The Blame Game: NYSE vs. Nasdaq
The NYSE and Nasdaq engaged in a high-stakes blame game on CNBC this morning.
"Our systems function flawlessly," said Nasdaq CEO Bob Greifeld, citing the fact that Nasdaq-listed stocks Microsoft , Intel and Cisco had modest drops, while NYSE stocks like P&G and Accenture fell off the rails.
"We provided continuous market support for that period of time. The stocks over the NYSE did not enjoy that luxury," Greifeld said. The NYSE "basically walked away from the stock."
Well-known investor Jim Rogers piled on: "Somebody should hang this New York Stock Exchange!" Rogers said. "They claim to be the center of the world's capitalism, of the world's financial markets, you would think that in 2010 they could sort out simple things like electronics."
NYSE CEO Duncan Niederauer shot back that the cause of Thursday’s market meltdown was electronic trading, not a “fat finger” — the term some are using to describe a possible trader typo that placed a trade for "billions" instead of "millions."
“Let’s stop the fingerpointing and move the ball forward," Niederauer said. "We’re not walking away from this but let’s be constructive.”
In their own words:
- Video: Nasdaq CEO Reacts to Thursday's Dive
- Video: NYSE CEO on Thursday's Fall