Nasdaq's Greifeld Says 'Too Early To Say Who Is To Blame' For Trading Halt
During his interview, Greifeld said that it was "too early to say who is to blame," repeating his that their focus yesterday was to understand and solve the problem.
"Today's job is to make sure the systems run as normally as they can," said Greifeld, continuing into an explanation of their "defensive driving" plan.
“Make sure no matter what happens, the systems stays up and has a resiliency and robustness that we did not exhibit yesterday. What happened here and something that the industry needs to think of, there is 13 competitive exchanges, us and the others worked well yesterday. There is one single called Sep which consolidates and disseminates the market data. So the industry has talked for years should there be a competing Sep and we support that concept,” said Greifeld.
Greifeld said that he stands by the Nasdaq's track record, and that they've even received "complements with respect to the fact of how we handled yesterday."
"We opened the market quite successfully. Again we stopped the market because we wanted to make sure that all investors were protected. So what happened is that we consolidated the data for the 13 exchanges. As soon as we saw that that had an issue, our first concern was the proprietary firms, high frequency firms, had access to data directly from exchanges. So it was information asymmetry. We halted the market because of that. We quickly identified the problem and quickly solved it," Greifeld said.
At the time of this writing, Jason Cunningham had no position with the mentioned entities.
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