First Europe, Then Japan, Now Australia Hit By Unprecedented Full-Day Trading Halt Due To “Software Glitch”
Mon, 11/16/2020 – 08:22
First, it was a “technical issue” in Europe which back on July 1 caused European stock markets to suffer a 3 hour outage. Then, in August, New Zealand’s stock market was forced to halt trading over four days in August after distributed-denial-of-service attacks overwhelmed its website. Then on October 1, another “technical issue” hit the Tokyo Stock Exchange, which resulted in an unprecedented all-day trading halt. And just a few weeks later, in late October, trading in all stocks and derivatives on Euronext NV markets was shut down for three hours affecting activity in countries including France and Belgium. The problem was traced to due to a software issue.
Now, about a month later, the “glitching” rolling market blackout struck again, this time in Australia whose stock exchange opened for less than half an hour before a software issue forced it to close for the rest of Monday’s session, just as the country rolled out an “updated” trading system.
According to a statement from the exchange, the software issue was limited to the trading of multiple securities in a single order, or combination trading, and created inaccurate market data. Whatever the issue, the result was clear: no one could trade.
The outage came as other global exchanges have faced disruptions this year. Trading on the Tokyo Stock Exchange’s cash equity market was halted for an entire day on Oct. 1, an unprecedented shutdown. The failure was caused by a botched switchover to a backup unit following a memory failure in its trading system.
The S&P/ASX 200 Index was up 1.2% before trading was suspended at 10:24 a.m local time; it remains down 3% for the year year and is a few hundred points shy of its all-time record.
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