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Trouble in Trumbull? Nasdaq is facing one of its toughest challenges since its inception in 1971

Traders Magazine, December 1999

Peter Chapman

On November 17th, during the last 20 minutes of trading on a day that saw record volume, Nasdaq's SelectNet system crashed. It was a black eye for Nasdaq, but a bonus for the ECN community.

"We had one of our biggest volume days," said Sydnie Kampschroeder, an executive with Chicago's Archipelago ECN. "And since we route orders [that don't execute in Archipelago] to Island and Instinet our customers had the benefit of those two large pools of liquidity as well."

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