The stock exchange on Monday morning indicated it had paused trading while it investigated “market data issues”.
The issue was first acknowledged at 10:17am, before the equity market was paused at 10:24am. At 11:58am, the ASX declared it had identified the issue and would be working towards a resolution.
However, at 2:58pm, it decided to close down the exchange for the remainder of the day, promising a resolution path was in place to allow trading to commence on Tuesday at 10am.
ASX and technology provider Nasdaq identified the root cause as a software issue, which limited to the trading of multiple securities in a single order (combination trading), created inaccurate market data.
The exchange had attempted to roll-out its trading platform for the ASX equity market on Monday, after conducting testing with Nasdaq, customers and independent third parties for a more than a year, including four dress rehearsals.
Dominic Stevens ASX managing director and chief executive commented the company was disappointed and “sorry for the disruption caused to investors, customers and other market users”.
“The outage falls short of the high standards we set ourselves and the standards others expect of us,” Mr Stevens said.
“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.”
The glitch has happened after the ASX’s revamped website crashed on its debut a month ago.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].