ASX hit by glitch, all trading halted

Summary:The Australian Securities Exchange (ASX) has halted all trading following a technical glitch this morning.

updateThe Australian Securities Exchange (ASX) has halted all trading following a technical glitch this morning.

The glitch was detected in the ASX's trade system just after 10am (AEDST) this morning, allowing limited trading after the market opened. The ASX confirmed the issue, stating that consequently the market had been halted and no trading could occur.

The ASX said that it has launched an investigation into the matter and sought to resolve the issue as soon as it could, but did not comment on when market trading would resume or how many resources it had allocated to solving the issue.

The ASX told Sky News that approximately 6,700 trades were processed before the glitch ground the market to a halt.

After reviewing those trades this morning, the ASX has determined that they were valid and will stand. The market continues to remain in "enquire" mode.

The ASX is soon to come under new rules with Australian Securities and Investments Commission (ASIC) releasing a consultation paper last week with measures such as trading "kill switches".

Updated at 12:17pm, 27 October 2011: added information about ASX reviewing trades.

More on this story as it develops.

Topics: Outage, Banking

About

A Sydney, Australia-based journalist, Michael Lee covers a gamut of news in the technology space including information security, state Government initiatives, and local startups.

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