Nasdaq takes some blame for 3-hour breakdown

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Associated Press

Posted on August 29, 2013 at 2:01 PM

Updated Thursday, Aug 29 at 2:07 PM

NEW YORK (AP) — Nasdaq OMX Group says a three-hour trading halt last week was partly the result of issues within the company's control.

In a statement released Thursday, the company detailed some of its early findings from an internal review. Nasdaq blamed "a confluence of unprecedented events" that overwhelmed the exchange's system for handling price information. It said high-speed trading played no role in the incident.

"NASDAQ OMX is deeply disappointed in the events of August 22," the statement said, "and our performance is unacceptable to our members, issuers and the investing public."

The outage cracked the midday calm of a quiet summer day on Wall Street, sending brokers and traders scrambling to figure out what went wrong. Suspicion immediately fell on high-speed trading.

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