diff -r 25028b0e1183 Lib/asyncio/base_events.py
--- a/Lib/asyncio/base_events.py	Thu Jan 29 02:57:10 2015 +0100
+++ b/Lib/asyncio/base_events.py	Thu Jan 29 03:03:13 2015 +0100
@@ -637,8 +637,10 @@ class BaseEventLoop(events.AbstractEvent

         try:
             yield from waiter
-        except:
-            transport.close()
+        except Exception as exc:
+            self.call_soon(protocol.connection_failed, transport, exc)
+            # only close the transport when connection_failed() has been called
+            self.call_soon(transport.close)
             raise

         return transport, protocol
@@ -727,8 +729,10 @@ class BaseEventLoop(events.AbstractEvent

         try:
             yield from waiter
-        except:
-            transport.close()
+        except Exception as exc:
+            self.call_soon(protocol.connection_failed, transport, exc)
+            # only close the transport when connection_failed() has been called
+            self.call_soon(transport.close)
             raise

         return transport, protocol
@@ -825,8 +829,10 @@ class BaseEventLoop(events.AbstractEvent

         try:
             yield from waiter
-        except:
-            transport.close()
+        except Exception as exc:
+            self.call_soon(protocol.connection_failed, transport, exc)
+            # only close the transport when connection_failed() has been called
+            self.call_soon(transport.close)
             raise

         if self._debug:
@@ -842,8 +848,10 @@ class BaseEventLoop(events.AbstractEvent

         try:
             yield from waiter
-        except:
-            transport.close()
+        except Exception as exc:
+            self.call_soon(protocol.connection_failed, transport, exc)
+            # only close the transport when connection_failed() has been called
+            self.call_soon(transport.close)
             raise

         if self._debug:
diff -r 25028b0e1183 Lib/asyncio/protocols.py
--- a/Lib/asyncio/protocols.py	Thu Jan 29 02:57:10 2015 +0100
+++ b/Lib/asyncio/protocols.py	Thu Jan 29 03:03:13 2015 +0100
@@ -30,6 +30,14 @@ class BaseProtocol:
         aborted or closed).
         """

+    def connection_failed(self, transport, exc):
+        """Called when the connection to the transport failed.
+
+        This method is called by a server for an incoming client connection
+        when the creation of the transport failed, if the SSL handshake failed
+        for example.
+        """
+
     def pause_writing(self):
         """Called when the transport's buffer goes over the high-water mark.

diff -r 25028b0e1183 Lib/asyncio/subprocess.py
--- a/Lib/asyncio/subprocess.py	Thu Jan 29 02:57:10 2015 +0100
+++ b/Lib/asyncio/subprocess.py	Thu Jan 29 03:03:13 2015 +0100
@@ -223,8 +223,10 @@ def create_subprocess_shell(cmd, stdin=N
                                             stderr=stderr, **kwds)
     try:
         yield from protocol.waiter
-    except:
-        transport._kill_wait()
+    except Exception as exc:
+        loop.call_soon(protocol.connection_failed, transport, exc)
+        # only close the transport when connection_failed() has been called
+        loop.call_soon(transport._kill_wait)
         raise
     return Process(transport, protocol, loop)

@@ -243,7 +245,9 @@ def create_subprocess_exec(program, *arg
                                             stderr=stderr, **kwds)
     try:
         yield from protocol.waiter
-    except:
-        transport._kill_wait()
+    except Exception as exc:
+        loop.call_soon(protocol.connection_failed, transport, exc)
+        # only close the transport when connection_failed() has been called
+        loop.call_soon(transport._kill_wait)
         raise
     return Process(transport, protocol, loop)
diff -r 25028b0e1183 Lib/asyncio/unix_events.py
--- a/Lib/asyncio/unix_events.py	Thu Jan 29 02:57:10 2015 +0100
+++ b/Lib/asyncio/unix_events.py	Thu Jan 29 03:03:13 2015 +0100
@@ -179,8 +179,10 @@ class _UnixSelectorEventLoop(selector_ev
                                               extra=extra, **kwargs)
             try:
                 yield from transp._post_init()
-            except:
-                transp.close()
+            except Exception as exc:
+                self.call_soon(protocol.connection_failed, transp, exc)
+                # only kill the process when connection_failed() has been called
+                self.call_soon(transp._kill_wait)
                 raise
             watcher.add_child_handler(transp.get_pid(),
                                       self._child_watcher_callback, transp)
diff -r 25028b0e1183 Lib/test/test_asyncio/test_subprocess.py
--- a/Lib/test/test_asyncio/test_subprocess.py	Thu Jan 29 02:57:10 2015 +0100
+++ b/Lib/test/test_asyncio/test_subprocess.py	Thu Jan 29 03:03:13 2015 +0100
@@ -279,10 +279,13 @@ class SubprocessMixin:
         with test_utils.disable_logger():
             self.loop.run_until_complete(cancel_make_transport())

-    def test_cancel_post_init(self):
+    def test_cancel_subprocess_post_init(self):
+        proto = mock.Mock() #asyncio.SubprocessProtocol
+        proto.connection_failed._is_coroutine = False
+
         @asyncio.coroutine
         def cancel_make_transport():
-            coro = self.loop.subprocess_exec(asyncio.SubprocessProtocol,
+            coro = self.loop.subprocess_exec(lambda: proto,
                                              *PROGRAM_BLOCKED)
             task = self.loop.create_task(coro)

@@ -298,6 +301,8 @@ class SubprocessMixin:
             self.loop.run_until_complete(cancel_make_transport())
             test_utils.run_briefly(self.loop)

+        self.assertTrue(proto.connection_failed.called)
+

 if sys.platform != 'win32':
     # Unix