CIO — On the day of Facebook's IPO, a concurrency bug that lay hidden in the code used by Nasdaq suddenly reared its ugly head. A race condition prevented the delivery of order confirmations, so those orders were re-submitted repeatedly.
UBS, which backed the Facebook IPO, reportedly lost $350 million. The bug cost Nasdaq $10 million in SEC fines and more than $40 million in compensations claims — not to mention immeasurable reputational damage.
So why was this bug not discovered during testing? In fact, how did it never manifest itself at all before that fateful day in 2012?