Network issues force early halt to NZX trading

Photo / NZME

The stock exchange reckons local markets will open as usual tomorrow after trading was cut short by two hours today due to technical issues.

NZX confirms that the NZX Main Board, NZX Debt Market, and Fonterra Shareholders Market will open as usual tomorrow morning, "the company said shortly before 6pm, adding that the NZX Derivatives Market was now trading in a normal session state.

Trading was halted just after 3pm today.

"NZX is currently experiencing network connectivity issues," it said in a statement issued at 3.25pm.

Shortly after 4pm today the NZX said it had not been able to restore stable connectivity.

"As a result of this, we are intending to move the market straight into a pre-close status.

However, not long after that the company said it would not be be transitioning to a pre-close status at 4.45pm.

"Participants remain disconnected. The market remains in the current status. NZX has determined not to re-open the cash markets today. This includes not running a closing auction.

"We will continue to work towards restoring connectivity to the NZX Derivatives Market."

The outage comes as the company reporting season draws near.

In April NZX beefed up its new technology sub-committee with the appointment of computer expert Peter Jessup as an independent member.

The move is one of a series of steps being taken by the local exchange as it followed the recommendations of a scathing Financial Markets Authority report issued after the cyber attacks it suffered in August and September, plus technical issues earlier in the year.

The market watchdog, which found a pattern of under-resourcing and under-investment, also said the NZX's next steps needed to include hiring a relationships manager, a chief risk officer, a head of network architecture and a head of IT security.