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I'm not sure where you heard this, or which market you think this works in, but that sounds dubious at the very least. The realisation that a trade isn't for a good price in an order driven market isn't obvious until further trading moves the price away from touch against the position you have just taken. You can't place one order off touch, the market doesn't work like that.

If, say, this happened on a major market (say NASDAQ) there would be a serious number of broken trade messages, or alternatively, some mechanism to re-instate an order which has been executed at the right place in the book (and there isn't). I can tell you there aren't a serious number of broken trade messages.

Have a look at the ITCH spec - http://www.nasdaqtrader.com/co...

You can probably download a historical day of NASDAQ data, their main store is restricted to data licencees.

Ok, so you seem to be more informed than I thought from your previous posts. In a market where the marketplace owner is a single central authority what you've said would hold about the privacy of bids / offers and instant settlement. But electronic traders are not working in those markets. For example, Nasdaq has distributed market making. The firms involved in trading are also making the market - this is a much closer model to a pre-electronic trading pit where the bids and offers were broadcast by shouting.

The actors in trading are the actors involved in making the market, so the signals and intentions are effectively public: or at least they are public to all of the major players in the market. One of the key behaviours that has been discussed is bots that try to identify arbitrage opportunities by leaping in to close bids before other actors, then hold the asset for microseconds before selling it in different sized parcels at different prices. They provide liquidity at the expense of widening spreads for traders. In the terms that you are described it these are middlemen, but in the case of markets like nasdaq they are also participants.

If this description does not convince you that the signals are public then I have a question for you: why do you think that firms pay so much to reduce latency to the exchange? Latency is only an issue in reaction times for deciding whether to trade or not, and the model that you've described so far with synchronous actions is non-interactive...

Please realize that the SEC levies a tax on every transaction (buy and sell) http://www.sec.gov/News/PressRelease/Detail/PressRelease/1365171514024#.UjHRW6BTO5M

Also the market has a fee structure that charges if one take liquidity (order execute immediately and takes an order off the book) and gives a rebate on orders that provide liquidity (order remains on book for some period of time). http://www.nasdaqtrader.com/trader.aspx?id=pricelisttrading2

In my opinion a better solution is for the market to increase the minimum latency for a transaction. For example, every second all the orders sent to the exchange are reconciled and the results sent to the originators of the orders, as well as the updating all public data like national best bid, best ask prices. This would almost completely neuter very high speed trading engines, as their data and updates on filled orders would be the same as everyone else, viz. 1 second. Note, the 1 second is an arbitrary amount of time, but I would fix it to be several times a minute, but no faster than 500 ms.

"There is frequently no human involvement at all in HFT. It's just scanning bids and asks and offering just a hair above each."

You don't need HFT for this. Just submit a pegged order, and it'll sit at or better than the inside, until it fills. The exchange will keep its price updated for you.

See, for example, http://www.nasdaqtrader.com/content/productsservices/trading/MMPegOrder_factsheet.pdf

Your argument is ridiculous, because anyone can see the (liquid) markets are really at $0.01 spreads almost the entire time. This is the best you can get (in stocks). Get rid of the HFT market maker and you necessarily get rid of the $0.01 spread.

This was covered by many sources (for instance, Computerworld). Apparently the process that failed was the Nasdaq IPO Cross.

With NASDAQ next door, there has to be gobs of fiber running along Times Square.

NASDAQ offers high-speed connectivity in Cartaret, NJ and a backup in Ashburn, VA; neither of which is next door to Times Square.

• Before June 3 (sorry, cannot find any links): BATS,NASDAQ propose "flash orders" to SEC, (weakly) justifying compliance with existing regulations
• June 3: DirectEdge announces support for flash orders
• June 5: NASDAQ offers FLASH orders
• June 5: BATS offers BOLT orders
• June 7: BATS CEO newsletter discusses hazards of flash orders, two days after the initial release
• June 30: BATS CEO newsletter defends fairness of specific BOLT implementation, reiterates hazards of flash orders in general
• September 1: BATS ceases BOLT orders
• September 1: NASDAQ ceases FLASH orders
• September 18: SEC rule proposal to ban flash orders
• November 20: BATS supports the SEC's proposed ban on flash orders
• November 20: DirectEdge opposes the SEC's proposed ban on flash orders

So yeah, the particular article you linked is abso-darned-lutely correct about flash orders. But it's wayyy out of date. If you read through the various exchanges' discussions and comments, there's some very interesting back-and-forth going on:

• DirectEdge accuses NYSE of being anti-competitive: NYSE did not implement flash order types, and it was expected that these orders would shift liquidity to NASDAQ/BATS/DirectEdge. All exchanges acted in their own self-interest here, because NYSE is the figurative gorilla in the room.
• BATS implements "me too" functionality to keep in competition with NASDAQ, but is very quick to distance itself from the controversy.
• Several exchanges highlight the (historically) new trend of liquidity moving into dark pools, and the risk which that poses to price formation in the normal exchanges. Hey, looks like they were right!
• Everyone releases news in lock-step. It's like a big game of chicken, nobody wants to publish early because it just gives "ammo" to the others.

Somewhere in there is a simple and highly robust protocol struggling to get out.

Yeah, they call it OUCH. FIX is the "enterprise" solution, in that it requires an enterprise architect to craft the specification and it is still vague enough that some of the exchanges end up including errata in their own client specifications (section 5.4).

That depends on what the protocol spec says. If NASDAQ acknowledged receiving the order but didn't confirm that the order was placed, it's entirely possible that the right thing to do was send the order again under the assumption that it didn't get filled.

The OUCH specification says, "All Inbound Messages may be repeated benignly." If UBS sent multiple (identical) orders with the same Order Token, then they would (should?) have been fine due to filtering of duplicates. However, perhaps their client software didn't actually re-send identical messages (due to the rarity of this type of system outage, and laziness) but may have generated unique Order Tokens. Whoops, that's multiple orders, sent in a panic without thinking about the associated obligation.

(personally I don't see why a whole day would be bad)

Many institutional investors agree with you. That's why they use Market-on-Close orders. Trading at the closing cross gives everyone a fair "daily price", and it's quite possible to ignore fluctuations within the day.

BTW, here's the current published latency for NASDAQ's OUCH interface. 98uSec.

http://www.nasdaqtrader.com/trader.aspx?id=inet

I should point out that the times that I logged circa-2002 included a round-trip through our server. That is, they were measurements from the time our software decided to initiate a trade against ISLD to the time we received and processing a confirmation message indicating that we had bought the shares.

The NASDAQ figures quoted above are from the customer's network port, throgh NASDAQ's equipment, and back to the customer's network port. (I assume measured at the NASDAQ facility.) So, it's a significantly shorter path.

So what do we take from this?

- Linux can do ~100 uSec trades today.

- Linux and MS-DOS could do ~100 uSec trades several years ago.

- The additional latency of a customer-side trading system of Windows-2000/MFC several years ago was probably much less than 100 uSec, since the total round trip was in that range.

- .net might suck. Or maybe just un-talented programmers.

The fact that we aren't see 50uSec or 10uSec trades today is not surprising, given the exponential growth in volume...

I suspect that OUCH is still the undisputed king of low-latency execution.

Furthermore, NASDAQ's volume is very significantly greater than the LSE's, and OUCH-entered orders represent a significantly greater proportion of NASDAQ's total volume than LSE's "dark pool".

See subject, and it's not looking good for Linux + Apache folks (LAMP): I mean, hey - Facebook's 2nd outage in 24 hours? Come on!

Hey - the way you "penguinista" around here talk, well, I thought Linux and Apache 'never crashed' or had downtime, penguins!

I mean, You're always ribbing on Windows here saying it's unstable, and yet what's this over at facebook the past 2 days now, hmmm?

When the chips are on the table?? Linux + Apache went DOWN boys!

Now, on the other hand/by way of comparison??

Well - I don't see NASDAQ for example crashing using Windows Server 2003 clusters:

http://www.nasdaqtrader.com/Trader.aspx?id=MarketShare

"NASDAQ is renowned for its high performance technology and has proven reliability with 99.999+% uptime. Whats more, firms count on NASDAQ for unsurpassed speed and tested capacity to execute trades quickly and efficiently."

That's what NASDAQ uses as the official "trade data dissemination system" to users there, as well as other systems (bigger iron stuff), and all their systems maintain that kind of uptime under tremendously heavy user & work loads, 24x7!

(Additionally/again, using Windows Server 2003 clusters no less (which being an NT based OS, is like its ancestor before it in VMS, & has clustering, & stable as iron when run this way))

(Just in case anyone doesn't believe that Facebook uses a "LAMP stack", and I am sure this is going to get me "flamed" here or downrated as per usual whenever someone shows that Linux is NOT "impervious" to downtime or crashing??? Take a peek here boys:

http://uptime.netcraft.com/up/graph?site=facebook.com

That'll show you Linux and Apache... and yes, F5's "BIG IP" is just an internet appliance that runs on Linux! See here for that much as well:

http://en.wikipedia.org/wiki/F5_Networks

"F5's BIG-IP product is based on a network appliance (either virtual or physical), which runs F5's Traffic Management Operating System (TMOS), which runs on top of Linux" )

See subject, and it's not looking good for Linux + Apache folks (LAMP): I mean, hey - Facebook's 2nd outage in 24 hours? Come on! I thought Linux and Apache 'never crashed' or had downtime, penguins! You're always ribbing on Windows here saying it's unstable, and yet what's this over at facebook the past 2 days now, hmmm?

When the chips are on the table?? Linux + Apache went DOWN boys!

Now, on the other hand/by way of comparison??

Well - I don't see NASDAQ for example crashing using Windows Server 2003 clusters:

http://www.nasdaqtrader.com/Trader.aspx?id=MarketShare

"NASDAQ is renowned for its high performance technology and has proven reliability with 99.999+% uptime. Whats more, firms count on NASDAQ for unsurpassed speed and tested capacity to execute trades quickly and efficiently."

That's what NASDAQ uses as the official "trade data dissemination system" to users there, and it has maintained that kind of uptime, using Windows Server 2003 clusters no less (which being an NT based OS, is like its ancestor before it in VMS, & has clustering, & stable as iron when run this way)

(Just in case anyone doesn't believe that Facebook uses a "LAMP stack", and I am sure this is going to get me "flamed" here or downrated as per usual whenever someone shows that Linux is NOT "impervious" to downtime or crashing??? Take a peek here boys:

http://uptime.netcraft.com/up/graph?site=facebook.com

That'll show you Linux and Apache... and yes, F5's "BIG IP" is just an internet appliance that runs on Linux! See here for that much as well:

http://en.wikipedia.org/wiki/F5_Networks

"F5's BIG-IP product is based on a network appliance (either virtual or physical), which runs F5's Traffic Management Operating System (TMOS), which runs on top of Linux" )

1.) NASDAQTRADER said NASDAQ has 99.999% uptime.

2.) NASDAQ uses Windows Server 2003 + SQLServer 2005 for its OFFICIAL TRADE DATA DISSEMINATION SYSTEM.

3.) NASDAQTRADER could not state the 99.999% uptime for NASDAQ if Microsoft products could not maintain it as well, because it is one of their major systems... period!

I only stated that, from an article no less that shows it here -> http://www.nasdaqtrader.com/Trader.aspx?id=MarketShare [nasdaqtrader.com]

"NASDAQ is renowned for its high performance technology and has proven reliability with 99.999+% uptime. Whats more, firms count on NASDAQ for unsurpassed speed and tested capacity to execute trades quickly and efficiently."

That Windows Server 2003 + SQLServer 2005 in combination, power the OFFICIAL TRADE DATA DISSEMINATION SYSTEM, that's all... do you have problems reading? Honestly, if you do, I will understand... AND?

THAT that combination runs @ a 5k - 10k tpm rate 24x7 per this article ->

http://www.microsoft.com/sqlserver/2005/en/us/cs-financial-roi.aspx?pf=true [microsoft.com] [microsoft.com] [microsoft.com] [microsoft.com] [microsoft.com]

"NASDAQ Deploys SQL Server 2005 to Support Real-Time Trade Booking and Queries

As the organization prepared to retire its aging large mainframe computers, it deployed Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade that is processed in the NASDAQ marketplace goes through the MDDS system, with SQL Server 2005 handling some 5,000 transactions per second at market open. SQL Server 2005 simultaneously handles about 100,000 queries a day, using SQL Server 2005 Snapshot Isolation to support real-time queries against the data without slowing the database. NASDAQ is enjoying a lower total cost of ownership compared to the large mainframe computer system that the SQL Server 2005 deployment has replaced."

and

http://blog.sqlauthority.com/2007/09/17/sqlauthority-news-nasdaq-uses-sql-server-2005-reducing-costs-through-better-data-management/

Every trade processed in the NASDAQ marketplace goes through the system with Microsoft® SQL Server 2005 handling some 5,000 transactions per second at market open.
The system also responds to about 10,000 queries a day and is able to handle real-time queries against data without slowing the database down

APK

P.S.=> NASDAQTRADER is not owned by Microsoft, are they? apk

"You honestly think NASDAQs quote matching system's back-end is a SQL server???" - by k10quaint (1344115) on Friday July 03, @03:58PM (#28574515)

I said NASDAQ has maintained the "fabled '5-9's" of 99.999% uptime on Windows Server 2003 + SQLServer 2005 (in failover clusters) since late 2005, acting as the official dissemination system of official trade data verbatim, the rest was backing article material from reputable sources, "Read ALL ABOUT IT", here, lol:

http://tech.slashdot.org/comments.pl?sid=1290967&cid=28571315

Either you didn't read my +5 INFORMATIVE rated post, & just skimmed & are trolling by trying to say I said things I never did! It has to be THAT, or you have reading problems or are a skimming troll...

See, I say that because I don't mention the system you do, only the one I note now, but doing that 99.999% uptime SOLID 24x7 "fabled '5-9's' of uptime for 1/2 a decade now or more & that's good enough I guess to show Microsoft Windows Server 2003 + SQLServer 2005 doing that job, which is, keep doing the job for them, 24x7...

READ IT AGAIN, FULLY, BEFORE TROLLING... please - it'll even help YOU become a better troll, if you read it all, & don't get it... lmao!

Are you trolling? Seems it - You're trying "the oldest trick in the book": PUTTING WORDS IN OTHERS' MOUTHS... jedi mind tricks don't work on me, novice... lmao!

APK

P.S.=> THIS takes the cake:

"Your sources are Microsoft, MSN, and a website/magazine about windows funded by Microsoft. The Iranian national news service couldn't be more biased than that." - by k10quaint (1344115) on Friday July 03, @03:58PM (#28574515)

Didn't you miss one?

Yes - I think so -> http://www.nasdaqtrader.com/Trader.aspx?id=MarketShare

----

"NASDAQ is renowned for its high performance technology and has proven reliability with 99.999+% uptime. Whats more, firms count on NASDAQ for unsurpassed speed and tested capacity to execute trades quickly and efficiently."

----

So? Are ANY of my source articles lying or something??

DOES MICROSOFT OWN THAT NASDAQTRADER COMPANY - if so, prove that to me please... thanks! Not that it'd matter - what I'd be concerned about it lies that you can prove are lies is all in any of the source material I used.

(Hey - That'd be all that WOULD matter, as they'd have been misinforming us all, including myself... but, that's a heavy thing to insinuate!)

Are you??

PLUS - Are my sources, which are reputable no less, LYING about Windows Server 2003 + SQLServer 2005 using failover clustering showing 99.999% uptime in a STOCK EXCHANGE, which IS a "high tpm" environs???

No, I don't think so... Hey Prove they are lying then - quit "speculating" (lol, you've shown us all you're not too good @ it already, lol), prove it... ok?

NOW - IF YOU THINK SO? Again - argue with my sources, but make sure yours are @ least current or more current than mine are (& mine are, no questions asked) & NO MATTER HOW MUCH YOU TRY TO "SLICE & DICE IT"?? My sources are reputable, & show that Window CAN & DOES do 99.999% uptime... for NASDAQ no less, a high tpm environs, w/ Windows cranking out 5k-10k tpm rates SOLID 99.999% uptime.

Look before you leap next time, posting possibly stale data & certainly less current than what I had, surely didn't help your case either... apk

Clever marketing, but irrelevant. As you note - in passing - this is for the information dissemination system, not for the trading system. It's there so people can do non-real-time-critical look-up of past trades. NASDAQ wouldn't trust their trading system to Windows.

Every trade processed in the NASDAQ marketplace goes through the system

Yes, it goes through the Windows stack after it has been processed by the trading system. Which used to run on a POSIX system on MIPS Tandem hardware the year after your MDDS system was installed. I can't find anymore recent info even on the NASDAQ site.

"Stock Exchange, like many transaction based business, needs real time systems and Windows 2003 plus SQL" - by ihavenospine (541249) on Friday July 03, @09:52AM (#28571113)

Correct, & agreed, 110% (with evidence thereof): NASDAQ is an example of this, & yes - NASDAQ has maintained the "fabled '5-9's" of 99.999% uptime on Windows Server 2003 + SQLServer 2005 (in failover clusters) since late 2005, acting as the official dissemination system of official trade data:

----

FIRST - the actual PROOF of that "stability/uptime":

http://www.nasdaqtrader.com/Trader.aspx?id=MarketShare

"NASDAQ is renowned for its high performance technology and has proven reliability with 99.999+% uptime. Whats more, firms count on NASDAQ for unsurpassed speed and tested capacity to execute trades quickly and efficiently."

----

NASDAQ Migrates to SQL Server 2005:

http://windowsfs.com/enews/nasdaq-migrates-to-sql-server-2005

&/or

NASDAQ Uses SQL Server 2005 - Reducing Costs through Better Data Management:

http://blog.sqlauthority.com/2007/09/17/sqlauthority-news-nasdaq-uses-sql-server-2005-reducing-costs-through-better-data-management/

"NASDAQ, the worlds first electronic stock market replaced its aging mainframe computers with Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade processed in the NASDAQ marketplace goes through the system with Microsoft® SQL Server 2005 handling some 5,000 transactions per second at market open. The system also responds to about 10,000 queries a day and is able to handle real-time queries against data without slowing the database down."

+

Case Studies - Financial Services:

http://www.microsoft.com/sqlserver/2005/en/us/cs-financial-roi.aspx?pf=true [microsoft.com] [microsoft.com] [microsoft.com] [microsoft.com]

"NASDAQ Deploys SQL Server 2005 to Support Real-Time Trade Booking and Queries

NASDAQ, which became the worlds first electronic stock market in 1971, and remains the largest U.S. electronic stock market, is constantly looking for more-efficient ways to serve its members. As the organization prepared to retire its aging large mainframe computers, it deployed Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade that is processed in the NASDAQ marketplace goes through the MDDS system, with SQL Server 2005 handling some 5,000 transactions per second at market open. SQL Server 2005 simultaneously handles about 100,000 queries a day, using SQL Server 2005 Snapshot Isolation to support real-time queries against the data without slowing the database. NASDAQ is enjoying a lower total cost of ownership compared to the large mainframe computer system that the SQL Server 2005 deployment has replaced."

----

AND, "There ya are"... Evidence of the possible stability, security, & speed on Windows, AND, in a high tpm environs (and, in a Stock Exchange, specifically)...

(Keeping stable & running F A S T, + "24x7", & for 1/2 a decade++ going strong, acting as the official trade data dissemination system for NASDAQ!)

APK

P.S.=> Personally, & especially based on the evidences here (the thread topic itself, & the NASDAQ data I just provided here)?

Well - I think a great deal of stability & uptime has to do a LOT with the skills of those architecting a system, first, AND later those that have the task of maintaining it also (this means the network engin

"Looking at other exchanges, there are trading platforms that have been able to last 10+ years while scaling quite well." - by Jerky McNaughty (1391) on Friday July 03, @09:40AM (#28571007)

NASDAQ is an example of this, & yes: NASDAQ has maintained the "fabled '5-9's" of 99.999% uptime on Windows Server 2003 + SQLServer 2005 (in failover clusters) since late 2005, acting as the official dissemination system of official trade data:

----

NASDAQ Migrates to SQL Server 2005:

http://windowsfs.com/enews/nasdaq-migrates-to-sql-server-2005

&/or

NASDAQ Uses SQL Server 2005 - Reducing Costs through Better Data Management:

http://blog.sqlauthority.com/2007/09/17/sqlauthority-news-nasdaq-uses-sql-server-2005-reducing-costs-through-better-data-management/

"NASDAQ, the worlds first electronic stock market replaced its aging mainframe computers with Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade processed in the NASDAQ marketplace goes through the system with Microsoft® SQL Server 2005 handling some 5,000 transactions per second at market open. The system also responds to about 10,000 queries a day and is able to handle real-time queries against data without slowing the database down."

+

Case Studies - Financial Services:

http://www.microsoft.com/sqlserver/2005/en/us/cs-financial-roi.aspx?pf=true [microsoft.com] [microsoft.com] [microsoft.com] [microsoft.com]

"NASDAQ Deploys SQL Server 2005 to Support Real-Time Trade Booking and Queries

NASDAQ, which became the worlds first electronic stock market in 1971, and remains the largest U.S. electronic stock market, is constantly looking for more-efficient ways to serve its members. As the organization prepared to retire its aging large mainframe computers, it deployed Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade that is processed in the NASDAQ marketplace goes through the MDDS system, with SQL Server 2005 handling some 5,000 transactions per second at market open. SQL Server 2005 simultaneously handles about 100,000 queries a day, using SQL Server 2005 Snapshot Isolation to support real-time queries against the data without slowing the database. NASDAQ is enjoying a lower total cost of ownership compared to the large mainframe computer system that the SQL Server 2005 deployment has replaced."

----

NOW - the actual PROOF of that "stability/uptime":

http://www.nasdaqtrader.com/Trader.aspx?id=MarketShare

"NASDAQ is renowned for its high performance technology and has proven reliability with 99.999+% uptime. Whats more, firms count on NASDAQ for unsurpassed speed and tested capacity to execute trades quickly and efficiently."

----

AND, "There ya are"... Evidence of the possible stability, security, & speed on Windows, in a high tpm environs, keeping stable & running F A S T 24x7 for 1/2 a decade++ going strong, acting as the official trade data dissemination system for NASDAQ!

APK

P.S.=? Personally, & especially based on the evidences here (the thread topic itself, & the NASDAQ data I just provided here)? Well - I think a great deal of stability & uptime has to do a LOT with the skills of those architecting a system, first, AND later those that have the task of maintaining it also (this means the network engineering staff AND coding teams around said projects), as well as their personal work-ethics - not so much on the Opera

"OSX *can* pull five nines. it's only on windows where five nines of reliability are fabled." - by RyuuzakiTetsuya (195424) on Tuesday June 23, @03:00PM (#28443103)

Fabled? Not really! AND??

This is no mere "FABLE", but instead, reality (provable, concrete, & verifiable reality):

NASDAQ proves it... of course, this is also contingent upon the team adminning it as well (keep this in mind, with ANY OS)

Here is an example of NASDAQ's uptime, AND stability, in a high tpm environs, industrially (using Windows no less):

NASDAQ keeps on running 24x7, into the fabled "5-9's" of 99.999% uptime using Windows Server 2003 + SQLServer 2005 (in failover clusters) since late 2005, acting as the official dissemination system of official trade data:

----

NASDAQ Migrates to SQL Server 2005:

http://windowsfs.com/enews/nasdaq-migrates-to-sql-server-2005

&/or

NASDAQ Uses SQL Server 2005 - Reducing Costs through Better Data Management:

http://blog.sqlauthority.com/2007/09/17/sqlauthority-news-nasdaq-uses-sql-server-2005-reducing-costs-through-better-data-management/

"NASDAQ, the worlds first electronic stock market replaced its aging mainframe computers with Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade processed in the NASDAQ marketplace goes through the system with Microsoft® SQL Server 2005 handling some 5,000 transactions per second at market open. The system also responds to about 10,000 queries a day and is able to handle real-time queries against data without slowing the database down."

+

Case Studies - Financial Services:

http://www.microsoft.com/sqlserver/2005/en/us/cs-financial-roi.aspx?pf=true

"NASDAQ Deploys SQL Server 2005 to Support Real-Time Trade Booking and Queries

NASDAQ, which became the worlds first electronic stock market in 1971, and remains the largest U.S. electronic stock market, is constantly looking for more-efficient ways to serve its members. As the organization prepared to retire its aging large mainframe computers, it deployed Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade that is processed in the NASDAQ marketplace goes through the MDDS system, with SQL Server 2005 handling some 5,000 transactions per second at market open. SQL Server 2005 simultaneously handles about 100,000 queries a day, using SQL Server 2005 Snapshot Isolation to support real-time queries against the data without slowing the database. NASDAQ is enjoying a lower total cost of ownership compared to the large mainframe computer system that the SQL Server 2005 deployment has replaced."

----

SO, that all "said & aside" - You want PROOF of that "stability/uptime", you say?

OK, see here -> http://www.nasdaqtrader.com/Trader.aspx?id=MarketShare

"NASDAQ is renowned for its high performance technology and has proven reliability with 99.999+% uptime. Whats more, firms count on NASDAQ for unsurpassed speed and tested capacity to execute trades quickly and efficiently."

----

What I'd like to see is actual proof of MacOS X pulling that "fabled '5-9's", albeit in a HIGH TPM environs that has run for 1/2 decade++ or more, & just as stably + secure as NASDAQ has seen...

You have me wrong I think (& my replies MAY have given you that impression):

I don't "hate *NIX"!

In fact, it, along with VAX's VMS (on a VAX-1180 in the early to mid 1980's) is where I started i

"No Windows system is stable that long at a time" - by T Murphy (1054674) on Monday May 11, @11:45AM (#27907843)

NASDAQ says, & proves, quite otherwise!

Here is an example of NASDAQ's uptime, AND stability, in a high tpm environs, industrially (using Windows no less):

NASDAQ keeps on running 24x7, into the fabled "5-9's" of 99.999% uptime using Windows Server 2003 + SQLServer 2005 (in failover clusters) since late 2005, acting as the official dissemination system of official trade data:

----

NASDAQ Migrates to SQL Server 2005:

http://windowsfs.com/enews/nasdaq-migrates-to-sql-server-2005 [windowsfs.com] [windowsfs.com]

&/or

NASDAQ Uses SQL Server 2005 - Reducing Costs through Better Data Management:

http://blog.sqlauthority.com/2007/09/17/sqlauthority-news-nasdaq-uses-sql-server-2005-reducing-costs-through-better-data-management/ [sqlauthority.com] [sqlauthority.com]

"NASDAQ, the worlds first electronic stock market replaced its aging mainframe computers with Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade processed in the NASDAQ marketplace goes through the system with Microsoft® SQL Server 2005 handling some 5,000 transactions per second at market open. The system also responds to about 10,000 queries a day and is able to handle real-time queries against data without slowing the database down."

+

Case Studies - Financial Services:

http://www.microsoft.com/sqlserver/2005/en/us/cs-financial-roi.aspx?pf=true [microsoft.com] [microsoft.com] [microsoft.com]

"NASDAQ Deploys SQL Server 2005 to Support Real-Time Trade Booking and Queries

NASDAQ, which became the worlds first electronic stock market in 1971, and remains the largest U.S. electronic stock market, is constantly looking for more-efficient ways to serve its members. As the organization prepared to retire its aging large mainframe computers, it deployed Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade that is processed in the NASDAQ marketplace goes through the MDDS system, with SQL Server 2005 handling some 5,000 transactions per second at market open. SQL Server 2005 simultaneously handles about 100,000 queries a day, using SQL Server 2005 Snapshot Isolation to support real-time queries against the data without slowing the database. NASDAQ is enjoying a lower total cost of ownership compared to the large mainframe computer system that the SQL Server 2005 deployment has replaced."

----

SO, that all "said & aside" - You want PROOF of that "stability/uptime", you say?

OK, see here -> http://www.nasdaqtrader.com/Trader.aspx?id=MarketShare [nasdaqtrader.com] [nasdaqtrader.com] [nasdaqtrader.com]

"NASDAQ is renowned for its high performance technology and has proven reliability with 99.999+% uptime. Whats more, firms count on NASDAQ for unsurpassed speed and tested capacity to execute trades quickly and efficiently."

----

So much for your humor... because, in the end? That's ALL it is... poor humor.

APK

P.S.=> I'm going to take a risk, & assume you're another "Pro-*NIX" sheep - &, thus, that you're ignorant of HOW to keep a Windows system running in a stable high performing fashion... &, yes, that happens. Stability, security, AND performance often are determined by the person(s) running the Windows (or even *NIX variant systems) & taking care of/administering them... apk

"Also, your guide? It's not hardening." - by ion.simon.c (1183967) on Friday May 01, @08:57PM (#27794675)

I'll have to disagree with you: It absolutely is (considering you are, for example, "fortifying" a file, like a custom HOSTS file, the registry, & others vs. known bad sites etc.) - &, especially when it gets others w/ results like this:

----

http://www.xtremepccentral.com/forums/showthread.php?s=7de5812b7341873cc5e6ee9582f21bf9&t=28430&page=3

"Its 2009 - still trouble free! I was told last week by a co worker who does active directory administration, and he said I was doing overkill. I told him yes, but I just eliminated the half life in windows that you usually get. He said good point. So from 2008 till 2009. No speed decreases, its been to a lan party, moved around in a move, and it still NEVER has had the OS reinstalled besides the fact I imaged the drive over in 2008. Great stuff! My client STILL Hasn't called me back in regards to that one machine to get it locked down for the kid. I am glad it worked and I am sure her wallet is appreciated too now that it works. Speaking of which, I need to call her to see if I can get some leads. APK - I will say it again, the guide is FANTASTIC! Its made my PC experience much easier. Sandboxing was great. Getting my host file updated, setting services to system service, rather than system local. (except AVG updater, needed system local)"

THRONKA@xtremepccentral.com

----

It most certainly is a form of "system hardening".

(Especially considering it's not just registry reconfigurations & such, but far more!)

AND? Hey - It just works!

(& in my P.S. below is another example of that & how/why)

----

"No amount of registry tweaking and software uninstallation can make Windows match up to the results from either of those projects." - by ion.simon.c (1183967) on Friday May 01, @08:57PM (#27794675)

OH, I "beg to differ", & so does NASDAQ!

(NASDAQ sees 99.999%/fabled "5-9's" of 'uptime' that Windows Server 2003 + SQLServer 2005 have achieved for NASDAQ (The world's largest electronically traded stock exchange & a very high "tpm" environs), since 2005, on the "industrial front", for nearly 5 yrs. now)

----

NASDAQ Migrates to SQL Server 2005:

http://windowsfs.com/enews/nasdaq-migrates-to-sql-server-2005

----

&, also see here ->

----

NASDAQ Performance Statistics

http://www.nasdaqtrader.com/Trader.aspx?id=MarketShare

"NASDAQ is renowned for its high performance technology and has proven reliability with 99.999+% uptime. Whats more, firms count on NASDAQ for unsurpassed speed and tested capacity to execute trades quickly and efficiently."

APK

P.S.=> Again, & I have noted this in other posts here?

My buddy Jack (who has a "penchant for Pr0n" & the indiscriminate usage of javascript on EVERY site he visits (bad move, because today that is one of the MAIN "delivery/attack mechanisms" used in these things being put on others' machines)) went from literally getting 200++ malwares on his system per WEEK, down to MAYBE 1-2 a year &, the couple he gets, are a result of his use of javascript (& he knows + admits it)... after his application of my guide's steps.

Thus, once more, via such an example, albeit again (like THRONKA's written results above) from an "end-user" this time (not NASDAQ's fine example on the industrial front)?

It works! apk

"The sad thing about Windows NT is that the design was pretty good, the implementation was OK, but the default security policy is totally useless" - by Jacques Chester (151652) on Tuesday April 28, @06:32AM (#27743403)

That's PRETTY EASILY ALTERED (well, IF you have a basic understanding of what's going on, userrights + ACL's &/or PORTS wise (IANA lists & NTFS + Registry level security etc. et al)), & the CIS Tool, a multiplatform "benchmark" of security compliance, based on "industry best practices", no less, & that's well respected enough for that purpose!

(CIS Tool truly makes it as simple as it gets to do MOST of what's needed for securing a Windows NT-based OS easily (and, other OS platforms also)... the evidence thereof, from an end-user's results after applying it (& more) shows that cleanly enough).

First though?

An example of uptime, AND stability, in a high tpm environs, industrially:

NASDAQ keeps on running 24x7, into the fabled "5-9's" of 99.999% uptime using Windows Server 2003 + SQLServer 2005 (in failover clusters) since late 2005, acting as the official dissemination system of official trade data:

----

NASDAQ Migrates to SQL Server 2005:

http://windowsfs.com/enews/nasdaq-migrates-to-sql-server-2005 [windowsfs.com]

&/or

NASDAQ Uses SQL Server 2005 - Reducing Costs through Better Data Management:

http://blog.sqlauthority.com/2007/09/17/sqlauthority-news-nasdaq-uses-sql-server-2005-reducing-costs-through-better-data-management/ [sqlauthority.com]

"NASDAQ, the worlds first electronic stock market replaced its aging mainframe computers with Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade processed in the NASDAQ marketplace goes through the system with Microsoft® SQL Server 2005 handling some 5,000 transactions per second at market open. The system also responds to about 10,000 queries a day and is able to handle real-time queries against data without slowing the database down."

+

Case Studies - Financial Services:

http://www.microsoft.com/sqlserver/2005/en/us/cs-financial-roi.aspx?pf=true [microsoft.com] [microsoft.com]

"NASDAQ Deploys SQL Server 2005 to Support Real-Time Trade Booking and Queries

NASDAQ, which became the worlds first electronic stock market in 1971, and remains the largest U.S. electronic stock market, is constantly looking for more-efficient ways to serve its members. As the organization prepared to retire its aging large mainframe computers, it deployed Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade that is processed in the NASDAQ marketplace goes through the MDDS system, with SQL Server 2005 handling some 5,000 transactions per second at market open. SQL Server 2005 simultaneously handles about 100,000 queries a day, using SQL Server 2005 Snapshot Isolation to support real-time queries against the data without slowing the database. NASDAQ is enjoying a lower total cost of ownership compared to the large mainframe computer system that the SQL Server 2005 deployment has replaced."

----

SO, that all "said & aside" - You want PROOF of that "stability/uptime", you say?

OK, see here -> http://www.nasdaqtrader.com/Trader.aspx?id=MarketShare [nasdaqtrader.com] [nasdaqtrader.com]

"NASDAQ is renowned for its high performance technology and has proven reliability with 99.999+% uptime. Whats more, firms count on NASDAQ fo

"I thought Windows was secure. Why not use that? *cough* *cough*" - by Anonymous Coward on Tuesday April 28, @05:30AM (#27743003)

Yes, why not? Especially w/ results like these (from BOTH 'end users', & from a high tpm (transactions per minute) industrial environs):

NASDAQ keeps on running 24x7, into the fabled "5-9's" of 99.999% uptime using Windows Server 2003 + SQLServer 2005 (in failover clusters) since late 2005, acting as the official dissemination system of official trade data:

----

NASDAQ Migrates to SQL Server 2005:

http://windowsfs.com/enews/nasdaq-migrates-to-sql-server-2005

&/or

NASDAQ Uses SQL Server 2005 - Reducing Costs through Better Data Management:

http://blog.sqlauthority.com/2007/09/17/sqlauthority-news-nasdaq-uses-sql-server-2005-reducing-costs-through-better-data-management/

"NASDAQ, the worlds first electronic stock market replaced its aging mainframe computers with Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade processed in the NASDAQ marketplace goes through the system with Microsoft® SQL Server 2005 handling some 5,000 transactions per second at market open. The system also responds to about 10,000 queries a day and is able to handle real-time queries against data without slowing the database down."

+

Case Studies - Financial Services:

http://www.microsoft.com/sqlserver/2005/en/us/cs-financial-roi.aspx?pf=true [microsoft.com]

"NASDAQ Deploys SQL Server 2005 to Support Real-Time Trade Booking and Queries

NASDAQ, which became the worlds first electronic stock market in 1971, and remains the largest U.S. electronic stock market, is constantly looking for more-efficient ways to serve its members. As the organization prepared to retire its aging large mainframe computers, it deployed Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade that is processed in the NASDAQ marketplace goes through the MDDS system, with SQL Server 2005 handling some 5,000 transactions per second at market open. SQL Server 2005 simultaneously handles about 100,000 queries a day, using SQL Server 2005 Snapshot Isolation to support real-time queries against the data without slowing the database. NASDAQ is enjoying a lower total cost of ownership compared to the large mainframe computer system that the SQL Server 2005 deployment has replaced."

----

SO, that all "said & aside" - You want PROOF of that "stability/uptime", you say?

OK, see here -> http://www.nasdaqtrader.com/Trader.aspx?id=MarketShare [nasdaqtrader.com]

"NASDAQ is renowned for its high performance technology and has proven reliability with 99.999+% uptime. Whats more, firms count on NASDAQ for unsurpassed speed and tested capacity to execute trades quickly and efficiently."

----

AND, now, from an end-user's perspective, once Windows has been "security-hardened" (& CIS Tool helps make THAT an 'easier job' for end-users too)?

See this -> http://www.xtremepccentral.com/forums/showthread.php?s=e8281208df2ccba74470d6c68e047d40&t=28430&page=3

----

"ts 2009 - still trouble free!

I was told last week by a co worker who does active directory administration, and he said I was doing overkill. I told him yes, but I just eliminated the half life in windows that you usually get. He said

"Microshaft and The-Cult-of-Apple - have made it nearly impossible to let better technology succeed." - by filesiteguy (695431) on Thursday April 23, @09:53PM (#27697105) Homepage

"Better technology"?

It's going to be "tough sledding" convincing anyone of that, after this:

(Especially since the 'topic @ hand' is stock exchanges)

And on that note/in THAT arena? Well, take a read below next:

NASDAQ keeps on running 24x7, into the fabled "5-9's" of 99.999% uptime using Windows Server 2003 + SQLServer 2005 (in failover clusters) since late 2005, acting as the official dissemination system of official trade data:

----

NASDAQ Migrates to SQL Server 2005:

http://windowsfs.com/enews/nasdaq-migrates-to-sql-server-2005 [windowsfs.com] [windowsfs.com]

&/or

NASDAQ Uses SQL Server 2005 - Reducing Costs through Better Data Management:

http://blog.sqlauthority.com/2007/09/17/sqlauthority-news-nasdaq-uses-sql-server-2005-reducing-costs-through-better-data-management/

"NASDAQ, the worlds first electronic stock market replaced its aging mainframe computers with Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade processed in the NASDAQ marketplace goes through the system with Microsoft® SQL Server 2005 handling some 5,000 transactions per second at market open. The system also responds to about 10,000 queries a day and is able to handle real-time queries against data without slowing the database down."

+

Case Studies - Financial Services:

http://www.microsoft.com/sqlserver/2005/en/us/cs-financial-roi.aspx?pf=true

"NASDAQ Deploys SQL Server 2005 to Support Real-Time Trade Booking and Queries

NASDAQ, which became the worlds first electronic stock market in 1971, and remains the largest U.S. electronic stock market, is constantly looking for more-efficient ways to serve its members. As the organization prepared to retire its aging large mainframe computers, it deployed Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade that is processed in the NASDAQ marketplace goes through the MDDS system, with SQL Server 2005 handling some 5,000 transactions per second at market open. SQL Server 2005 simultaneously handles about 100,000 queries a day, using SQL Server 2005 Snapshot Isolation to support real-time queries against the data without slowing the database. NASDAQ is enjoying a lower total cost of ownership compared to the large mainframe computer system that the SQL Server 2005 deployment has replaced."

----

You want PROOF of that "stability/uptime", you say?

OK, see here -> http://www.nasdaqtrader.com/Trader.aspx?id=MarketShare

"NASDAQ is renowned for its high performance technology and has proven reliability with 99.999+% uptime. Whats more, firms count on NASDAQ for unsurpassed speed and tested capacity to execute trades quickly and efficiently."

APK

P.S.=> Any *NIX being "better technology" than THAT from above? Well, that'd be purely opinion, only (vs. facts above)... apk

"Didn't atleast one of those suffer major down time after switching from unix to windows?" - by RiotingPacifist (1228016) on Thursday April 23, @07:16PM (#27695839)

NASDAQ keeps on running 24x7, into the fabled "5-9's" of 99.999% uptime using Windows Server 2003 + SQLServer 2005 (in failover clusters) since late 2005, acting as the official dissemination system of official trade data:

----

NASDAQ Migrates to SQL Server 2005:

http://windowsfs.com/enews/nasdaq-migrates-to-sql-server-2005 [windowsfs.com] [windowsfs.com]

&/or

NASDAQ Uses SQL Server 2005 - Reducing Costs through Better Data Management:

http://blog.sqlauthority.com/2007/09/17/sqlauthority-news-nasdaq-uses-sql-server-2005-reducing-costs-through-better-data-management/

"NASDAQ, the worlds first electronic stock market replaced its aging mainframe computers with Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade processed in the NASDAQ marketplace goes through the system with Microsoft® SQL Server 2005 handling some 5,000 transactions per second at market open. The system also responds to about 10,000 queries a day and is able to handle real-time queries against data without slowing the database down."

+

Case Studies - Financial Services:

http://www.microsoft.com/sqlserver/2005/en/us/cs-financial-roi.aspx?pf=true

"NASDAQ Deploys SQL Server 2005 to Support Real-Time Trade Booking and Queries

NASDAQ, which became the worlds first electronic stock market in 1971, and remains the largest U.S. electronic stock market, is constantly looking for more-efficient ways to serve its members. As the organization prepared to retire its aging large mainframe computers, it deployed Microsoft® SQL Server 2005 on two 4-node clusters to support its Market Data Dissemination System (MDDS). Every trade that is processed in the NASDAQ marketplace goes through the MDDS system, with SQL Server 2005 handling some 5,000 transactions per second at market open. SQL Server 2005 simultaneously handles about 100,000 queries a day, using SQL Server 2005 Snapshot Isolation to support real-time queries against the data without slowing the database. NASDAQ is enjoying a lower total cost of ownership compared to the large mainframe computer system that the SQL Server 2005 deployment has replaced."

----

You want PROOF of that "stability/uptime", you say?

OK, see here -> http://www.nasdaqtrader.com/Trader.aspx?id=MarketShare

"NASDAQ is renowned for its high performance technology and has proven reliability with 99.999+% uptime. Whats more, firms count on NASDAQ for unsurpassed speed and tested capacity to execute trades quickly and efficiently."

APK

...better solution is to actually monitor the naked shorting occurring in the marketplace and enforce prohibition of the tactic.

That's been done for ... years. Just about every exchange publishes lists of their stocks that have current failure-to-delivers from naked shorting. If you compare the short-seller positions against regular long buys/sells, it's not much.

Halting short sells wouldn't have prevented the current market tankage -- overrated CDOs backed by crappy mortgages caused it. When cashflow from the homeowners slowed, the House of CDO cards collapsed.

It's my impression that short sellers show up at buzzard-feeding time: when the given equity isn't dead yet, generally after the price has a noticeable downward trend. Like most traders, they tend to respond to public news, excluding action/thriller movie plots where short-sellers work with terrorists to ensure downward acceleration of an equity (Casino Royale 2006.)

It's one the financial status classifications that NASDAQ uses. Deficient means that they don't live up to NASDAQs conditions for continued listing and in this case it's most likely that they've been trading to long under $1 (and perhaps that their market capitalisation is to small as well). Bankrupt, well, if you're in chapter 11 you're certainly bankrupt.

Some other classifications are: "deficent and delinquent", "delinquent and bankrupt" and "deficent, delinquent and bankrupt".

See: http://www.nasdaqtrader.com/Trader/News/2005/vendoralerts/nva2005-021.stm

Well there is a danger. If short interest is too high, then that will make SCOX bullish because any uptick will cause a lot of people to move to cover their shorts causing it to go up more.

In any case: You can see that short interest has been steadily increasing but since trading volume is high it's still easy to cover the short.

However finding a broker willing to allow you to short SCOX may not be such an easy task.

from: nasdaqtrader

So how could WorldCom fail?