Computer troubles on the newly opened trading floor of the Midwest Stock Exchange are creating headaches for traders, exchange officials acknowledged Wednesday.
Since the new floor opened for business Monday, there have been delays in reporting trades to brokerage firms. The delays have been concentrated at the opening of trading, when an outpouring of orders apparently clogs the Midwest`s computers.
”We`re having some slowness, and we think we will be past that
(Thursday) morning,” said James O`Donnell, senior vice president. O`Donnell said the exchange attempted to solve the problems Tuesday by shifting the processing loads among its computers, but ”it made it a little worse.”
Nevertheless, by Friday the problems will be ”squared away,” O`Donnell said. Members are griping because ”they`re used to having things work perfectly,” he added. The computer system was designed to handle 50 million shares a day, or more than double the former capacity.
Traders said there have also been some problems with the exchange`s quote system, with its automatic execution system for small orders and with the Intermarket Trading System, an electronic network linking the nation`s stock exchanges.
Some members are said to be having trouble getting used to new machinery, including a keyboard that allows specialists to use four computer screens at once. And there also are unanticipated problems in adjusting to the new floor, which is more than double the size of the Midwest`s cramped and shabby former quarters.
