4 ms·
Violently shutting down trading also exposes the bank to significant risk, eg. massively leveraged trades on stocks that were meant to be held for 3 millisecond
by jpatokal 12y ago
Violently shutting down trading also exposes the bank to significant risk, eg. massively leveraged trades on stocks that were meant to be held for 3 milliseconds suddenly hanging on until the system's back up.
In hindsight, this would still have been preferable to losing $400 million, but quite obviously nobody at the time realized just how catastrophic this was going be.
- xyzzy123 12y agoWith the benefit of hindsight I think company wide realtime dashboard would be high priority. I guess actual deployment procedures would be higher though.
- geocar 12y agoThey had a wire-protocol they were incrementally updating without a version-byte. That is caused by bad engineering, and they needed to do less of that. "Realtime dashboard" and "deployment procedures" are more engineering, not less.
- zhte415 12y agoIf the system was not counting its trades, would they show up in the dashboard? A reconciliation would be necessary, which would come from where the orders were being sent to (the exchange), but with millisecond delays a realtime dashboard seems only necessary for this case (not that it is a bad case) and while End Of Day reconciliations are needed, I'd be interested if anyone knew of exchange requirements for intra-day trading reconciliations?