Financial Markets: Stronger System Controls and Oversight Needed to Prevent NASDComputer Outages

摘要

This report responds to an August 2, 1994, letter requesting that the GeneralAccounting Office (GAO) review recent outages experienced by the National Association of Securities Dealers (NASD) automated quotation and trading systems commonly called NASDAQ. Specifically, GAO was asked to determine (1) the nature and causes of the outages of July 14 and 15, and August 1,1994, (2) the impact of the outages on market participants, (3) the adequacy of NASD'5 approach to respond to contingencies and disasters, (4) how well NASD oversees its automated systems and facilities, and (5) how well the Securities and Exchange Commission (SEC) is ensuring that the securities markets are prepared for contingencies and disasters.