Algos Gone Wild? "Technical Glitch" Halts New Zealand Stock Market For 2nd Time This Month
While New Zealand's stock market is the 3rd smallest among AsiaPac exchanges, it is not immune from the "glitches" even the largest exchanges have become used to in the new normal era of 'liquidity providers'. For the 2nd time this month, equities trading in New Zealand (the entire market) is halted after a "technical fault" at the operator of the exchange. As one trader noted understatedly, "there seems to be a reasonably regular occurrence of issues, which is a bit of concern."
As Bloomberg reports,
Equities trading in New Zealand was halted today for the second time this month after a technical fault at NZX Ltd., operator of the country’s stock exchange.
The market was closed about 10:15 a.m. in Wellington due to a problem with its FIX messaging system and will remain shut until at least 1 p.m., according to an e-mailed statement from the exchange. A problem on June 10 that postponed all trading for most of the day followed a 15-minute delay at the start of trading on April 28.
“It’s pretty disappointing to see,” James Lindsay, who helps oversee about $21 billion at Tyndall Investment Management Ltd. in Auckland, said in a phone interview. “There seems to have been a reasonably regular recurrence of issues, which is a bit of a concern. You just want it going. It’s not a good look.”
New Zealand is the third-smallest equity market among 16 major countries in the Asia-Pacific region tracked by Bloomberg News, ranking below Pakistan and the Philippines. The country’s benchmark NZX 50 Index gained 0.2 percent to 5,139.02, taking this year’s advance to 8.5 percent, before the halt.
As CNBC said - we are getting used to it now... so no problem...
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