer or network problems. The exchanges have an uptime (systems working within accepted parameters) which is the envy of any multinational corporation.

    I guess many will remember one of these crashes, which caused the market to close more than one hour after regular market hours (to compensate for the shutdown).