A few weeks ago, we wrote a blog post about the Securities and Exchange Commission’s Regulation SCI, aimed at more closely regulating the IT systems running the majority of the US stock exchanges and injecting investor confidence back into the market.
As mentioned in that previous post, we believe the proposed regulation does not go far enough to ensure that the integrity and structural quality of these trading platforms are properly managed — and the instability of these systems has been all too evident over the past week or so.
As leaders in software quality, the experts at CAST were called on by a number of leading news outlets for our comments on what we can learn from these outages, and how they could have been prevented.
Wall Street traders took to Twitter today to lament the 3 hour system outage that crippled NASDAQ and left stocks flat. The outage started around 12:15pm after its Securities Information Processor was incorrectly disseminating the wrong quotes and prices.
It was another shaky day on Wall Street Tuesday morning. In an apparent system error, a Goldman Sachs algorithm running on the options exchange set incorrect price limits on a number of ticket symbols.
According to Bloomberg, the trading may have affected about 400,000 contracts for companies such as JPMorgan Chase, Johnson & Johnson and Kellogg. Even though Goldman says the error “would not be material to the financial condition of the firm,” we can’t help but notice the striking similarity this glitch has with one that brought down the market making financial services firm Knight Capital Group.
Dear Technology Colleagues at Derivatives Exchanges,
I’m sure you do not need me to inform you that the investment community is becoming more aware of the importance of dependable software operating our exchanges. Yet many of your competitors have fallen victim to the reputational damage caused by software glitches. Many of us, as technology professionals and as individual investors, are shocked to see the escalating pace of major software outages reported by the exchanges and major market makers.
It’s no shocker that the federal government is turning to cost cutting measures in the middle of a down economy. But there’s a bigger problem looming on the horizon.
The federal government has become very dependent on open source products; which wouldn’t be a problem if open source software was held to the same standard as custom commercial code.
Why our very own Lev Lesokhin, of course.
If you were on Twitter Tuesday (or watching the market index), you no doubt saw AP’s fake tweet regarding an explosion at the White House that wounded the president, and the market and media frenzy that followed as a result. Not only was it remarkable to see the effect one rogue tweet could have on market stability (it temporarily wiped out $136B from the S&P 500), but the whole episode also underscored how fast paced the world of business has become.
Good news Highlight fans! We’re taking our SaaS software analysis and measurement platform to the next level with our most recent release, Highlight 1.7. This release focuses on automation and improving the quality of web based applications. You can read more about it in our most recent press release.
The two major features of this upgrade are:
PHP analyzer: We added a PHP code quality analyzer that enables you to include web applications or components in your portfolio analysis. Highlight now checks the quality of the code of client-facing web applications such as custom-built shopping carts, communication sites, or web portals designed to increase worker productivity.
Automation toolkit: You can now automate the portfolio analysis process. You can create scripts that let the Highlight Analyzer automatically analyze new updates to source code. Highlight’s results are uploaded to the Portal to generate reports.
But we’re not stopping there. We have a big update for Highlight coming down the pipeline, so stay tuned for more updates. And check out the new features of CAST Highlight by accessing the Highlight portal.