The New Zealand stock exchange's new CIO Chris Corke got a baptism of fire on his second day in the job yesterday when the exchange ceased trading for nearly five hours due to technical difficulties associated with the FASTER trader workstations.
The exchange opening was delayed from 10am until 2.45pm. In a statement Corke says "the problem occured due to an operational fault identified on the summary instrument board enquiry screen on [FASTER] trader workstations".
The problem meant some members would have been unable to participate in the day's trading.
"A decision was therefore taken to delay opening in order to rectify the problem and ensure that the market was trading with full NZX firm participation."
The NZX also suffered a trading outage a month ago, when a fault in a broker-to-client share transfer system caused the temporary closure of the exchange.
Unlike yesterday's problems, that fault was not in any NZX technology, but in one of three broker-to-client messaging systems the exchange relies on.