Outage pits SEC against exchanges

Written By Unknown on Jumat, 23 Agustus 2013 | 10.46

Get out the asbestos suit again, Bob Greifeld.

The Nasdaq CEO once again is going to find himself in the cross hairs of Wall Street regulatory enforcers seeking answers to how one of the world's largest exchanges could go dark for three hours.

After all, the ink is barely dry on the $10 million check Nasdaq forked over to regulators after the exchange botched Facebook's 2012 IPO.

It was the Facebook debacle that sparked the Security and Exchange Commission to enact tougher regulations to standardize technology across trading platforms.

SEC boss Mary Jo White last night called the outage "serious" and sought a meeting with the more than one dozen exchange heads to discuss trading issues.

It's not clear when the meeting will be held.

The Nasdaq meltdown was so severe that President Obama was briefed on the outage.

But it's likely that the 56-year-old Greifeld, who has been with Nasdaq for 10 years, will get more attention than other exchange bosses.

That said, traders and other market watchers, who spoke to The Post said they were happy with the exchange's handling of the glitch.

"We can live without the market up for a couple of hours; we can't live with the market's printing bad prices," said Jim Angel, professor of finance at Georgetown University.

mark.decambre@nypost.com


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