Remember the flash crash of 2015? They let those trades actually STAND. Including options. This week’s open was nothing in comparison.
NYSE Tuesday opening mayhem traced to a staffer who left a backup system running
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Re: NYSE Tuesday opening mayhem traced to a staffer who left a backup system running
#32These "issue traced to staffer" stories sound like management cover up for management/system shortcomings to me. Systems with such significant potential impact, and in industries where lack of financial investment in their continuity is a deliberate choice have very little excuse to be passing the buck to grunts for basic process flaws that can be triggered by individual error.
This. If an individual's mistake can take out your business you have a process control problem and that is owned by management.
The days of management taking responsibility for anything are over. See: not a single CEO stepping down for over hiring.
Re: NYSE Tuesday opening mayhem traced to a staffer who left a backup system running
#33Earlier quoted context omitted.
The great thing about automation is the breadth, depth and speed at which I can propagate mistakes.
Some submarine operations are deliberately not automated, because if eg a sensor is broken or miscalibrated it could sink the entire boat if a computer very rapidly acts on the wrong information. Rather they do those operations with one person operating the valve/machine/device/etc, another watching and confirming readings, and the whole thing is on a constant audio link with a third person in an engineering room who…
This is now my headcanon explanation for why starships in Star Trek still require large crews (or crews in general).
Re: NYSE Tuesday opening mayhem traced to a staffer who left a backup system running
#34Seems so weird to not have automated checks for something that seems to be described as "someone left the light on" and also not have the exchange automatically initiate itself. However, it still isn't that clear what the problem was. Were prices not "real" or correct? Stuff like this will happen more and more. We treat software driven systems rather recklessly.
More automation -> more code -> more things to go wrong
>More automation -> more code -> more things to go wrong
More people -> more entropy -> much more things to go wrong
Re: NYSE Tuesday opening mayhem traced to a staffer who left a backup system running
#35Earlier quoted context omitted.
More automation -> more code -> more things to go wrong
This employee left the backup system running. There's obviously some automation but what is the solution? Process changes that people have to remember or more systems to prevent the issue. So I don't get your statement related to this article
>There's obviously some automation but what is the solution?
Shutdown and wake-up time in bios of server and switch ;)
Re: NYSE Tuesday opening mayhem traced to a staffer who left a backup system running
#36Earlier quoted context omitted.
Some submarine operations are deliberately not automated, because if eg a sensor is broken or miscalibrated it could sink the entire boat if a computer very rapidly acts on the wrong information. Rather they do those operations with one person operating the valve/machine/device/etc, another watching and confirming readings, and the whole thing is on a constant audio link with a third person in an engineering room who…
This is now my headcanon explanation for why starships in Star Trek still require large crews (or crews in general).
At least in ST:VOY, it has been shown that a single hologram is capable of running the ship - although one might argue "exceptional circumstances" ;)
Re: NYSE Tuesday opening mayhem traced to a staffer who left a backup system running
#37A lot of stocks have minute bar of wide range prices in the first few minutes of continuous trading. This seems like the incident in what caused Knight Capital fiasco, in which the system repeatedly buy on the ask and sell on the bid very fast, thus pushing the high price high and low price low. In the opening usually the market maker will be more weary of the risk they cannot hedge directly and thus will be less wil…
Doesn't each trade require both a buyer and a seller, who buy and sell at an agreed on price? Presumably both parties would be satisfied with the trade so it isn't clear to me what all the fuss is about.
Re: NYSE Tuesday opening mayhem traced to a staffer who left a backup system running
#38Earlier quoted context omitted.
This. If an individual's mistake can take out your business you have a process control problem and that is owned by management.
The days of management taking responsibility for anything are over. See: not a single CEO stepping down for over hiring.
Oh, they take full responsibility, it always says so in the mails they send out. It's just that taking responsibility doesn't appear to actually result in anything happening.
Re: NYSE Tuesday opening mayhem traced to a staffer who left a backup system running
#39Oh we're still doing scapegoats?
If your system can be hosed by a single person the system is at fault. Start with the scapegoat's manager.
Re: NYSE Tuesday opening mayhem traced to a staffer who left a backup system running
#40[flagged]
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