Provides Details on Preliminary Findings of Internal Review Company Intends to Recommend Steps to Strengthen the Industry Quote System; Identifies Key Areas of Focus for SIP Improvements NEW YORK, Aug. 29, 2013 (GLOBE NEWSWIRE) -- NASDAQ OMX today provided the following update on the preliminary findings of its internal review of the events leading to the August 22 temporary trading halt in trading of NASDAQ-listed securities. A preliminary internal review has identified a combined series of technology events that caused the initial market problems and extended the halt period. A number of these issues were clearly within the control of NASDAQ OMX. As the Securities Information Processor (SIP) for NASDAQ stocks, we are responsible for them, regret them, and intend to take all steps necessary to address them to enhance stability and functionality of the markets. Other issues contributing to the halt are more endemic to technology issues across today's complex markets and will require a broader industry-wide effort to resolve. NASDAQ OMX is currently identifying potential design changes to further strengthen the SIP's resiliency, including architectural improvements, information security, disaster recovery plans and capacity parameters. NASDAQ OMX will present our initial recommendations related to these changes to the SIP governing committee within 30 days. NASDAQ OMX is also undertaking a comprehensive review of the policies and procedures for communicating with customers, market participants and the broader public during market-wide events. We are committed to reviewing and improving our communications practices with all stakeholders. Summary of Preliminary Findings NASDAQ OMX determined to halt trading on August 22 after the SIP could not process quotes thereby impacting the fair and orderly functioning of the public market. As outlined in more detail below, the catalyst for the SIP failure was a confluence of unprecedented events that overwhelmed the processing capacity of the SIP. Our review indicates that high frequency trading played no role in the technology events of August 22.