No tech or system failures associated with yesterday's decline: Nasdaq

As a journalist I'm always suspicious of press releases. I'm doubly suspicious of pre-emptive press releases issued out of fear that the press may link (or search for) a technology connection to some disaster. They tend to make us search all the more. Nasdaq Omx Group, Inc., “the world's largest exchange company,” announced yesterday afternoon that The Nasdaq Stock Market had no technology or system issues associated with the trading that occurred between 2:00 and 3:00 p.m. yesterday and that despite the issues the Nasdaq Stock Market operated continuously and its close process ran successfully, thank you very much. They also announced that there was no indication at the time that a Nasdaq market participant experienced a technological failure in connection with the event. In addition: “Nasdaq has coordinated a process among U.S. Exchanges and therefore, pursuant to rule 11890(b), Nasdaq, on its own motion, will cancel all trades executed between 14:40:00 and 15:00:00 (for you non-military time types that equates to 2:40 pm and 3 p.m.) greater than or less than 60% away from the consolidated last print in that security at 14:40:00 or immediately prior. This decision cannot be appealed. Nasdaq has coordinated this decision with all other UTP Exchanges. Nasdaq will be canceling trades on the participant's behalf.” If interested you can check out the stocks affected and the break points at the following page: Stocks and break points