Updated: ASX stops trading due to computer glitch

Trading halted at 2:48pm with a chance of a special trading session later today

The Australian Securities exchange (ASX) has stopped trading due to a computer glitch with the newly installed IT systems according to spokesperson, Matthew Gibbs.

Gibbs said a problem with the newly installed IT systems lead to the ASX being shut down at 2:48pm. He claimed all trades requested were processed and the only problem was that confirmation messages weren’t being generated for some customers.

As of 4:24, the ASX’s IT technicians had been unable to isolate the cause of the error, but Gibbs said he hoped the market could re-open for a special after-hours session or in time for regular trading on Tuesday.

When asked by ARN if there was a precedent for such an action, the spokesperson could not recall one. He said the previous IT system, which was replaced in November, had an uptime track record of almost 100 per cent.

The new system, ASX Trade, went live on November 29, 2010 and is powered by NASDAQ OMX’s Genium INET platform. According to an ASX statement at the time, “high reliability and transaction capacity improvements” were the strong points of the new system.

All trades that took place prior to the outage will be processed as normal.

More to come.