The December 2022 issue of IEEE Spectrum is here!

Close bar

Last week, the London Stock Exchange experienced an embarrassing outage involving its new trading system that lasted four hours and left many traders angry.

Now there is word that the Australian Securities Exchange's (ASX) new trading platform had to be shut down at 1448 local time Monday because of the inability to send trade "confirmation messages" to about 20% of the market, the Herald Sunreported. The problem first arose about 30 minutes before ASX officials decided a fix wasn't forthcoming and the exchange had to be completely shut down. The ASX normally closes at 1600.

According to this story at the Sydney Morning Herald, an exchange official said they did not yet know if it was a hardware or software issue that was causing the problem. In addition, ASX did not know if the problem would be fixed in time for Tuesday morning trading, although all trades made before the stoppage on Monday would be honored.

The Herald reported that the closure, given past average trading volumes, meant about A$1.5 billion in trading was likely lost, as well.

The ASX adopted the Nasdaq Genium INET trading platform (see PDF here) last November. At least the ASX was able to operate a few months with their new trading system before having a problem, unlike the LSE.

Speaking of the LSE, there is a report today that the LSE has inadvertently hosted a virus-infected advert on its web site.

When it rains, it pours.

The Conversation (0)

Why Functional Programming Should Be the Future of Software Development

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

11 min read
A plate of spaghetti made from code
Shira Inbar

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.

Keep Reading ↓Show less