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Nasdaq tech snafu shuts down Australian Securities Exchange

Nasdaq tech snafu shuts down Australian Securities Exchange

The Australian Securities Exchange shut down for business all-day Monday after a software glitch in a new trading system provided by Nasdaq disrupted the market opening.

ASX says the tech snafu created inaccurate market data during the trading of multiple securities in a single order.

The glitch took the shine off the go-live of ASX's refreshed trading system from Nasdaq.

The Australian exchange says Nasdaq, customers and independent specialist third parties conducted extensive testing for over a year, including four dress rehearsals, in preparation for the live launch of the new platform.

Dominic Stevens, ASX managing director and CEO, says: “The outage falls short of the high standards we set ourselves and the standards others expect of us.

"Notwithstanding the extensive testing and rehearsals, and the involvement of our technology provider, ASX accepts responsibility. The obligation to get this right and provide a reliable and resilient trading system for the market rests with us.

“While I am disappointed with today’s outage, we are determined to continue our program of contemporising ASX’s technology stack from top to bottom."

He says the issue will be resolved overnight, with the market re-opening at 10am tomorrow.

Comments: (1)

A Finextra member
A Finextra member 16 November, 2020, 16:13Be the first to give this comment the thumbs up 0 likes

Opening tomorrow 10AM, closing tomorrow at 1001?  All kidding aside, hopefully fully operational.