Trading Outage Hit ASX on 16 November 2020

​ASX had briefly joined a handful of major exchanges where problems occurred. Yesterday, ASX experienced a number of problems about the provision of market data, quotes, and then execution of orders.

According to the statement from ASX, the market remained closed yesterday and would open at the normal time (10am) on Tuesday 17 November.

ASX and its technology provider Nasdaq have identified the root cause and a resolution path to fix it. A software issue limited to the trading of multiple securities in a single order (combination trading) created inaccurate market data.

Dominic Stevens, ASX Managing Director and CEO, said:“ASX is very disappointed with today’s outage and sorry for the disruption caused to investors, customers and other market users. The outage falls short of the high standards we set ourselves and the standards others expect of us.”

“Notwithstanding the extensive testing and rehearsals, and the involvement of our technology provider, ASX accepts responsibility. The obligation to get this right and provide a reliable and resilient trading system for the market rests with us.”

“While I am disappointed with today’s outage, we are determined to continue our program of contemporising ASX’s technology stack from top to bottom. This initiative is critical to ASX building an exchange for the future and ensuring we best serve the needs of our customers and the Australian market”, Mr Stevens said.