Nasdaq apologises for Australia stock exchange outage

FILE PHOTO: A board displaying stock prices is seen at the Australian Securities Exchange (ASX) in Sydney, Australia, February 9, 2018. REUTERS/David Gray

(Reuters) – Exchange operator Nasdaq Inc on Friday apologised for an Australian stock exchange outage last month, which wiped out nearly a full session of trading.

“We take our role as a provider of mission-critical technology seriously and apologise to ASX, its customers and all those impacted”, Nasdaq Chief Executive Officer Adena Friedman said.

Australia’s central bank and corporate regulator had expressed concerns over bourse operator ASX Ltd’s trading systems after the glitch halted trade on Nov. 16.

ASX and its technology provider Nasdaq said they had identified the root cause of the outage as a software issue that caused incorrect functionality in the tailor made combinations (TMC) order book.

TMC is a tool primarily used by retail and institutional traders of equity derivatives which enable the trading of multiple options in one transaction, the companies said.

ASX said it plans to reintroduce some TMC functionality on Dec. 21.