ASX halts trading (updated)

UPDATE 4: Trading has resumed at 2PM (AEDST) , with the market up 2% above 4300 points.
UPDATE 3: ASX says trading will go pre-open at 1.40PM and resume from 2PM (AEDST)
UPDATE 2: ASX says trading will likely resume from 12.55 onwards. Maybe.
UPDATE 1: ASX says some trading has been resumed – doesn’t look like it on my screen.

The Australian Stock exchange has halted trading – a large “technical issue” means all trades are suspended and no prices quoted.

This is good news for competitor Chi-X Australia – which is set to launch at the end of this month and is one of many faults and interruptions this year.

As yet, there is no indication the events are related, or if this is the result of “high frequency trading” or other algorithmic trading programs overloading the system.

MacroBusiness will keep you updated as updates come in.

From the SMH:

Currently the market has gone into what is officially termed an ”enquire” mode, which means there is no trade at all.
Once the tech problems have been resolved the market will then go into a ”pre noticed received” phase, or what brokers call a ”pre-auction” phase for about 10 minutes.

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  1. Nah! Some of their favourites with the alog trading systems must have started to lose some serious money. So they shut the whole thing down cancel whatever trades are necessary to fix the losses and give time for the alog to be adjusted.

    • alog trading systems must have started to lose some serious money.

      yeah they are all short and getting slaughtered. market rally would have continued to day. this the only way the bears can get a win is to close the market!

  2. Perhaps a very small fee on creating orders or all transactions could get rid of this HFT. Invisible to normal traders, crippling to HFT.

    • Good advice… Anyone know if the 1 Tonne Gold coin Perthmint availed last night is up for sale? hehehe 🙂

  3. Chi-X is to get data from the ASX, so if ASX would be down, so would they.

    This being related to Chi-X integration seems the most plausible cause.

  4. Diogenes the CynicMEMBER

    I suspect we will see more of these types of market shutdowns overseas when the markets really start to break. This is probably a technical “hit wicket” by ASX than anything else.

    HFT should be banned or as you say have a small fee applied to orders. Would get rid of it.

    • There should be a flat rate for all trades. An even wicket for all players. If we pay $20 a trade, then so should they.

      Problem solved.

  5. Some trading has been resumed, but looks like only half the board and volume is very light.

    Still a major clusterf#ck….on option expiry day no less and a few days before Chi-X opens.