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Sunday, November 29, 2020

Australian Stock exchange shutdown by glitch

The Australian Share Market was partially shut during Monday due to a technical glitch.

The Australian Securities Exchange (ASX) stated the problem was caused by a software issue that created false market data.

The markets had a strong opening before ASX paused trading mid morning.

This is not the first time the exchange has suffered from computer related issues, suffering a mjaor setback in 2016 after a hardware malfunction.

The ASX has been testing out a new trading system for over a year designed for the equity market and apologised for the inconvenience of the shutdown.

“What happened today does not meet the high standards of operations and system reliability that we set ourselves, and that our customers should rightly expect of us. We apologise for the disruption,” ASX said in a statement.

The problem will be worked on through the night, with the exchange expected to be back open at 10AM tomorrow.

Australia recently signed a new Asian trade deal among 14 other countries, the worlds largest trade pact.

But it was not the only country in the Asia-Pacific region to have suffered from recent technical problems.

October 1st Japan’s stock exchange ground to a full trading day halt due to a malfunction.

The New Zealand stock exchange was taken down by a cyber attack for several days in August.

Source:

https://www.bbc.co.uk/news/business-54957125

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