The December 2022 issue of IEEE Spectrum is here!

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A Reutersarticle early this week stated that the London Stock Exchange could finally look forward to "putting past technology glitches behind it" now that the LSE had officially migrated to its new, faster Turquoise trading platform developed by MillenniumIT on the 14th of February.

Well, it didn't take long to demonstate that this sentiment was a wee bit premature.

For on the 15th of February, reports the Financial Times of London:

"... the closing auction on Tuesday began 42 seconds later than its normal start of 4.30pm. The auction normally lasts five minutes and is designed to help set a definitive closing price for stocks at the end of the day, which helps asset managers with portfolio reconciliation and valuation."

"The effect was to confuse computer algorithms, triggering trades at the wrong time, sparking volatility, some market participants said."

Many LSE traders were not amused by the glitch.

The FT said that Wednesday's closing auction went smoothly, although some traders were still trying to resolve their trading positions from the previous day's hiccup.

Turquoise replaces LSE's problem plagued Microsoft Tradelect system which went live in 2007.

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Why Functional Programming Should Be the Future of Software Development

It’s hard to learn, but your code will produce fewer nasty surprises

11 min read
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A plate of spaghetti made from code
Shira Inbar
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You’d expectthe longest and most costly phase in the lifecycle of a software product to be the initial development of the system, when all those great features are first imagined and then created. In fact, the hardest part comes later, during the maintenance phase. That’s when programmers pay the price for the shortcuts they took during development.

So why did they take shortcuts? Maybe they didn’t realize that they were cutting any corners. Only when their code was deployed and exercised by a lot of users did its hidden flaws come to light. And maybe the developers were rushed. Time-to-market pressures would almost guarantee that their software will contain more bugs than it would otherwise.

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