Aus­tralian stock ex­change rat­tled by ma­jor glitch

The Sun (Malaysia) - - SUNBIZ -

SYD­NEY: Aus­tralia’s share mar­ket was badly dis­rupted yes­ter­day by a tech­ni­cal snag that de­layed the open­ing by 70 min­utes and cut short the af­ter­noon trad­ing ses­sion by about 90 min­utes.

The shut­down is the most se­ri­ous glitch for the Aus­tralian Se­cu­ri­ties Ex­change since the bourse shut for four hours in Oc­to­ber 2011, when it suf­fered a con­nec­tiv­ity prob­lem.

The mar­ket also sus­pended trades for 30 min­utes in Fe­bru­ary, due to a glitch.

Yes­ter­day’s woes “will cost the whole in­dus­try”, Mathan So­ma­sun­daram, a quant strate­gist at stock­bro­ker Bail­lieu Holst said.

“We have a lot of turnover on an av­er­age day and ob­vi­ously all our ad­vis­ers will lose that turnover over the day.”

The ASX was the world’s ninth largest stock ex­change as of 2011, ac­cord­ing to World Stock Ex­changes web­site.

Bonds and fu­tures also trade on the ex­change, and their trad­ing was not dis­rupted by yes­ter­day’s glitch.

The bench­mark S&P/ASX 200 in­dex was flat at 5,294.8 points when the bourse an­nounced that trad­ing would not re­sume.

“All ASX Trade mar­kets will not re­open for trad­ing for trade date Sept 19,” an ASX spokesman said in a state­ment emailed 15 min­utes be­fore the sched­uled close. “Fur­ther­more, there will be no clos­ing sin­gle price auc­tion.”

“ASX will ad­vise the process for de­ter­min­ing clos­ing prices, re­main­ing ses­sion states and sta­tus of or­ders.”

The mar­ket had been halted about 75 min­utes ear­lier, just be­fore 2.30pm, when a tech­ni­cal glitch that de­layed the open by more than an hour resur­faced.

The ASX’s nor­mal op­er­at­ing hours are be­tween 10am and 4pm lo­cal time, but yes­ter­day’s pre­open trad­ing did not be­gin un­til 11.10am.

In a state­ment on the morn­ing snag, the ASX said the open­ing of the eq­uity mar­ket was de­layed “due to an is­sue with a com­po­nent that al­lows ASX to man­age in­di­vid­ual stocks,” and that the prob­lem had been re­solved.

Shares of ASX were down 1.4% when trad­ing was halted for the sec­ond time. – Reuters

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