The worlds sixth largest stock market, Canada’s, was shut down on Friday after an outage resulted in participants being cut off from exchanges.
Canada’s stock market was downed on Friday due to technical issues which lead to many of the stock markets participants being unable to participate in the main exchange. The exchange operator said that the current issues were being handled and that the market would resume normal functions on Monday.
Toronto’s main stock exchange operator, TMX Group Ltd, decided to shut down the market after the technical issues came into play and through several Tweets on Twitter, said that all those participating in the market on Friday were “equally impacted and are unable to connect to our exchanges”.
After identifying the issue, the operator said that all functions would resume as normal on Monday, with a Toronto Stock Exchange spokesman denying any allegations of the market being “Hacked”.
Not So Common
Technical issues that cause a shutdown are not so common as most exchanges have backup systems which kick in rapidly to avoid any delay or technical shutdowns at a market.
Karl Schamotta of Cambridge Global Payments said: “In true Canadian fashion, most traders declared ‘beer o’clock’ when they saw that the TMX was closed,” and “It certainly appears to be a technical glitch but there does not seem to be a lot of information about exactly what caused it.”
Ontario Securities Commission said it was in direct contact with the Toronto Exchange Market, and that “We continue to monitor and watch the situation closely.”
The TSX’ last huge shutdown was almost 10 years ago when a glitch in the system lead to the market being shut down for an entire day. Norman Levine of CFA Portfolio Management said: “There should be failsafe backup systems that kick in right away,”