News reports out of Australia today say that the problem that shut down the Australian Securities Exchange (ASX) today for four hours has now been resolved.

According to the IBTimes, about 5 minutes after the ASX opened at 1000 local time, the ASX was shut down due to a "technical fault" with its trading platform. However, this evening local time, ASX sent out a press release (PDF) stating:

"The market was halted due to a network connectivity issue that prevented participants from interacting with the trading platform."

ASX also said trading activity should be normal tomorrow. Trading soared once the system was restored at 1400 local time, the Sydney Morning Herald reported.

Traders were frustrated with the outage - the second one this year - because they were very anxious to trade on the news of (yet another) agreement by EU leaders to address the debt crisis there.

Next Monday, the first-foreign owned stock market competitor to ASX called Chi-X Australia is being launched. One couldn't ask for better timing, at least from Chi-X's perspective.

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Why Functional Programming Should Be the Future of Software Development

It’s hard to learn, but your code will produce fewer nasty surprises

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A plate of spaghetti made from code
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You’d expectthe longest and most costly phase in the lifecycle of a software product to be the initial development of the system, when all those great features are first imagined and then created. In fact, the hardest part comes later, during the maintenance phase. That’s when programmers pay the price for the shortcuts they took during development.

So why did they take shortcuts? Maybe they didn’t realize that they were cutting any corners. Only when their code was deployed and exercised by a lot of users did its hidden flaws come to light. And maybe the developers were rushed. Time-to-market pressures would almost guarantee that their software will contain more bugs than it would otherwise.

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