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ASX opens higher after ‘very disappointing’ outage

Lucy Dean
·2-min read
SYDNEY, AUSTRALIA - AUGUST 09:  A worker views stocks at the Australian Stock Exchange on August 9, 2011 in Sydney, Australia. The Australian market opened 5 points lower, losing AUS65 billion in value today following one of the United States biggest points drops in history.  (Photo by Ryan Pierse/Getty Images)
SYDNEY, AUSTRALIA - AUGUST 09: A worker views stocks at the Australian Stock Exchange on August 9, 2011 in Sydney, Australia. The Australian market opened 5 points lower, losing AUS65 billion in value today following one of the United States biggest points drops in history. (Photo by Ryan Pierse/Getty Images)

The ASX has opened without any troubles on Tuesday after suffering a rare outage on Monday that paused trade for nearly the entire session.

The benchmark S&P ASX200 opened 0.41 per cent higher to hit 6,510.60 points by 10:24 am AEDT.

The broader All Ordinaries was also 0.37 per cent higher at the open, reaching 6,711.50 points.

It comes after Wall Street hit all-time highs on Monday local time after pharmaceutical giant Moderna found its experimental Covid-19 vaccine was 94.5 per cent effective.

Travel related stocks rose higher on the news, even as the US battles 11 million cases of the illness.

The Dow Jones finished 1.60 per cent higher at 29,950.44 points, while the S&P 500 finished 1.16 per cent up, at 3,626.91. The tech-heavy Nasdaq Index closed at 11,924.13 points, up 0.80 per cent.

What happened to the ASX yesterday?

The ASX paused trading just 23 minutes into the session on Monday after it discovered “market data issues”.

The main Australian exchange did not reopen for the rest of the day in what was the worst glitch for the ASX since 2016.

ASX managing director and CEO Dominic Stevens said the ASX was “very disappointed” with the outage and apologised to investors, customers and market users.

“The outage falls short of the high standards we set ourselves and the standards others expect of us.”

In a statement, the ASX said it had identified the problem, which was a software issue that occurred when multiple securities traded in a single order triggered inaccurate market data.

Monday was meant to be the launch of the refreshed ASX Trade system and the ASX and its technology provider, Nasdaq, had carried out four dress rehearsals and extensive testing over the last 12 months in preparation for the launch.

“Notwithstanding the extensive testing and rehearsals, and the involvement of our technology provider, ASX accepts responsibility. The obligation to get this right and provide a reliable and resilient trading system for the market rests with us,” Stevens said.

“While I am disappointed with today’s outage, we are determined to continue our program of contemporising ASX’s technology stack from top to bottom. This initiative is critical to ASX building an exchange for the future and ensuring we best serve the needs of our customers and the Australian market.”

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