NZX trading resumes after halt

JOHN ANTHONY
Last updated 14:13 27/06/2014

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The sharemarket has resumed trading after a technical glitch knocked the NZX out for most of the morning.

Forsyth Barr spokesman David Price said the halt had been frustrating and people were calling from overseas asking what the problem was.

"It's kind of like a pub with no beer," Price said.

With about 20 trading days a month, losing one day was like losing 5 per cent of monthly income.

Trading was halted shortly after the market opened at 10am.

In a market announcement at 10.30am, NZX said it needed to restart its messaging service.

All systems were operating shortly before 1pm and all NZX markets reopened at 1.30pm.

Hamilton Hindin Greene director James Smalley said the halt had given brokers a chance to catch up on paperwork.

"It's obviously a reasonably serious software glitch they've got but these do happen from time to time."

Many clients invest in the Australian stock market ASX so brokers had still carried out trades, he said.

But the ASX was also not immune to technical problems and had experienced them, Smalley said.

NZX has been hit by a series of technical faults over recent months that have led to trading halts.

It said investigations into the cause of the faults were under way and it was working with third-party vendors and service providers to resolve the problem.

"At this stage, we believe the outages were a result of an upgrade to the operating system on the servers that the trading system runs on, which was completed in April 2014."

Smalley said NZX usually provided a detailed debrief of what the problem was and why it happened.

"There's a number of things which go into making markets work and all you really need is one to backfire and you have these types of issues."

When the issue was resolved the NZX would want to ensure the problem was not repeated, he said.

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