To ISLAND traders: Tue Mar 24 16:42:48 2009 EST Due to technical problems at the exchange, NASDAQ failed to execute any Market On Close or Limit on Close orders. If you submitted either of these order types today, please manage your risk accordingly. ~~~~~~~~~~~~~~~~ I don't use Island, but this sounds a little scary. How often does something like this happen?
It may be the exchanges issues but why did it take so long to get the bulletin notice? By the bulletin time almost 45 minutes pasted. It is my understanding we have only a few minutes to report a problem other wise we are out of luck but the exchange and or IB take 45 minutes, that is not acceptable. I feel sorry for the trader who went home flat to come back the next day buried.
if you really want to know-search on nasdaqtrader.com website. this kind of info posted over there first at status page. look at what time they release it. if there is significant difference between their release and IB-then your complain is valid. but if delay like 3-5 min..what can you do? if exchange does not report this immediately?