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Financial watchdog to investigate ASX outage

Australia’s financial watchdog will conduct an investigation into the data issues that caused the nation’s share market to trade for just 24 minutes a week ago.

This morning market operator ASX confirmed that the Australian Securities and Investments Commission (ASIC) will seek to understand what caused all stocks to halt trade when the market was at an eight-month high.

“ASIC has confirmed to ASX that it is conducting an investigation into the ASX Trade outage on Monday 16 November 2020,” the ASX said in a statement.

Australia’s financial watchdog will conduct an investigation into the data issues that caused the nation’s share market to trade for just 24 minutes a week ago. (AAP)

“ASX acknowledges that this is appropriate given ASIC’s regulatory oversight.

“ASX takes its obligations very seriously and will cooperate fully with ASIC.”

Last Monday, the markets began trading at the traditional 10am open, but all stocks were halted by about 10.24am.

A COVID-19 notice at the Australian Stock Exchange (ASX) in Sydney, Thursday, April 16, 2020. (AAP Image/Joel Carrett) NO ARCHIVING
ASX said “data issues” stemming from a change in systems were to blame for the system going offline. (AAP)

ASX said “data issues” stemming from a change in systems were to blame for the system going offline, despite conducting as many as four technical dress rehearsals.

Trade was suspended for the entire day, only to be resumed the following day.

Source: 9News | World News

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