Nasdaq CEO Defends Exchange After 'Flash Freeze'

By Business LeadersFOXBusiness

NASDAQ CEO: No Hacking Involved in ‘Flash Freeze’

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NASDAQ CEO: No Hacking Involved in ‘Flash Freeze’

NASDAQ OMX CEO Robert Greifeld tells FBN’s Liz Claman what went on behind the scenes during the 3-hour outage that’s been labeled the ‘flash freeze’.

Nasdaq CEO Robert Greifeld in an interview with FOX Business on Friday defended the all-electronic exchange's handling of the three-hour outage dubbed the "Flash Freeze," calling it an internal glitch and easing fears that it was triggered by some kind of cyber attack. 

Greifeld told Fox Business's Liz Claman there was no indication it had "anything to do with" hacking or another type of cyber attack, but was instead insulated to an internal glitch.

The Nasdaq OMX Group's (NASDAQ:NDAQ) New York-based digital exchange, which hosts major Fortune 500 companies, including technology giants Google (NASDAQ:GOOG), Facebook (NASDAQ:FB) and Apple (NASDAQ:AAPL), opened normally Friday morning. 

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Thursday's outage was blamed on a highly technical issue involving the system it uses to disseminate price quotes. The Securities Information Processor (SIP) consolidates and distributes all prices for the industry.

“There was a connectivity issue between an exchange participant and the SIP,” Nasdaq said in a statement late Thursday after the market closed. “The cause of the issue has been identified and addressed.”


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