Austrlian Stock Exchange shut down after mysterious 'glitch'

Austrlian Stock Exchange shut down after mysterious 'glitch'

finance.ninemsn.com.au

Trading on the Australian Securities Exchange has been halted because of technical problems.

The ASX sent out an alert shortly after the market opened at 1000 (AEDT), adding that all trades for today are under review.

Sky News is reporting that there will be no trading on the ASX for the rest of the day.

The benchmark S&P/ASX200 was halted after falling 0.3 points to 4,242.2, while the broader All Ords was down 0.1 points at 4300.7.

(visit the link for the full news article)


Related News Links:
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[url=http://www.businessspectator.com.au/bs.nsf/Article/Aust-stocks-open-flat-pd20111027-MZUQU?opendocument&src=rss]www.businessspectator.com.au[/ur l]

This is an interesting story to keep an eye on.

Apparently the stock market opened and began listing stocks in the wrong order - they are meant to go in alphabetical order but opened with BHP and Leyton Holdings.

This opening error led to the discovery of an unknown 'glitch' which caused them to shut down the entire stock exchange.

They are apparently right now in the process of reviewing every trade which occured before the shut down.

Has this happened before? Is it common? Could it be a sign of nefarious hacking attempt??


finance.ninemsn.com.au
(visit the link for the full news article)

Great work! That is very, very interesting news indeed. Not sure about the ramifications for us Aussies on this but I imagine a day of no trading CAN'T be good and a lot of firms will be extremely outraged by this.

There's some companies that- if they are unable to trade lose hundreds of thousands of dollars by the minute!

A 'glitch' sounds very suspicious as surely the back-end technology is maintained constantly.

Will watch for developments...I hope for our sake they can rectify it and it's not a crash!

ETA: Who foots the bill for lost profit due to technical difficulties?

Whilst I doubt that this is "the big one" and I'm sure there are backup measures, surely this can't be good- I know a guy in the finance industry (he's an accountant but has great knowledge on these matters) I might pick his brain.

You beat me to this thread but it's all good but it will probably the conspiast side of me but think are they doing this just so no one can see the losses that are to come or people might want to pull their money back out. It might have happend earlier in the year but that doesn't mean a thing and it was a different glitch.

Will be interesting to see what happens when it reopens but also can't believe there are investors that think the Euro will be fine and propping the markets up with that also it will be a bloody day soon when the S**T really does hit the fan.

P.S it happened earlier this year; Computer Glitch Shuts Down ASZ- AUPlurk

Just heard update.

Apparently, the graph of stock market value dropped down to zero, and then the board will all the stocks on it showed all green value increases. This suggested the market was up, but we know it wasn't.

To me, it honestly sounds like a virus or hacker. I know that is the typical over-dramatic response, but stock markets dont just 'glitch' like this.... i dont think. At least ive never heard of it happening before.

We need someone who knows the kinds of ramifications this could have to add to the thread. What if it doesn't come back on for a while?

The last time this occurred was on February 28, 2011 - evidently a glitch shut down trading and resulted in 1.5 billion in lost trade.

So it has happened before, but is fairly rare. What's interesting is that when it does occur, it's the result of technology that connects all markets, and as a result these 'glitches' increasingly have the capability to affect global markets via ripple effect.

What's more interesting is that we are fast approaching a time when all systems will become so interconnected through technological means, that small 'run-of-the-mill' mistakes will carry the power to cease economic and political business as usual entirely.

With great technological power also comes great vulnerability, and there will come a time where we will have to change our ways, or circumstances will change it for us.

Saw this just before too, and you'd think with an institution like that,
they would have the best of the best protection.
Mt first thought was hackers too.
Interested to see how this goes.

Perhaps that infamous Australian Internet CENSER hit their own stock exchange for the words "pork bellies".

Actually, I GUESS they either have bad equipment, a poor IT tech in charge, or both.

Originally posted by Evasius
The last time this occurred was on February 28, 2011 - evidently a glitch shut down trading and resulted in 1.5 billion in lost trade.

So it has happened before, but is fairly rare. What's interesting is that when it does occur, it's the result of technology that connects all markets, and as a result these 'glitches' increasingly have the capability to affect global markets via ripple effect.

What's more interesting is that we are fast approaching a time when all systems will become so interconnected through technological means, that small 'run-of-the-mill' mistakes will carry the power to cease economic and political business as usual entirely.

With great technological power also comes great vulnerability, and there will come a time where we will have to change our ways, or circumstances will change it for us.

edit on 26/10/11 by Evasius because: (no reason given)

Yeah i rest read Pirate's link. Looked like it happen in the late afternoon that day, which would havebeen a saving grace as they had all night to work on it - this time i think it's a bit worse because it happened at opening.

You'd think for such major systems they would back-ups for their back-ups, twice in one year is hopeless! Unacceptable really

There have been a lot of these "mysterious glitches" lately..

Sky News:

The shutdown comes just days before competitor Chi-X begins operating in Australia

The speculation begins....

I am reminded of this brief scene from 'Dark City' where the alien controllers shut down the machine that controls the illusion:



Maybe that's what should happen here.

My friend just wrote on this. He said no coincidence that the Queen arrived in Perth today. It happened same time. And while many here may not understand the SS/NAZI's and that she is the smbollic priest of Israel and Administration in one, using her power to absolve sins of these madmen, even, the most wealthy women on earth, and what many would call "alien" in nature, predatory, I agreed with him when he said , Coincidence? I think not!

Further info on this Chi-X mob;

Originally launched by Nomura Holdings subsidiary Instinet, Chi-X Global on October 18, 2011 announced that five major institutions -- Bank of America, GETCO, Goldman Sachs, Morgan Stanley and Quantlab Financial -- had taken a minority stake in the firm.

A handful of the usual suspects, I cry foul play!

'Glitch' sounds all too suspicious. This is either malicious or pre-orchestrated in my opinion, get those techs working all hands on deck!!

Here's a good article with quotes from an ASX spokeswoman;

ASX Glitch Halts Trading- IT News

www.aussiestockforums.com...

This is the first place I'd look to for answers. For the first time ever it is down.
Now, I'm suspicious.

hmm also just days before the rba picks the new cash rate and intrest rate.. this would signal that they might go up, you never know..
it is a bit fishy, especially when you listed the corps with 'special' intrests in the new chi-x

as sad as it is the big players will loose millions so the ramifacations can be small to large but no real damage will happen.. apart from the image of the asx

What were the ramifications of the 2/28 "glitch", if any?
This is interesting, I guess we'll see if there's any real significance to this oddity.

mistake