| Recurring |
one_organization, multiple_organization |
(a) The software failure incident having happened again at one_organization:
- Nasdaq experienced a glitch in its software that resulted in a shutdown of trading for over 2,000 major US stocks and options [Article 20719].
- Nasdaq had previously faced trading issues at its exchange that marred the initial public offering of Facebook [Article 20950].
(b) The software failure incident having happened again at multiple_organization:
- Goldman Sachs also encountered a massive trading glitch due to an internal computer system problem that flooded the options markets with erroneous orders [Article 20950].
- Knight Capital experienced a high-profile trading glitch that resulted in a loss of $440 million after a software snafu affected trading activity in nearly 150 NYSE-listed stocks [Article 20950].
- Everbright Securities in China faced problems that caused a sudden 6% spike in the Shanghai Composite Index due to trading glitches [Article 20950]. |
| Phase (Design/Operation) |
design, operation |
(a) The software failure incident related to the design phase:
- The incident was attributed to a glitch in software that publishes the prices of stocks listed on the exchange, affecting over 2,000 major US stocks and options [Article 20719].
- Nasdaq experienced a failure resulting from technical issues at a central clearinghouse known as the "UTP SIP," where 13 public exchanges send bid and offer prices on Nasdaq-listed stocks [Article 20950].
(b) The software failure incident related to the operation phase:
- The outage affected a host of other exchanges as they depend on Nasdaq's pricing software for accuracy, locking up roughly $5.7 trillion in shares [Article 20719].
- Traders and market structure consultants noticed the problems midday when they stopped seeing quotes in certain Nasdaq-listed stocks, leading to the halt in trading [Article 20950]. |
| Boundary (Internal/External) |
within_system, outside_system |
(a) within_system: The software failure incident related to the Nasdaq stock market shutdown was attributed to a glitch in the software that publishes the prices of stocks listed on the exchange [20719]. Nasdaq mentioned that the failure resulted from a glitch in their software [20719]. The issues were specifically related to the software used for pricing stocks listed on the exchange [20719].
(b) outside_system: The software failure incident was also influenced by external factors such as the impact on other exchanges that depend on Nasdaq's pricing software for accuracy [20719]. The outage affected a host of other exchanges, ranging from NYSE Euronext to systems that serve primarily professional investors who trade in large blocks of thousands of shares at a time [20719]. The halt locked up roughly $5.7 trillion in shares [20719]. |
| Nature (Human/Non-human) |
non-human_actions, human_actions |
(a) The software failure incident occurring due to non-human actions:
- The software failure incident at Nasdaq was attributed to a glitch in the software that publishes the prices of stocks listed on the exchange [Article 20719].
- Nasdaq attributed the problems to technical issues at a central clearinghouse known as the "UTP SIP," which is the security information process where 13 public exchanges send bid and offer prices on Nasdaq-listed stocks [Article 20950].
(b) The software failure incident occurring due to human actions:
- An internal computer system problem caused Goldman Sachs to flood the options markets with erroneous orders, leading to a massive trading glitch [Article 20950].
- Earlier in the week, Goldman Sachs made a mistaken options trade that rippled across the markets and affected a number of financial institutions [Article 20719]. |
| Dimension (Hardware/Software) |
software |
(a) The software failure incident occurring due to hardware:
- The incident reported in the articles is primarily attributed to a glitch in software that publishes the prices of stocks listed on the Nasdaq exchange [20719].
- Nasdaq experienced an unprecedented shutdown of trading due to a glitch in software that caused the outage [20719].
- The failure at Nasdaq resulted from a glitch in software, specifically in the software that publishes the prices of stocks listed on the exchange [20719].
(b) The software failure incident occurring due to software:
- The software failure incident is directly linked to a glitch in software that publishes the prices of stocks listed on the Nasdaq exchange [20719].
- Nasdaq attributed the problems to technical issues at a central clearinghouse known as the "UTP SIP," which is the security information process where 13 public exchanges send bid and offer prices on Nasdaq-listed stocks [20950].
- The failure at Nasdaq resulted from a glitch in software, specifically in the software that publishes the prices of stocks listed on the exchange [20719]. |
| Objective (Malicious/Non-malicious) |
non-malicious |
(a) The software failure incident reported in the articles appears to be non-malicious. The incidents were attributed to technical glitches in the software that publishes the prices of stocks listed on the Nasdaq exchange [20719]. Nasdaq experienced a shutdown in trading due to a glitch in the software, causing confusion and affecting the trading of major US stocks and options [20719]. The failure was not attributed to any malicious intent but rather to a technical issue within the software system.
Additionally, the articles mention other recent trading glitches in the financial markets, such as the trading issues at Goldman Sachs and the flash crash in 2010, which were also non-malicious in nature [20950]. These incidents highlight the complexity and interconnectedness of modern trading systems, where even small technical hiccups can have significant impacts on the market.
Therefore, based on the information provided in the articles, the software failure incidents discussed were non-malicious in nature, stemming from technical issues rather than intentional harm to the system. |
| Intent (Poor/Accidental Decisions) |
poor_decisions |
(a) The software failure incident related to the Nasdaq stock market shutdown was primarily due to poor decisions. The incident was attributed to a glitch in the software that publishes the prices of stocks listed on the exchange [20719]. Nasdaq's failure to cancel pending stock trades automatically and instead advising investors to cancel their own trades before the system goes back up could be seen as a poor decision that added to the confusion and impact of the incident [20719]. Additionally, the incident raised calls for greater regulation, indicating that there were shortcomings in the decision-making processes related to market technology and regulatory oversight [20719]. |
| Capability (Incompetence/Accidental) |
development_incompetence |
(a) The software failure incident occurring due to development incompetence:
- The incident at Nasdaq was attributed to technical issues at a central clearinghouse known as the "UTP SIP," where bid and offer prices on Nasdaq-listed stocks are sent [20950].
- The failure resulted from a glitch in software that publishes the prices of stocks listed on the exchange [20719].
(b) The software failure incident occurring accidentally:
- Nasdaq hasn't revealed what caused the issues at the central clearinghouse "UTP SIP" [20950].
- Nasdaq stated that the failure resulted from a glitch in software that publishes the prices of stocks listed on the exchange [20719]. |
| Duration |
temporary |
(a) The software failure incident in the articles was temporary. Nasdaq experienced a glitch in its software that resulted in an unprecedented shutdown of trading for over 2,000 major US stocks and options for more than two hours [20719]. The outage lasted for over three hours as Nasdaq investigated the issue, and trading resumed at 3:25 pm ET [20719].
(b) The software failure incident was not permanent as it was resolved within a few hours, indicating that the contributing factors introduced by certain circumstances were addressed, leading to the restoration of trading operations. |
| Behaviour |
crash, omission, value, other |
(a) crash: The software failure incident mentioned in the articles can be categorized as a crash. The incident led to a significant shutdown of trading in over 2,000 major US stocks and options on the Nasdaq stock market for several hours, causing confusion and calls for greater regulation [20719]. Nasdaq attributed the problems to technical issues in the software that publishes the prices of stocks listed on the exchange, resulting in a halt in trading until the issue was resolved [20719].
(b) omission: The software failure incident can also be categorized as an omission. Due to the glitch in the software that publishes stock prices on Nasdaq, the system omitted to perform its intended functions, leading to the shutdown of trading for more than two hours and affecting other exchanges that depend on Nasdaq's pricing software for accuracy [20719].
(c) timing: The software failure incident does not align with a timing failure as the system did not perform its intended functions too late or too early. The issue was more about the system not functioning as expected, leading to a shutdown in trading [unknown].
(d) value: The software failure incident can be associated with a value failure as the system performed its intended functions incorrectly, resulting in the glitch that caused the trading shutdown on Nasdaq and affected other exchanges as well [20719].
(e) byzantine: The software failure incident does not exhibit characteristics of a byzantine failure where the system behaves erroneously with inconsistent responses and interactions. The issue was more focused on a glitch in the software that disrupted trading activities [unknown].
(f) other: The software failure incident can be further described as a failure caused by technical issues at a central clearinghouse known as the "UTP SIP," affecting the bid and offer prices on Nasdaq-listed stocks. This specific technical issue led to the crash in trading and the subsequent shutdown until the problem was resolved [20950]. |