Nihil Sine Deo.
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Reason Why The CME's Crude Market Was Halted For Over One Hour
On February 13, 2012, starting 13:59:57, quotes for crude oil began queuing. At 14:00:35, all of the queued quotes were sent at once. Again at 14:01:08 the same 38 second block of quotes sent earlier was sent again -- old timestamps and all plus a few new quotes. Again at 14:01:18, all quotes since 13:59:57 were sent again. This repeated 12 times. From a programmer's perspective, it looks like a system problem led to a synchronization corruption in either a circular queue (head/tail pointers), or in the send acknowledgment mechanism, causing the software to believe the queue was full all the time. To the exchange's ... (full story)
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