After a glitch in the system on Friday, Canada’s stock exchange which is the sixth biggest stock exchange in the world was shut down due to technical difficulties but has returned back to full-on business mode on Monday.
Only The Second
The abrupt shutdown of the exchange was only the second to stop TMX from business in almost a decade. Speaking to Reuters in an interview, TMX Chief Executive Lou Eccleston said: “It was truly an unprecedented event,” going further on to say “We understand exactly what happened, so there’s no mystery to that,” and “We’ve got everything in place, including additional monitoring.”
The Chief Executive wouldn’t reveal who the manufacturer of the stock exchange’s hardware but said that they were working closely to make sure an incident like this doesn’t occur again.
Not An Attack
TMX made sure the incident was not a cyber-attack of any sort. TMX, which manages the Toronto Stock Exchange and other trading outlets and platforms in Canada, sent an email to many clients explaining the cause of the shutdown and saying that the hardware was behind the outage.
President of Sprung Investment Management, Michael Sprung, said “An outage like Friday’s is very embarrassing for the TMX,” adding, “Their focus will have to be on not succumbing to another outage in the near future that would be catastrophic reputationally and would result in a loss of market share to other exchanges.”
Greg Taylor, a manager at Purpose Investments, spoke about the exchange and how it was “acting pretty well today” while going on to say that “Month-ends are usually the quietest day of the month because a lot of funds are precluded from trading on them.”
While shutdowns are inconvenient and expensive for stock markets and investors alike, these incidents do happen rarely and are often deal with swiftly and professionally.