System glitch delays TSE open twicegreenspun.com : LUSENET : TB2K spinoff uncensored : One Thread
System glitch delays TSE open twice
Nasdaq hits 5,000 for the first time
By JOHN McHUTCHION
Technology programs plagued the Toronto Stock Exchange this morning, twice delaying the market's regularly scheduled 9:30 a.m. EST open before Canada's largest stock market finally opened just after 10:30 a.m.
In a brief statement, the TSE said it detected a problem during the opening market process this morning, and that the TSE would open at 10 a.m. The exchange said corrections have been made, but the TSE made another announcement later saying the markets would open at 10:30 a.m.
The delays marks the third time in three weeks that technology problems have hit the TSE.
At the start of trading on February 18, traders had trouble getting confirmations of their transactions, meaning they were essentially flying blind.
A big volume of shares, futures and options trying to get through the market at once resulted in the computerized confirmation delays.
On February 21, the exchange suspended trading two minutes early after the discovery that some trades were not going through. The after-hours trading session was also cancelled.
Brokerages pointed to the Toronto Stock Exchange's 20-plus-year-old computerized trading system as partly to blame for recent technological problems that have plagued the market.
Meanwhile, the technology-laden Nasdaq exchange broke 5,000 this morning for the first time ever.
-- Carl Jenkins (Somewherepress@aol.com), March 07, 2000