Toronto Stock Exchange reopens after Friday shutdown


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Trading on the Toronto Stock Exchange restarted as expected today following Friday’s market shutdown due to a technical problem.


Within minutes of opening, the SP/TSX composite index was trading at 15,693, up about 25 points from Friday’s close due to a technical glitch, which caused the TSX and other Canadian exchanges to close up shop more than two hours early.


TSX owner TMX Corp. said a “hardware failure in a central storage appliance” affected its system at around 1:39 p.m. ET on Friday, knocking trading offline. Backup systems designed to take over in such an event were also impacted.


By the time the company had identified the problem, it was too late in the day to properly reboot and test everything, so the TMX made the rare decision to close the market early.


TMX said the problem started on the Montreal Exchange, which handles derivatives trading, before spreading to the TSX, the small-stock Venture exchange and a TSX alternative exchange known as the TSX Alpha Exchange, all cascading offline within about two minutes of the first problems appearing.


Trading on Monday is so far showing no signs of any problems, with volume levels normal. And that’s good news because the shutdown left traders in a lurch.


Investment adviser Sheryl Purdy, with Leede Jones Gable, said the professional traders in her firm were, for the most part, able to find alternate trading platforms to do what they needed to do on Friday, but “the bids and asks were quite wonky,” Purdy said, referring to the gap between what a buyer wants to pay, and what a seller is willing to sell for.


Normally that spread is razor thin on a large, busy exchange like the TSX. But when it goes down and traders have to seek out alternatives, those spreads get wider as there are fewer willing buyers and sellers.


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Article source: https://www.thelocal.fr/20161013/france-presidential-sarkozy-and-juppe-set-for-televised-showdown


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