Hours-long outage over as NZX fixes “glitches”

Hours-long outage over as NZX fixes “glitches”

Outage began just after 11:19am local time

Credit: NZX

Hours after trading on New Zealand stock exchange NZX was halted because of an outage on Tuesday, the market operator said glitches had been resolved and trading would return to normal on Wednesday.

The outage, which affected trading and stock exchange releases, began just after 11:19am local time, according to an alert on Thomson Reuters, and remained unresolved throughout the afternoon.

Trading systems are functioning with cash markets in enquiry mode, the operator said in a statement.

An "internal operational issue" had initially caused trading to halt, which had been resolved, but a "secondary issue" had arisen and caused further delay, NZX CFO Graham Law said via email.

Law said the issues were not related to a technical problem with the NASDAQ trading system used by NZX, but did not elaborate.

"The exchange has been in regular contact with market participants throughout the period," Law said. "NZX's current focus is on recommencing trading as soon as possible."

“NZX apologises to those impacted parties for the inconvenience caused,” a statement read. “A full investigation will take place in the following days and an incident report released to the market.”

As reported by Reseller News, the NZX delivered four major technology projects in 2017, including a life-cycle upgrade to its core trading and settlement systems.

The exchange company's annual report, released in February, said maintaining a trusted and reliable market infrastructure will continue as a key priority.

Information technology costs increased steadily over the last couple of financial years, the NZX's annual report revealed, rising from $6.2 million in 2015 to $7.8 million last year.

In addition to the clearing and settlement upgrade, NZX moved its New Zealand-based capital market participants to what it described as "a modern and robust" telecommunications infrastructure, implemented changes to the way administrative trading halts are applied, and upgraded its website

Furthermore, NZX said it considered there was a risk that the security of its information technology systems could be compromised.

(Reporting by Charlotte Greenfield in New Zealand and Chandini Monnappa in Bengaluru; editing by Gopakumar Warrier and Sai Sachin Ravikumar)

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