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Algos Gone Wild? "Technical Glitch" Halts New Zealand Stock Market For 2nd Time This Month

Tyler Durden's picture




 

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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Thu, 06/26/2014 - 20:43 | 4900475 buzzsaw99
buzzsaw99's picture

glitch = no bid

Thu, 06/26/2014 - 20:47 | 4900480 knukles
knukles's picture

Dot Com's fault.
Shit, now I wanna doughnut

"There seems to be a reasonably regular occurrence of issues, which is a bit of concern"?  There seems to be a bit of a regular occurrence of old people smelling bad and shitting their pants, but what the fuck, eh?
Free shit for everybody... it's all for the old folks.

Thu, 06/26/2014 - 20:59 | 4900532 max2205
max2205's picture

In Cozumel they kill the power on the island at 9 PM.

Get over it

Thu, 06/26/2014 - 21:10 | 4900563 ZerOhead
ZerOhead's picture

 "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."

Apparently the only market on the planet where for 3 hours "the Fix" was not "in"...

Thu, 06/26/2014 - 21:45 | 4900708 Dr Benway
Dr Benway's picture

I had a feeling the Kiwi "market" was as rancid as the Australian, since Kiwi fund managers such as Pie Funds Management cooperate with Australian investment cartels on various scams.

Newest Oz financial innovation? Fraud in the name of charity.

http://drbenway.blogspot.com/ncr

Thu, 06/26/2014 - 20:45 | 4900484 techstrategy
techstrategy's picture

Complexity breeds chaos.  TPTB can no longer control the system and the option manipulation that has been used with QE flow to paint the tape has created unsustainable and insane imbalances...  balance between the financial economy and the real economy will be restored...

Thu, 06/26/2014 - 21:09 | 4900568 IronShield
IronShield's picture

Bullish!  New highs for the S&P!

Thu, 06/26/2014 - 21:42 | 4900698 potato
potato's picture

It must have been the weather. Heard it was cloudy. Skynet only works when it's sunny.

Fri, 06/27/2014 - 00:12 | 4901127 disabledvet
disabledvet's picture

They are the only country in the world actually raising interest rates right now.

"Taste of things to come"?

"Computers hate normal period"?

Fri, 06/27/2014 - 00:10 | 4901123 prains
prains's picture

All Blacks 3 test wins - England 0 test wins; the fucking stock market doesn't matter

 

boo ya !

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