Australian stock exchange hit by tech glitch

Trading on the Australian shares market was halted for most of Monday due to a technical problem. The Australian Securities Exchange said that the issue was a software error which showed inaccurate market information.

In a statement, ASX and its technology provider Nasdaq said it had identified the root cause and a resolution path to fix it. A software issue limited to the trading of multiple securities in a single order (combination trading) created inaccurate market data.

It added that the issue will be resolved overnight and in time for the market to open as normal at 10:00 on Tuesday. Dominic Stevens, ASX managing director and CEO, said: “ASX is very disappointed with today’s outage 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.

“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 outage comes following a recent upgrade of the software systems used by ASX, including an update over the weekend with the latest generation of Nasdaq trading systems, which are used around the world.

Stevens added: “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. This initiative is critical to ASX building an exchange for the future and ensuring we best serve the needs of our customers and the Australian market.”

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