The Norex Exchanges, a joint venture coalition between national stock markets in Scandinavia, have postponed plans to move to a new order-driven trading platform amid growing worries about "serious performance problems" in the OM supplied system.
The Norex Exchanges cancelled a final rehearsal of the new central Saxess system at the eleventh hour on Saturday following continued performance problems. The Exchanges say they have decided to postpone the launch of Saxess release 3.0 "probably until after summer".
The Copenhagen Stock Exchange, which is implementing Saxess alongside the Stockholm and Oslo Exchanges, says that a new release of the test software, which should have solved the difficulties with performance, was installed on 14 May and was up and running on 15 May, but difficulties persisted during a full scale test the following day.
"In the current situation and due to the fact that OM Technology cannot guarantee that the performance problems will be solved before the launch of release 3.0, the Norex Exchanges have decided to postpone the release," say the alliance partners in a brief statement.
More detailed information will be available at the end of the month, says the Norex Exchanges, including an update on the knock-on effects of the postponement on other projects.