The Toronto Stock Exchange (TSX) resumed normal operations this morning after being closed for most of the day yesterday. According to TSX, yesterdayâ''s outage was likely caused by "a network firmware issue."
"This resulted in complications with data synchronization between the primary and redundant data feed generators, which impacted the delivery of the Level 1 data feeds. Because not all investors could access information about trading on the market, the decision was made to halt trading," TSX said.
Toronto Stock Exchange and TSX Venture Exchange opened for trading as normal at 0930 yesterday morning. However at 0937, there was a problem with the Level 1 data feeds, which made trading data unavailable to some members of the trading community. At 0948, trading was halted by TSX on both exchanges to protect market integrity. During the 18 minute session, approximately 28,000 trades occurred.
Tom Kloet, TMX Group CEO said today, "I would like to apologize to our customers for the disruption that the halt in trading caused yesterday. I would also like to assure investors that all efforts are being made to ensure that such a disruption in trading does not happen again.â''
I wish him luck. He should bear in mind, however, his words are very similar to those of the heads of the Tokyo Stock Exchange in 1997 after TSE's first major glitch, and again in 2005, 2006 and twice this year after those outages.