While NYSC officials stated they met all regulatory guidelines, “a glitch forced the New York Stock Exchange to halt trading for nearly four hours Wednesday, an outage that unnerved Wall Street and revived concerns about the fragility of the technological systems that underpin financial markets.” – WSJ
It should come as no surprise that even an entity as large as the New York Stock Exchange has an antiquated computer system, which many reports have cited as part of the botched software update roll out. Due to the immense complexity of networks, corporations are often woefully behind in rolling out updates for their infrastructure. NYSE could consider additional redundancies and potentially harnessing the power of cloud services, specifically IaaS (Infrastructure as a Service) to incorporate additional redundancies into their systems.
The financial industry has typically been slower than many other business verticals in adopting cloud services, often due to regulatory or other business reasons. This latest outage may be a wakeup call for an institution which is at the core of the financial industry.