How One Piece of Hardware Took Down a $6 Trillion Stock Market

guest · Oct 4, 2020

How One Piece of Hardware Took Down a $6 Trillion Stock Market
October 2, 2020
https://www.bloomberg.com/news/arti...-hardware-took-down-a-6-trillion-stock-market

At 7:04 a.m. on an autumn Thursday in Tokyo, the stewards of the world’s third-largest equity market realized they had a problem.

A data device critical to the Tokyo Stock Exchange’s trading system had malfunctioned, and the automatic backup had failed to kick in. It was less than an hour before the system, called Arrowhead, was due to start processing orders in the $6 trillion equity market. Exchange officials could see no solution.
The full-day shutdown that ensued was the longest since the exchange switched to a fully electronic trading system in 1999.
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That all changed on Thursday, when a piece of hardware called the No. 1 shared disk device, one of two square-shaped data-storage boxes, detected a memory error.
The system of roughly 350 servers that process buy and sell orders had had a few hiccups but no major outages in its first decade.

The Financial Services Agency has ordered the exchange to issue a report on the outage, according to local media, which may give further insight on some of the issues.

“There’s nothing uniquely Japanese about this,” said Nicholas Smith of CLSA Ltd. in Tokyo. “I think we’ve just got to put that in the box of ‘stuff happens.’ These things happen. They shouldn’t, but they do.”
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How One Piece of Hardware Took Down a $6 Trillion Stock Market

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