Nasdaq's chief executive has broken his silence about the stock exchange's unprecedented three-hour outage on Thursday, but his television interview left investors baffled as to the cause of the shutdown.
In an interview with American news channel
The primary complaint from many traders was that Nasdaq did not keep them informed.
Greifeld bristled at Levitt's words, saying: "I have to disagree in a quite emotional way with that statement." He said the exchange provided updates to major investment banks, investors and other exchanges, if not the press or public. "We have to focus on the operational aspects of the problem while the problem is transpiring."
"I think the market is so complex and the machinery is so complex and . . . I don't think there's anything you can do any more. It's so botched." He added: "They can't be shamed into fixing the system."
Greifeld made oblique references to an external problem that may have shaken Nasdaq's system.
"I think where we have to get better is what I call defensive driving," he said. "Defensive driving means what do you do when another part of the ecosystem, another player, has some bad event that triggers something in your system?"
Some could not square Greifeld's explanation of the Nasdaq software glitch with his references to "another player".
to improve its 'defensive driving'
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