Australian Stock Exchange remained closed for 24 hours.
The Australian Stock Exchange has issued a public apology for the disruption to the market caused by the outage of the ASX Trade system earlier this week.
The market will remain closed on Monday 16 November and re-opened at the normal time (10am) Tuesday 17 November.
According to the ASX, its technology provider Nasdaq identified the root cause was a software issue limited to the trading of multiple securities in a single order (combination trading) created inaccurate market data.
Nasdaq and the ASX had a “resolution path” to fix the issue overnight with the market re-opening at 10am tomorrow.
ASX, our technology provider Nasdaq, customers, and independent specialist third parties conducted extensive testing for over a year, including four dress rehearsals, in preparation for the go-live, with a refresh of the latest generation of a Nasdaq-developed trading system used around the world, said Dominic Stevens, managing director and CEO at the ASX.
“ASX is very disappointed with today’s outage and sorry for the disruption caused to investors, customers and other market users,” he said. “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.
According to Stevens, 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. 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”, he said.