Trading on Toronto Stock Exchange and TSX Venture Exchange opened successfully at 9:30AM this morning.
“I would like to apologize to our customers for the disruption that the halt in trading caused yesterday,” said Tom Kloet, TMX Group CEO. “I would also like to assure investors that all efforts are being made to ensure that such a disruption in trading does not happen again.”
Incident Overview – December 17, 2008
9:30AM – Toronto Stock Exchange and TSX Venture Exchange opened for trading.
9:37AM – A problem with Level 1 data feeds, which made trading data unavailable to some members of the trading community, was confirmed. A traders note and news release were issued alerting investors.
9:48AM – Trading was halted on both exchanges to protect market integrity. A traders note and news release were issued alerting investors. During the 18 minute session, approximately 28,000 trades occurred.
12:13PM – An update news release was issued confirming the trading halt.
2:30PM – The decision was made to remain closed for the day. A traders note and news release were issued alerting investors.
3:00-5:00PM – A pre-open session was held to allow participants the option of cancelling, adding or changing orders.
3:41PM – The Level 1 datafeeds were restored.
6:40PM – A news release was issued providing information about the nature of the technical problem.
Technical Issue Description
TMX Group’s technology team reviewed the series of events that resulted in yesterday’s outage. Their findings indicate a network firmware issue. This resulted in complications with data synchronization between the primary and redundant data feed generators, which impacted the delivery of the Level 1 data feeds. Because not all investors could access information about trading on the market, the decision was made to halt trading.