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Morning -- all of your listeners and viewers we are live at the NASDAQ market site you know there are many exchanges but the two biggest the New York Stock Exchange and the NASDAQ.
One of them went down yesterday for a full three hours during the entire trading system for all of you -- have 401 -- or trade stocks.
It went down for a full three hours and of course now it's being attributed to a highly technical -- we're joined now.
By the CEO of the NASDAQ Bob Kraft felt thank you for being glad to have your lives -- -- this is not a great day for you this was a nightmare yesterday but it was also a nightmare for companies like Yahoo! apple Google who list on -- -- -- but also.
The individual investor right off -- -- I have to house asking because so many people were questioning this.
Was there any indication of any kind of computer hacking or system -- No none whatsoever -- this had nothing to do with -- -- is a fact of life but had nothing to do with problem yesterday that worries some people that it was an internal system because it indicates to some people.
You -- don't have your arms wrapped around -- well certainly -- deeply disappointed with what happened yesterday.
And what we have to do is improve what I called defensive driving.
Source system by itself was working but you have into connections in the world we live in today and we have to handle.
Bad actions from some of those people connected to us we have to improve -- that.
So would be deeply disappointed but -- would highlight.
Dead one of the reasons it took three hours was we have a first and foremost responsibility for fair and orderly markets.
So we spent two and a half hours really making sure the entire industry.
We opened -- lines with them.
We made sure the entire industry is ready to come alive and we did come -- -- -- live quite successfully and finish today in normal course of business.
-- -- -- -- -- That moment.
Where you have to work and make sure that -- you do press go again it's going to be fine what they do get very upset about Bob is the lack of communication.
I talked to CEOs of NASDAQ traded companies -- said I got -- and I'm sitting in meetings and checking my Blackberry checking my phone there's nothing from the NASDAQ.
They do know that you were putting out some twenty.
-- to the trading community but that's not the CEOs of policies companies.
We're worried about their stocks what's wrong your communications.
Well our communication system I think worked well yesterday he can always be improved.
First order businesses to focus -- solving the problem.
And in dealing with people directly involved with the problem.
Now in one of those open lines we had people representing our issue is on on the call and they were there to give regular updates out.
We gave the formal update out after the close of trading which we want to do.
So I think we did well we'll certainly reflect upon how we communicate simply do better -- blitzer hire somebody to work the phones and call the IR offices they are they were doing that you know -- we had these relations officer of the we have we have teams of people doing that -- some say we had the people responsible for the issue was on the open mind -- they can hear firsthand exactly what was going on.
There are taking inbound calls we took hundreds of inbound calls reaching making now also those active communication going on this type of situation.
You -- reading it every single CEO or every single -- all but we communicated quite actively to a large number of them.
Then the official communication out after the close of trading day to everybody by so it happened you know quite rapidly I I get the explanations but.
We have former Securities and Exchange Commission -- -- -- on yesterday he was very harsh.
You were probably busy working the situation but he said.
The NASDAQ handle this quote terribly what he didn't like she was when you started the systems up.
He said you only -- trading in certain stocks.
And he said how.
How could you be fair when you're only allowed certain -- to well I think it's hard for people outside directed -- involvement with the problem to comment in comment intelligently on it.
So we had taken -- -- at Harvey Pitt and well not I'm just saying for anybody who's not there right so -- in the people were not on the open lines were not in the head trader alert.
It's hard for -- Nadal right in -- in the comment intelligent and -- what happened.
So everybody was directly involved.
The changes are on what's called the UTP line -- parades aligned with our our our members in addition that we had had trader alerts that happened.
All the way and each plant right we've solved the problem within half an hour.
Might as certain members made a request in terms of having a longer period of time to quote and certified fifteen minutes -- cost a half hour time to get ready.
For that so that communication was there and I think the extent to anybody wasn't involved.
Became -- -- it's okay that was as active as you can get you guys are considered the sexier extra yet.
You know you've got that the loss of the dot coms of the world but there are some that aren't public yet.
Twitter for example everybody's waiting for that to go public.
Do you think you've lost Twitter can you make a 32 pitch to Twitter to say here's why you should still consider listing on that -- I think it's important to recognize that we aspire towards perfection with respect to the operations of our systems.
And technology people -- -- other companies recognize that.
We will always fall short of that but we have to keep trying right and we get better all the time and the number problems of actually declined.
But probably as importantly we have to make sure we handle problems in the proper way right so we did yes today.
Right nobody wanted to be down for three hours and if we had been quite.
Reckless we could have been all a -- -- that I think the procedures we have in place in history -- -- worked well so we would say that any technology based company.
We're not perfect.
But I -- 99.9.
9% perfect would not perfect.
We have problems but if we do.
We're going to make sure we maintain a fair in the world we market and that's we did just that and it's important to recognize the fact we didn't trade for several hours.
If you're traditional long investor -- mom and pop.
That's three hours does it matter you buying -- off -- a longer period of time right and the fact is every single person was in the same situation.
Nobody was relatively advantage or disadvantage because the market was -- that I some mom and pops are little more sophisticated these days -- to trade a lot but either way we appreciate you coming on fox business and Imus in the morning to talk about this Bob --
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