Nasdaq tech snafu shuts down Australian Securities Exchange

Nasdaq tech snafu shuts down Australian Securities Exchange

Risk Disclaimer >>
Ad disclosure Fintech-Insight stands firm in its mission to facilitate sound financial decisions for you. We forge alliances with specialists to provide the latest in news and facts. Engagement with designated links, sponsored entries, products and/or services, leading transfers to brokers, or promotional content might entail financial recompense for us. We pledge to protect our users from any negative repercussions arising from utilizing our site. Be informed that no content hosted here should be interpreted as authoritative in legal, tax, investment, financial matters or any expert counsel; it is meant for informational purposes exclusively. Should there be any concerns, securing the guidance of an independent financial consultant is recommended.

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.

Risk Disclaimer

Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.

Leave a Reply