Futures Exchange suffers outage

A technical bug halted trade on the Sydney Futures Exchange (SFE) for more than three hours today.

An SFE spokesman said corruption in one of the exchange's databases had put SYCOM - the market's electronic exchange platform - offline for three and half hours.

Trade did not open until 11.45am but the spokesman defended the outage claiming the system is one of the most stable in the market. "We actually don't experience this on a regular basis," he said.

The Exchange launched its Sycom system in 1989, making it the first market in the world to introduce an electronic, overnight extension of normal floor trading operations.

By 1999 trades were completely digital and the last time it went offline was in January 2000.

The SFE was forced to reboot the network following repeated disconnections to members' trading screens.

"It is a fairly stable system that has very few outages," the spokesman said.

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