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my 2c: In reality what probably happened is previous market day and post-trading data encountered some kind of error, which triggered a cascade of problems ove
by jterrys 4y ago
my 2c:
In reality what probably happened is previous market day and post-trading data encountered some kind of error, which triggered a cascade of problems overnight that they were unable to properly rectify. This caused delays up until market open. They were unable to fully resolve the issue, and forced with either delaying opening the market (which is a HUGE no-no) or opening with wrong data as is, they chose wrong data.
All in all a lot of people didn't get much sleep Monday. More than likely they implemented some changes or updates over the weekend that were not properly done, or they encountered some errors, and didn't have adequate controls/time to roll-back Monday night. They made the right calls too late and there was a controls process up the chain that seriously fucked up. These are the kinds of problems that get the CEO woken up in the middle of the night.